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How to Grow Your Financial Advisory Firm by Acquiring Other Advisors' Books of Business

Mike Langford
May 13, 2021

While I haven't done a scientific study on the concept of advisor business growth goals, I can say that based on my experience and conversations with advisors and leaders of broker-dealers, wirehouses, and RIAs that there is a strong desire for growth. Wealth management firms invest a huge amount of resources and time into helping advisors grow their businesses and top-performing individual advisors are always on the hunt for growth opportunities.

One of the things I have discovered, again unscientifically, is that many of the fastest-growing advisors choose to buy other advisors' businesses as part of their growth strategy. Instead of relying solely on organic growth where they add a handful of new clients per year, they acquire full client rosters and add to their firm's talent pool with each successful purchase of an advisory business.

My guest this week on the Modern Financial Advisor Podcast, Scott Danner, CEO of Freedom Street Partners has used an acquisition strategy to grow his firm rapidly over the years. And as you'll hear (or see if you watch the interview on YouTube) not only has his business grown but so has he.


Company Update: As I mentioned in the video above, Jeremi Karnell has been sharing some great content related to Truelytics participating in the OnRamp Insurance Accelerator. Make sure you check it out when you get a chance. There are some really interesting insights about where the wealth management world is headed.

Hint: Scott Danner is smart to be focused on M&A activity.

As always, you can watch the entire episode of the podcast on YouTube as well. The video is embedded below for your convenience. Make sure you subscribe to the Truelytics YouTube channel!

Subscribe to the Podcast! The Modern Financial Advisor Podcast is available on Apple PodcastsSpotifyGoogle PodcastsAlexaTuneIn, or if you prefer video you can find it on YouTube.

Resources Related to this Episode:
Below are a few additional links and resources for advisors interested in pursuing an acquisition strategy: 

  • Join TrueMatch to Find Your M&A Partner(s) - Truelytics has created the industry's first and most comprehensive advisor M&A match-making solutions.  With TrueMatch you can find advisors based on the variables that matter most to you and initiate deal discussions with full transparency and confidence.

  • How RIAs Can Acquire A Practice With Greater Speed and Less Cost - Finding the right financial advisor's book to buy or the right RIA firm to acquire can be an arduous and expensive process. Consider leveraging a firm like Alaris Acquisitions to aid your search and accelerate your firm's growth.

If you have any questions, comments, or even ideas for new episodes, feel free to reach out. If you like what you hear, make sure to subscribe to one of our channels listed above.

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