Philip Palaveev hangs out his shingle with a new consulting model for RIAs and a money-back guarantee
The former Moss Adams star will still serve the Fusion constituency but The Ensemble Practice LLC will let him spread his wings, too
Best of success to this new company. Getting FAs away from their office and sharing information is a key to their growth. That’s why masterminds or peer coaching groups have long been very successful.
While there are canned coaching programs, I’ve seen canned management consulting programs, too. Over time, you see what works, and offer it as a program. But for most coaches, that’s just part of what we offer customers.
But like advisors, a few portfolio types are helpful to your ideal clients, as long as they also contain some flexibility. Flexibility is the key whether a management consulting program, coaching program, or business advising program. Why? Because we’re in business to help our customers.
What works best in a situation is what will help the customer the best. Coaching works. Management Consulting works. As do other modalities. But it all works the best when the customers are informed, motivated and willing to make changes.
No question Philip Palaveev will have great success with this venture. It goes without saying the ensemble model drives significant growth if properly executed by aligned principals. Having compatible partners and a program such as this or a way to instill discipline and accountability are key ingredients.
On paper, this approach seems highly viable, but in practice it remains difficult to execute. This is just one reason we continue to see independent, solo advisors seeking support structures where they can access expanded services, an accountability mechanism by working with other experts and the peace of mind of knowing they simply don’t have to go at it along.
Plague of failed hires at strapped RIA firms 'come back to bite them,' making the process of closing bandwidth deficits falter, two new studies show
Turnover rates hover near 50%, Cerulli and Ensemble report, and may be worsening as hires in market of talent scarcity has inevitable backlash.
February 28, 2024 at 3:36 AM
The classic RIA era is sputtering and firms must 'decentralize,' hiring non-advisors to specialize, new Cerulli report shows, or RIAs will 'limp along,' a second consultant says
RIA principals have killed Wall Street with semi-solo shops -- only 35% have 'specialized staff' -- but the comfort zone must evolve for growth
January 13, 2024 at 2:24 AM
Bill Crager is dropping CEO role after multiple shoes dropped; the company insists it was his 'decision' but vision, Yodlee future uncertain
The co-founder of the $5.3-trillion AUA outsourcer of software and investments was pressed to take the job under the most adverse circumstances, then second-guessed by stakeholders as he managed the cards he was dealt.
January 9, 2024 at 4:09 AM
BNY Mellon's new CEO is an RIA fan, and Pershing Advisor Solutions made a big personnel move to reflect it
Charles Scharf loosened the Pershing purse strings for Mark Tibergien who created 'head of platforms' position for Christina Townsend