How To Scale Your Financial Advisory Firm Amid Industry Consolidation

There is a lot of attention on "scale" in the wealth management industry at the moment. And rightfully so. Independent financial advisors, RIAs, and broker-dealers are doing business in a rapidly changing environment. Robo-advisors, fee compression, free trading, free funds, private equity roll-ups... while none of these threats are existential they are best mitigated with scale.

 
In this episode of The Modern Financial Advisor Podcast my guest, Pepper Anderson, CEO of Chilton Trust Company shares how she and her team are scaling their business. Pepper also has some fantastic thoughts on succession preparedness. Hint: Succession is not only about the advisor. 

Partner With Truelytics: Do you work with RIAs and independent financial advisors? Are you helping them grow their business, become more profitable, or prepare for transitions? If so, you should reach out to explore the Truelytics Solutions Partner Program. 

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Resources Related to this Episode:
Below is a list of resources related to this episode or mentioned in the update video above: 

• Most Advisors Are Not Growing Their Business - Here's Why That's A Problem and How To Fix It - In the previous episode of the MFA Podcast, Kieran Bol from PriceMetrix by McKinsey shared some incredibly important data on advisory business growth. Give it a listen!
• How to Build a Niche-Focused Financial Advisory Business that Scales - Sometimes focusing on a niche is the fastest way to scale. Scale is all about efficiency. Serving a niche client base allows an individual financial advisor or RIA firm to avoid much of the complexity required to serve a mass market client base.  
• Using Artificial Intelligence to Create Custom Portfolios That Are As Easy As Model Portfolios - Technology has advanced dramatically over the past decade. We now have AI and machine learning tools that allow advisors to serve clients in ways that were just not feasible at scale before