Growing a small wealth management firm is hardly easy but in some ways it is less challenging than growing a mature practice. After all, the mandate for a young firm is straightforward—growth. A mature firm, however, needs to allocate resources efficiently to ensure it keeps existing clients happy while it pursues new opportunities.
“One risk is that they [advisors] overemphasize client servicing and stall out and stop growing. The other risk is they neglect their existing clients in pursuit of trying to bring on too many…
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