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RIAs, we have a problem. According to the Investment News 2020 pricing and profitability study, 52% of new business growth for advisors is coming from founders. No matter the type of firm – solo, ensembles, enterprise ensembles or super ensembles – the founders were the primary driver of growth.

A founder-driven growth model isn’t sustainable or efficient. What happens when the founder is ready to retire or transition?

There is a significant growth opportunity for advisory firms by evolving the expectation of future growth from one or few to many.

Imagine your entire team was aligned and engaged in development efforts.

The same study highlights that new growth in 2020 largely came from client and professional referrals. This is evidence that there is a great opportunity to grow from your existing relationships in addition to organically finding new ones.

Referrals are a result of strong and trusted relationships, where your value is acknowledged and articulated. If you are looking to grow and aren’t focused on your existing relationships, my article, Building Advocates With a Service Model That Delivers, is a good place to start.

Your entire team is serving your existing clients. Service is a form of sales.