Welcome back to the fortieth episode of the Financial Advisor Success podcast!
My guest on today’s podcast is Philip Palaveev. Philip is the founder and CEO of The Ensemble Practice, a practice management consulting firm that helps financial advisors to build sustainable multi-advisor, multi-generational, ensemble practices.
What’s fascinating about Philip, though, is not merely the consulting work that he does to help advisors build ensemble firms, but that he’s actually the one who coined the phrase “ensemble practice”, during his early days working on the Moss Adams advisor benchmarking studies more than 15 years ago… and later, wrote the definitive book on the subject of ensemble firms!
In this episode, we talk in depth about the concept of an “ensemble practice”, the different ways that advisors can share office, staff, clients, profits, and ultimately equity in becoming a multi-professional advisory firm, and what it really means to create an advisory business that puts the interests of the business before the interests of any one advisor partner… along with why, as the business grows, it becomes crucial to create a means of quality control to ensure that, with multiple advisors, the advice of the firm really is delivered consistently.
We also discuss the dynamics of what it takes to actually introduce a new second generation – or G2 – owner to the firm, the mindset shift that advisory firm owners need to go through if they want to find and develop the right new advisors, and Philip’s answer to the age-old question of whether G2 advisors should purchase, or be given, their equity shares.
And be certain to listen to the end, where Philip shares his tips and wisdom about what G2 advisors should bear in mind as they pursue a path to partnership, and what founders need to do to ensure a G2 transition is successful… which Philip can speak to not only as a consultant, but as someone who himself has both become a partner in a larger consulting firm, and been a founder who has brought a G2 partner into his own consulting practice.
So whether you’ve wanted to learn more about what it really means to be an ensemble practice, how to structure and grow a multi-advisor firm successfully, what it takes to bring in next-generation G2 owners, or how as a G2 owner you can best position yourself for success, I hope you enjoy this episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/philip-palaveev-ensemble-practice-podcast-next-generation-team-successors-g2-leadership-institute/?utm_source=rss&utm_medium=rss&utm_campaign=philip-palaveev-ensemble-practice-podcast-next-generation-team-successors-g2-leadership-institute
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