March 2022 Issue: Secure Future Growth by Resolving a Founder-Led Growth Model by Shauna Mace-Secure Future Growth by Resolving a Founder-Led Growth Model by Shauna Mace

Secure Future Growth by Resolving a Founder-Led Growth Model by Shauna Mace

Pdf Summary

Founder-led growth is a common model in the RIA industry, but it is not sustainable in the long term. Most founders do not want to be solely responsible for driving growth, and many RIAs do not prioritize sales or sales skill development. However, in order for firms to grow and succeed, they need to focus on business development. The key is to approach business development in the same way one would approach becoming a better planner or investment expert – with the right mindset, processes, and skills.<br /><br />To build a growth-focused firm, there are three stages to consider: planting the seeds of development, formalizing development efforts, and nurturing a growth-focused team. In the first stage, it is important to define and communicate business goals, as well as define the roles and responsibilities for development within the firm. In the second stage, the focus should be on establishing the foundations for growth, such as essential processes and basic sales skills. Finally, in the third stage, the goal is to create opportunities for personal development and growth within the team, and determine how to compensate for development efforts and results.<br /><br />The article emphasizes the importance of setting clear goals, both for individual team members and for the firm as a whole, and consistently communicating those goals to the team. It also highlights the need for a well-defined sales process, segmentation strategy, and client service model in order to effectively market and sell. Additionally, the article suggests providing training and development opportunities for sales skills, and cultivating a culture of development within the team.<br /><br />In conclusion, founder-led growth is not sustainable in the long term, and RIAs must prioritize business development in order to grow and thrive. By defining goals, establishing essential processes, and nurturing a growth-focused team, RIAs can secure future growth and amplify their impact.

Keywords

founder-led growth

RIA industry

sustainability

business development

growth-focused firm

development efforts

clear goals

sales process

segmentation strategy

training and development