Page 42 - Investment Advisor March 2021

know how you want to work, and
just as importantly, you need to
know with whom you want to work.
Creating the ideal type of work envi-
ronment will guide you in building a
firm you’re proud of and attract the
right talent to your company.

3. HOW MUCH CONTROL DO YOU
WANT TO HAVE?
While having more control is a primary
driver for many advisors when starting
their own firm, that doesn’t mean that
every advisor wants to continue operat-
ing with the same level of control over
their respective business.
Total control usually comes with
a solo practice. But as a company
grows, some control naturally needs
to be handed over to other team
members. Ask yourself how much
control you want over your business
and life and how much you realisti- The last question is about the end game.
cally can handle.
As a business owner, you can decide when
4. HOW MUCH INCOME DO and how you want to quit. This decision
YOU WANT?
Income levels can vary based on what can mean cutting back on your activities
parts of the business you most enjoy. If
you prefer managing a business as an at the firm gradually or stepping away
executive and growing it to its top value
and size, the pay often increases. But if entirely. If your legacy is very important
you’d rather keep your firm small and
stay involved with client service, that to you, start thinking about it right now.
still can pay well.
The key is to decide on which option You help clients plan for their retire- That hard work, though, is rewarded by
to focus your attention. This choice will ment — and you have to do the same for long-term growth.
impact how you progress with your yourself. Living and working with this As you read over these five
career and build your business. mindset will enhance the way you make questions, answer them from a service
decisions about what you want now and perspective. Take the time to think
5. WHAT LEGACY DO YOU WANT for the future. about your business and how it serves
TO LEAVE? The success of both the wealth you. Also, consider how your business
The last question is about the end game. management industry and the cli- serves clients. You’ll likely find the
As a business owner, you get to decide ents we work depends on many fac- best leadership traits will reveal
when and how you want to quit. This tors. The most important lesson I’ve themselves when you put a service
decision can mean cutting back on your learned is that providing superior focus first.
activities at the firm gradually or step- service to clients takes priority over Suzanne Tucker/Shutterstock
ping away entirely. If your legacy is everything else. Angie Herbers is an independent consultant
very important to you, you have to start Providing consistent high-quality ser- to the advisory industry. She can be reached
thinking about it right now. vice is also the hardest work for a firm. at [email protected].

40 INVESTMENT ADVISOR MARCH 2021 | ThinkAdvisor.com