- Insight: A series of barriers often stymie advisors’ growth as time and resources get constrained at somewhat predictable points.
- Implication: Advisors who want to break through the challenges need to follow a progression of growth strategies.
- Implementation: Michael Kitces suggests a three-step method for advisory practices as they evolve from a solo practice to a true enterprise.
Breaking down barriers to growth is something Michael Kitces knows all about. Better yet: He knows how to break through them.
As a partner at financial advisory firm Pinnacle Advisory Group, as well as the writer behind the popular Nerd’s Eye View blog for advisors, Kitces has seen the obstacles advisors repeatedly face — and dealt with them himself. These issues appear almost like clockwork as advisors evolve from a solo practioner firm, often called a “lifestyle practice,” to a multi-advisor business or an even larger advisory enterprise.
Here’s the good news. Advisors can keep growing past these barriers, which typically arrive in three stages. As soon as advisors recognize the first barrier has risen in their practices, they can better equip themselves to handling these challenges by focusing on three barrier break throughs: