It's Raining, It's Pouring! To prepare for growth, advisors need to build ensemble businesses without losing their entrepreneurial edge

Regardless of challenging market conditions, and in some ways furthered by them, experts believe the planning profession has yet to see its heyday. Success no longer depends on a founder, as more firms move to an ensemble model. The reason is simple: Your ability to manage client relationships drives growth, which in turn is supported by advisor capacity. Rainmakers can make rain, but there have to be buckets to hold it. Build a business that is attractive to all involved parties: founder(s), partner(s), advisors and employees. Consider what would be appealing to you. The solution is an Advisor Business Model - a formal document that defines and institutionalizes the firm's business model and advisor relationships. You define what advisors can expect of you and what you expect from them. Creating such a model will make your firm: 1. More effective. Your performance will improve across the board. 2. More money. The document enhances revenue opportunities. 3. More profitable. The better your firm is run, the more advisors you have, the more you can grow and the more profitable you can be. 4. More organized. Once you build it, you have a defined operational and organizational structure. 5. More attractive. Top-quality advisors expect professional organizations with defined business models. The time and energy invested will yield dividends with more candidates and reduced turnover. The Advisor Business Model helps build successful relationships because terms are clear at the outset, thus reducing possibilities for missed expectations.