5 Steps to Scale Your Wealth Management Firm

5 Steps to Scale Your Wealth Management Firm through Staffing and Client Growth

In an ever-evolving financial industry, the ability to scale your wealth management business has become a crucial factor for thriving in today’s world. Efficiency and unwavering passion are the cornerstones of success in this dynamic landscape.

While the path to scalable growth may initially appear formidable, it can be simplified into five strategic steps. These steps, expertly dissected by Shannon Spotswood, President of RFG Advisory, during the latest edition of Docupace’s Webinar Roundtable Series, hold the key to unlocking your firm’s full potential.

    1. Establish Your Mission, Vision, and Values
    2. Amplify Your Mission through Defining Roles and Responsibilities
    3. Prioritize Critical Tasks for Optimal Efficiency
    4. Establish a Rhythm of Processes and Meetings to Streamline Operations
    5. Support Your Work with the Right Technology

In this article, we will delve into each of these transformative steps, guiding you on a journey toward scalable growth and empowering your wealth management business to thrive. By implementing these strategies, you can effectively navigate industry changes, elevate efficiency, and ignite your passion for long-term success.

Establish Your Mission, Vision and Values

As the market changes, clients increasingly want advisors who are authentic and with whom they feel a connection. It’s no longer enough for advisors to do what they do simply because they’re good at it. There has to be a deeper why motivating their actions.

  • What is the mission of your firm or your work as an RIA?
  • What is your vision for the future?
  • What are the core values of your work and client relationships?

Creating clarity around your mission, vision and values changes how you approach your client interactions and workflows. They’re also linked to increases in growth and revenue. According to one business expert, “When expertly created and effectively used, mission statements exist as one of the most effective unification and decision-making tools available” for driving teams to a unified objective.

Want to Amplify Your Mission? Define Roles and Responsibilities

With your mission and vision in mind, think about the specific roles and responsibilities that will best help clients and grow your firm in the way you want. Consider the responsibilities and specialties your firm needs, such as someone experienced in certain products or clients, a proven leader, additional back-office staff, or a skilled salesperson.

This process may mean overhauling your existing org chart to revamp responsibilities and teams or hiring new advisors and back-office staff to fill in the gaps. The key is to work with the mission in mind and then determine the roles and structure that will best support that vision.

Prioritize Critical Tasks

Scale used to focus on KPIs like assets under management and the number of clients served. Today, being able to scale is all about being efficient with your time and prioritizing critical tasks. Advisors spend an average of more than 40% of their work week on administrative and back-office tasks that generally aren’t moving the needle.

Advisors need to be ruthless about prioritizing the tasks and meetings that matter, which ties back to your mission, values, and vision. Keeping that big-picture focus allows you to differentiate between the most important tasks and other responsibilities that can be delegated, outsourced, or eliminated.

Establish a Rhythm of Processes and Meetings

Think through the rhythm of how work gets done in your firm. This ties into your firm’s culture or how you interact with clients, partners and team members. A cadence can include regular meetings, periodic check-ins with clients, and any other events or processes that happen regularly.

A cadence clarifies your values and gives people direction in their roles. A cadence creates a rhythm for the firm that leads to predictable processes so things don’t fall through the cracks. Establishing a cadence also highlights opportunities for increased efficiencies, which opens doors for scalable growth.

Support Your Work with the Right Tech

Technology is crucial to excelling as a modern financial advisor, both in staying organized on the back end and providing a high-quality client experience. It can be tempting to chase after the latest and greatest solutions, but what matters most is having technology that works for your clients and processes. Firms often become buried in complex technology that they miss opportunities to scale and become more efficient. The key is to find the balance between leveraging effective technology while not chasing after every shiny new object.

Scaling your firm requires diligence and may come with growing pains. But focusing on your mission, vision, and values as a driving force helps advisors and employees move forward with purpose, better allocate their time, and create a strong client experience and competitive advantage.

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