In an industry where organic growth has rapidly declined to just 4% annually, many financial advisors find themselves trapped in a cycle of operational tasks rather than focusing on what they do best: being visionary leaders for their firms. Recently, Silver Oak’s Billy Hopkins sat down with Randy Lambert, veteran fintech COO and Head of RIA Solutions at Intention.ly, to explore today’s growth challenges and offer insights into breaking free from the practitioner mindset.
The Growth Challenge
According to JD Power, nearly one-third of advisors report not having enough time to spend with clients. This time crunch often stems from visionary leaders getting bogged down in day-to-day operations instead of focusing on business development and client relationships.
The Visionary-Practitioner Divide
At the heart of successful advisory firms is usually a visionary – someone who creates the culture, brand, and core purpose of the firm. However, these leaders often find themselves trapped in operational tasks rather than focusing on their true value as entrepreneurs and rainmakers. The key distinction? A visionary should be the face and voice of the firm, not the person executing behind-the-scenes operations.
Scaling for Success
Success in today’s advisory landscape requires a fundamental shift in how firms operate. Simply implementing new technology isn’t enough – firms need to make structural changes in how they delegate and operate. This means:
- Identifying the unique skills that generate revenue and build culture
- Delegating or outsourcing operational tasks
- Charging appropriately to support necessary staffing
- Focusing on marketing that clearly communicates the firm’s value proposition
With nearly 40% of advisors retiring in the next decade and 58 million Americans having $1 million or more in assets, both Hopkins and Lambert see tremendous potential for growth. To help firms capture this opportunity, Silver Oak has launched the Dream VI Solutions program, designed to help advisors identify whether they’re natural visionaries or integrators and provide the support needed to scale effectively.
For more insights from Billy and Randy, read the full conversation.
