If you want to grow your advisory business you’ll need to create a defined process with clear goals and ensure all of your staff are on board, said Spenser Segal of ActiFi at the IMCA conference in Vail, Colorado on Monday.

The first step is to make ideas tangible to employees. This means spending as much energy on the evolution and growth of the business as on the investment portion of your clients’ portfolios. To do this you need to outline business objectives: “You need to ask yourself: What does success look like?” Segal said. “Is success about profit? Do we want to have more time for clients? Do we want to grow assets, revenue or the size of the firm? Do we want to bring value to our employees, clients? When we talk about satisfaction do we mean for our employees, clients or owners?”

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