Advisors agree that forming a partnership is one of the best ways to build a business, but they also say that firms often make the mistake of not formalizing the arrangement, which can lead to major headaches.

“It can work really well if you find someone who complements your own skill set, say, someone who’s a good rainmaker, when you’re better at interfacing with clients once they’re brought in as clients,” says Rick Rummage, principal of the Rummage Group, an advisor training firm in Herndon, Va.

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