The Growth Mindset

PART TWOGrowing Your Wealth Management Business

Over the past 30 years, the wealth management industry has experienced phenomenal growth as well as a profound transformation. As I discussed in Part One, the catalysts of this transformation include the rise in client needs, greater levels of client sophistication, more investment choices, advanced technology, automated advice, and increased regulatory presence. Yet with all these changes, the advice business will continue to grow and flourish. It will evolve with machines and humans working together. Digital labor will only accelerate and be a major factor in how we manage money, relationships, and our time. I believe over the next 10 years the global wealth management industry will behave like a global geological system. The wealth management tectonics will cause disruption on a grand scale and will reshape the advisory landscape as we know it today. Advisors who feel they are on the hamster wheel running hard and not making any progress will feel even greater pressure because they will lose more ground. Therefore, don't wait until you lose that big relationship for your wakeup call. Start now. The secret is learning and evolving in real time.

Part Two of this book is all about growing assets, generating revenue, and building client loyalty. Growing the business starts with a conscious decision to effectively run the two parts of your business. One is managing the business and the other is growing it. If you're a sole practitioner, ...