7 Ways Advisors Can Build Their Firms

Financial advisors can take any number of steps to expand their businesses, pursuing moves that fall under three main strategies — organic growth, mergers and acquisitions, and succession planning. Three industry experts from the Carson Group recently outlined several tactics and recommended advisors focus on organic before inorganic growth. "One of the great things about our business is you can do this forever, realistically," Michael Belluomini, Carson Group M&A vice president, said on a webcast, noting, however, that the COVID-19 pandemic seemed to hasten retirement for many older advisors. Independent advisor M&A deals jumped in 2021 and 2022, according to data he shared. The Carson leaders touched on industry headwinds and the need for firms to appeal to next-generation advisors' passion for making an impact and helping people and communities. See the gallery for seven tips from Belluomini and Samantha Allen, Carson's senior vice president of digital marketing, and Julie Ragatz, the firm's vice president of next gen and advisor development, on growing a financial advisory firm.