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Ep 112: The Decisions That Drive Advisory Firm Growth
Ep 112: The Decisions That Drive Advisory Firm Growth
Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance for their firms.In this episode, I sit down with Angie Herbers, Managing Partner of Herbers & Company, to discuss the decisions that shape the growth, profitability, and long-term value of an advisory firm. Drawing on more than two decades of experience working with firms of all sizes, Angie explains why the most obvious solution to a business challenge isn’t always the right one.
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Episode 112: The Decisions That Drive Advisory Firm Growth
Guest: Angie Herbers
Overview
Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance for their firms.
In this episode, I sit down with Angie Herbers, Managing Partner of Herbers & Company, to discuss the decisions that shape the growth, profitability, and long-term value of an advisory firm. Drawing on more than two decades of experience working with firms of all sizes, Angie explains why the most obvious solution to a business challenge isn’t always the right one.
Key Takeaways:
✅ Look Beyond the Obvious Problem
A compensation or hiring challenge may be a symptom of a deeper issue involving capacity, profitability, or the firm’s service model. Understanding the underlying problem is essential before choosing a solution.
✅ Hire Based on What You Want to Achieve
Support staff can provide immediate relief, while hiring another advisor may create greater capacity for future growth. The right hire depends on what the firm is trying to accomplish.
✅ Design Compensation Around Your Culture and Goals
Before focusing on compensation numbers, consider the type of firm you want to build, the people you want to attract and retain, and the client experience you want to deliver.
✅ Stay Focused on the Fundamentals
Industry trends will change, but strong revenue, healthy profitability, thoughtful capacity management, a great client experience, and talented people remain the foundation of a successful advisory firm.
✅ Prioritize Sustainable Growth When Planning an Exit
Firms preparing for a future sale or merger should avoid maximizing short-term profitability at the expense of growth. A growing, reasonably profitable business can be better positioned for a future transition.
🔗 Connect with Angie
LinkedIn: https://www.linkedin.com/in/angieherbers/overlay/background-photo/
Website: https://www.herbersandcompany.com/
🔗 Connect with Catherine
LinkedIn: https://www.linkedin.com/in/ctindallcpa/
Newsletter: https://dominion-enterprise-services.kit.com/9944b047d9
Email: admin@dominiones.com
