If you want to grow and improve, you've almost certainly got to change. But embracing change is one of the hardest things you can do.
Burnt out by the grind of running a small business, many firm principals are merging with other firms and creating national brands.
The industry is consolidating amid an explosion in mergers and acquisitions.
If you're trying to grow, you need to be prepared to dramatically upgrade your service, including providing a first-rate digital experience and a greater range of services.
Once the market hits another prolonged downturn, those advisers with no organic growth will see a precipitous decline in the values of their firms.
The No. 1 reason given for the increase in advisory firm M&A is the desire to create a succession plan. Advisers nearing retirement should consider their alternatives.
With valuations of financial planning and wealth management shops at record highs and private equity focusing on the space, it would seem prudent for firms to at least research their options.
Such arrangements are often structured in ways that misalign the interests of the buyers and sellers, and they can be highly divisive.
Firms interested in selling have increased dramatically, but going into the end of this year, it may be hard to find the specialized contractors needed to complete a deal, like bankers, lawyers and accountants.
If the perceived value of an RIA is tied to the adviser's investing prowess, it makes it hard to develop a succession plan or sell the firm.
