Look at almost any financial publication these days and there always seems to be a mention of one or more firms getting bigger from organic growth, merger or acquisition. Just from the sheer number of mentions you get the impression bigger is better and a good measure of success. This idea isn’t unique to the wealth management industry. Everywhere you hear about “growth,” “being great,” or “leading the industry” as necessary to survive in business.
With this in mind, should every financial adviser aspire to rapid growth? Should business owners put growth as their first goal? Must advisers continue to build their client base, managing more individual relationships, or gathering more assets without limit? Perhaps not.
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