Managing growth is a challenge for any business. When a wealth management practice takes on more clients, it also tends to hire staff and expand into more office space. The balancing game is to ensure that the new business brings in enough profits to justify the higher costs.
If the firm tries to hold costs down and asks the current staff to manage more assets and clients, it risks compromising all the small, important details of client service, from how much time planners spend listening to clients to how relaxed a receptionist sounds on the telephone. Employees can only do so much, and wealth management clients expect and need time and attention. Unless it manages change with grace, a practice risks disappointing or losing established clients when it takes on new business too quickly.
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