Wealth management strategies for growth can help wealth managers build a strong foundation for future success. It can be achieved organically through adding new clients, refining the platform and client offering, or non-organically through mergers and acquisitions. Key organic growth metrics to track are the rate of increase in revenue, assets under management and number of new clients added each year.

Creating a thriving team

A strong, cohesive, highly productive advisory team is critical to a firm’s growth and retention strategies. The current average advisor tenure is under 10 years, and many RIAs struggle to attract and retain top talent. This is a significant challenge for the industry and will require a clear focus on attracting, developing, and rewarding high-performing employees.

Refreshing the value proposition

A crowded, competitive landscape is forcing wealth managers to innovate and expand their offerings to stand out in the marketplace. It’s important to periodically review and refresh the value proposition to ensure it reflects the latest market trends, client needs and business opportunities.

Investment strategy

A wealth manager can help you develop a diversified portfolio that aligns with your financial goals, risk tolerance, and time horizon. They can also help you minimize taxes through strategies like 401(k) contributions, tax-loss harvesting and donor-advised funds.

Successful firms make bold commitments to “putting their money where the strategy is” and regularly reallocate resources to accelerate growth in high-priority areas. This could mean investing in partner solutions, leveraging fintechs for point solutions on the client front end or advisor desktop or entering adjacent revenue pools such as private markets and digital asset management.