After working with many advisors at varying levels of growth, I’ve found that there tends to be a growth plateau right around the $800,000 mark. Most advisors are excited to leap into the $1M+ arena—yet their operations and current system for managing or delegating are holding them back. 

The biggest challenge with advisors at this stage is balancing the desire to onboard more clients (particularly higher net worth clients with more complex concerns) with the need to maintain their current standard for client care. Stretching themselves (and their team) too thin is not a sustainable, scalable solution.

Rather, if this sounds like something you’re currently experiencing, you must pause, take stock, and shore up your business systems or operations before proceeding. Only then will you be ready and able to break through your next growth barrier. 

Below I’m sharing some actionable strategies and first steps you can use to overcome these potential growth plateaus and scale your practice more effectively.

Start by Assessing Your Current Situation

Every firm is different—but many advisors in the sub-$1M AUM space experience similar growth challenges.

Before we proceed, take a moment to think about what specific hurdles are most impacting your firm right now.

Some examples could include:

• Client acquisition: Connecting with your target audience and successfully converting them into new clients.
• Time management: Spending too much of your valuable time and energy on mundane, repeatable tasks that don’t require your expertise.
• Market conditions: Volatility and challenging economic conditions are outside your control, but they can certainly impact your firm’s bottom line.

Use this opportunity to also review your firm’s current business processes and identify inefficiencies or areas that need improvement. Perhaps your client onboarding process is more time-consuming than it needs to be, or there are opportunities to automate certain communications. If you have an assistant or a team, consider what role they play in your firm’s operations and if there are more ways to offload some of your responsibilities onto your support staff.

Think About Your Existing Client Base

While we’re here reflecting on your firm, take a few minutes to think about your current book of business and whether it’s supporting your larger growth goals. High-value clients are the key to working smarter, not harder—but is that who you’re currently working with and targeting with your marketing or referrals? Is it time to consider letting go of less profitable clients, so you can make room for new opportunities?

While I can’t answer these tough questions for you, I can provide you with the tools and guidance to make these considerations moving forward.

Strategy #1: Enhance Your Value Proposition

Whether you realize it or not, you have a unique value proposition—it’s just a matter of clearly defining and recording it (if you haven’t already). 

Beyond being a fiduciary (which is no longer a differentiator in today’s competitive landscape), what makes you stand out from the advisor up the street or the next listing on Google? Think about the factors that make you unique—your years of experience, credentials, specializations, previous positions, etc. 

Now, think about your ideal client—and remember, this is likely going to be someone different than who you’re already working with. Try and be specific here, find your niche or market segment. Again, broad terms like “retirees” or “women” are not going to help you tailor your messaging. Really hone in to get as specific as you’re able. Maybe it’s retirees who worked in a certain region or industry, or physicians at a specific hospital network. 

Then, think about what specific services or benefits you can provide that’ll resonate with that target market (like financial planning, estate planning, retirement coaching, equity compensation planning, etc.).

Now, you’ve established some foundational facts to help drive your efforts moving forward:

• Who you want to work with
• Why you’re the right advisor for them
• And how you’ll help them address their unique challenges 

Strategy #2: Expand Your Client Acquisition Strategy

Now the question is, how will you put yourself in front of your target audience? This can be especially challenging when advisors are attempting to move upmarket (work with higher net worth clients). The law of attraction tells us “like attracts like,” meaning unless you make meaningful efforts to change your marketing strategy, you will continue attracting clients who are of the same socioeconomic status as your existing clients.

You and your team will need to build a strategic, thoughtful game plan for putting your firm on the radar of your specific niche and audience. Some strategies may include:

• Amping up your social media presence
• Creating targetted email campaigns
• Adding content (downloadables, blogs, articles, etc.) to your website that speaks directly to this new audience
• Forming strategic partnerships with other financial professionals
• Holding webinars or seminars for your target audience

Strategy #3: Optimize Your Time and Resources

As we mentioned earlier, in order to break through your growth plateau, you will absolutely need to become a master delegator who’s willing to build more operational efficiencies into your firm. Just because you gain more clients doesn’t mean your workweek magically gets longer. If you want to maintain your current work-life balance (or even aim to work fewer hours), you must learn how to optimize your time and resources by leveraging your team.

Delegate administrative tasks to your support staff, or consider if outsourcing non-core activities makes sense. Doing so will free up more of your time to focus on those important growth-focused initiatives.

Strategy #4: Track Your Progress and Adjust Your Strategy as Needed

Like any other goal in life or business, accountability is key. Create a timeline and track your progress along the way. Set time aside once a quarter or so to assess your existing strategies, and determine what’s working or where you may need to pivot.  

I also want to emphasize the importance of staying updated with industry trends and continuing to educate yourself on marketing best practices and regulatory changes (like the SEC’s New Marketing Rule). The financial services space is constantly evolving, and growth-focused advisors should keep an eye out for new opportunities.

Need Help Breaking Your Growth Barriers?

My best piece of advice? Stay persistent with your journey to overcoming this hurdle. It will take time, and you may need to try a few different strategies before finding one that sticks. 

I also invite you to come check out the Elite Advisor program, which I designed specifically with you and your existing growth challenges in mind. This program provides easy-to-follow scripts and models, which you can use to grow your business without having to dedicate more day-to-day involvement.