Chapter 21

Transitioning from Solo Practitioner to Business Owner


Bullet Deciding whether you can and really want to start a business

Bullet Running your financial advisory more like a bona-fide business

Bullet Using a key success metric to stay on track

Bullet Fueling growth through mergers and acquisitions

Bullet Planning for the future without you

Beyond the joint-work partnerships that I discuss in Chapter 19, you can improve your practice’s capacity for growth by transforming it into a full-fledged, fully staffed business. However, make no mistake, evolving your mindset and behavior from lone wolf financial advisor to owner of a financial advisory firm is far from smooth sailing.

I often tell colleagues that sometimes I long for the old days, when I was a grinder, directly educating and reviewing strategies with clients, when client-facing work consumed 80 percent of my time. Today, that’s a third of my weekly schedule. Now, I spend more time being a minder. I need to constantly evaluate where ...

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