The advisory industry, like most other industries, has experienced the repercussions of the pandemic. While firms are still dealing with the issues of employee retention, dropping stock markets, and evolving forms of communication, the future is hopeful.

Building and growing an advisory firm in such times can be challenging. In a recent RIA EDGE conference held at The Diplomat Beach Resort in Hollywood, Fla., leaders discussed the path to growing and leading advisory firms.

Here are a few valuable lessons the leaders imparted during the conference that apply to advisory firm owners who are just getting started and those who are already in the game.

1.Build your network

In the financial world, referrals play a huge role in finding worthy clients. Effective communication will be crucial to your success every step of the way. Attending conferences and networking sessions can be great ways to meet new people and find potential clients.

2.Work-life balance for employees

As a firm owner, hiring employees will be integral to your growth. Because an advisory firm is fast-paced and at times stressful, it is important to provide a work-life balance for your employees. The wealth management industry is already facing challenges of employee retention, so when you find the right employee, provide a culture that encourages them to stay for the long run.

3.Employee training and mentorship

Finishing up everyday tasks can take up a huge chunk of your time as a leader of the advisory firm. Firms thrive through productivity and growth. Providing your employees with various growth opportunities such as training and mentorship can go a long way. Through such programs, you are investing in the present and future of your firm. Also, as a leader, you must be open to coaching and mentoring as well. Never stop learning!

4.Improve financial literacy

Many households do not teach children how to be financially literate. As a result, many people grow up with very little knowledge about finances, wealth, and management – this is especially true for women. As a leader of an advisory firm, staying on top of the latest trends and helping clients understand how it affects them is crucial.

5.Your competition is not your threat

Getting started on your own can feel overwhelming. With so many existing players in the market, you might wonder where you stand. However, don’t feel threatened by the competition. Many clients prefer local or small businesses because they perceive them as more trustworthy. Many also want to support their local communities.

Finding an effective team is an important part of running an advisory firm. Are you looking for people who make a real difference in your firm? Executive search firms can help you find industry leaders who have inspired growth and can take your business to the next level.