An important benefit of having a network community of top independent advisors as clients is that it creates an opportunity to collaborate and share best practices, strategic thinking and discuss what has worked well in the past. Recently, I have seen a lot of discussion among our Network Advisors on the topic of growth. Growth can mean a number of things: professional development, growing assets, increasing enterprise value of the business, raising revenue or expanding profits. I'll highlight a few lessons learned from the Dynasty Network on what are advisors doing to raise revenues and widen margins in their practices.
At Dynasty, we pride ourselves on being "Growth Partners" to our Network Advisors. Part of that means selecting advisors who want to own their own business and are truly committed and focused on growing it. We have had several firms double their assets over the past couple of years since we started working with them. But this growth started with a business plan, a focus, a team based sign off that said, This is what we are going to do and how we plan to do it. Each firm is different, so not one of the below is a silver bullet on growth. Rather, each can be part of a focused, overall plan that is consistently worked on over time.
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