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Summary:It's easy to "grow" as an advisory firm when equity markets are rising. But when you look at registered investment advisors that are truly growing organically—and not simply riding the wave of a bull market—some interesting attributes emerge, according to Dimensional Fund Advisors' most recent RIA benchmarking study. The asset management firm's study compared firms in the top quartile of growth rates with firms in the bottom quartile.
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Summary: It’s summer. Your number one client has a child who will graduate from college in a year, and they need to start building work experience. Your client asks you to do them a favor and take him on as an intern.
Added on June 2019 in M&A Issues
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Summary: If the founder of Hightower gets his way, interested advisors might soon be enrolling in an institute for training “qualified successors.” That was one of the many ideas and topics floated at this year’s DeVoe & Company M&A+ Succession Summit in the Harvard Club of New York City.
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Summary: Bert Herzog III doesn't have plans to step aside anytime soon from Executive Wealth Management, the Brighton, Mich.-based advisory firm he founded in 1981. But the 61-year-old already has a plan in place to ensure that his $900-million investment advisory firm that manages money for 3,000 households will continue for decades after he leaves.
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Summary: It’s easy for owner advisors to make mistakes as they work on growing their businesses. Focusing too much on “making money” is on that list.
