Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear Bev,
Our firm has experienced significant growth over the last five years, between 12% – 15% year-in and year-out on increased fees. In truth, not all is from new clients. We have increased fees, and we have added service lines at additional cost to clients, which have been very popular.
This year, 2026, will be one of our worst years ever. Because of some very large distributions (some expected, some not), we are running negative for the year — down 1.3% from last year. On its own that isn’t terrible, but when you look at a swing from +15% to -1.5%, it’s stunning.
We just had our offsite, during which we examined what’s working and what’s not. Frustratingly, we weren’t able to identify much. The things that stood out: 1) We haven’t received any significant referrals this year. 2) Existing clients seem to have all of their assets with us, so there isn’t much opportunity for pulling in outside assets, unless someone retires and we can get their corporate retirement plan.
Our firm is financially strong, so this year’s loss won’t affect us too much. It’s demoralizing, however, to have been on top for so long, but now to be struggling to figure out what’s wrong. Are you seeing this with most firms this year? Is this a trend? What are we missing that would allow us to extricate ourselves from the loss category and bring in new fees going into 2027?
O.E.
Dear O.E.,
I’m impressed with many things — the more-than-industry average growth you had been experiencing and your willingness to step back and critically look at what obstacles you encountered in sustaining this in 2026. Your firm clearly knows how to grow and is also willing to be self-reflective and open to ideas.
It’s hard to answer your question about firms in general in the industry. I spoke with a client yesterday who talked about a firm bringing in a new account of over $100 million, when their average client size is much less. I talked with one last week who met their goals in September and now are considering all new clients as “extra” for the year. And I’ve spoken with three firms this week that are lagging behind their goals quite a bit and are trying to find opportunities to close in the last couple of months to stay on track. Clearly, it’s not an industry condition, rather it’s a firm by firm situation.
You are taking the step back to review your current status, which is great. It sounds like your offsite yielded good conversation but no specific next steps. This can happen when you have an offsite with no clear structure or commitment to take-aways and follow-ups. Perhaps you could have a couple of mini-offsites where you schedule two to three hours in the office to review what options you have. If you are able to do this, I’d encourage you to consider the following:
- You mentioned having all of the assets for your existing clients which is stunning! There aren’t many firms who can boast this. I’d ask you to look at your client base once more and ensure you are engaged with every member of a client’s family. Firms often talk to the next generation, which is important, but consider parents and siblings, too. And with the children, ensure you are in touch with the in-laws for older next generations who are married with their own families. You might say you know everyone in your client’s world, but I’d ask you to apply discipline and a step-by-step process to review this information. My advisors always uncover something new in doing this.
- You don’t mention Centers of Influence at all. I assume with the growth you’ve experienced you do have COI relationships. Review these and make sure they are partners who you are in touch with regularly and who are referring clients who fit your ideal client profile. It might be time to consider expanding this circle and/or eliminating COIs who are not engaging with you on a regular basis. It’s important to refresh this list at least annually.
- Be sure your advisors are skilled at asking for introductions. With the growth you’ve experienced, you obviously are doing something very well, and I will assume this extends to your advisors. Have they become lax? Are they stuck not knowing where to focus their growth discussions? Do they have the savvy to comfortably ask for introductions to potential prospects? Review the confidence of your advisors in supporting your growth goals.
- Focus on raising the brand of your firm. I wasn’t familiar with your RIA when you contacted me so I searched to see what kind of messaging you are using. It’s a nice site but it doesn’t really profile your specific expertise. We call it “standing out in a crowded market”. Take a look at what you are saying and find ways to differentiate yourself so people become curious and want to learn more about what you can do for them. Websites don’t sell anything but they do tell a story. Make sure your story is a solid one.
Dear Bev,
I run a group within a large financial services firm that is primarily a relationship management team. Many of my team members have been here for 20 or more years, and they have deep connections in the industry we focus on. We are trying to shift their thinking toward being more opportunistic and sales-focused.
The pushback is intense. I had one woman yell at me in a meeting in front of the rest of the team that they aren’t sleazy salespeople, but are instead relationship oriented. I was taken aback by the vigor with which she conveyed this message, and it showed me the underlying sentiment is very negative.
It’s not our intention to turn any of them into aggressive salespeople. We simply want them looking for chances to introduce other aspects of the bank. Is there a way to break through their mindset and get them on board with our needs?
K.A.
Dear K.A.,
I was completely tracking with you and had many ideas for a response — until I got to your last sentence where you reference to getting them “on board with [your] needs.” This could be why people who see their role as relationship-oriented and advocating for clients might be resistant. Is it all about the needs of your organization, or is it about trying to do the best thing for your clients by expanding the offerings you have for them?
If your language is “we” focused, your team is going to resist. Change your frame so you are talking about why this new push and change in approach is good for the clients you serve. If you believe in what you are doing as being good for the marketplace, and not just good for your bottom line, share this with your RMs and ask them to embrace bringing a broader solution set to their client base. It’s all about the framing and how you present what you are trying to achieve. The more you focus on what you need, the less you are going to gain their commitment and acceptance.
Change your framing and your language, and you might see them change the way they respond.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023, 2024 and 2025. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
A message from Advisor Perspectives and VettaFi: Discover something new! Click here to register for our upcoming webcasts.
More Wealth Management Topics >