The Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm
For years, being a financial advisor meantgoing it alone, but that model is rapidly becoming outdated. Forward-thinking advisors are now working together, developing "ensemble" firms that bring together a team of experts to provide clients with superior service. These firms are the way of the future, and inThe Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm, industry expert Philip Palaveev explores how to build and sustain a profitable, successful practice.Whether you're new to the financial advisory industry or are looking to take your business to the next level, this book is for you. Getting at the heart of what makes an ensemble work—the art of partnership—it provides a comprehensive, step-by-step look at constructing a financial advisory firm for the twenty-first century. Exploring key management issues and decisions on a chapter-by-chapter basis, Palaveev draws on illustrative case studies, statistical data, and examples from his own personal experiences as a consultant to present practical advice on how to build something bigger and better than anything any one person can create alone.Carefully explaining the ensemble structure, from mergers and partner responsibilities to managing a firm to optimize its performance, the book is designed to help you understand and respond to the challenges inherent in building a multi-person practice. In addition, the book also looks ahead to preparing an exit plan.By bringing together a group of talented individuals working in concert towards a common goal, ensemble financial advisory firms have a natural advantage over the traditional one-man offices that have dominated the industry for generations. Packed with everything you need to know to construct a top team,The Ensemble Practiceteaches the importance of a sharing, trusting, and respectful culture of partnership—and how to use these values to build a firm that can weather any storm.