Summary: In our newest paper, The Purposeful Advisory Firm, we look at the tradeoffs between creating a lifestyle business vs. building an enterprise firm. We also suggest ways to maximize the business, no matter which route the advisor/business owner takes. The idea for the paper came from consulting with many great firms who are maturing to a point that some significant business decisions have to be made, yet the industry typically only had one suggestion – build an enterprise.
 If your value is more aligned with the performance report than the financial plan, maybe hiring a CIO is the right thing – but make sure he/she is adding value and not re-creating the wheel. If your value is beyond the performance report, would that hire be a distraction from the brand?"John Anderson is the creator and lead author of Practically Speaking blog and Managing Director of Practice Management Solutions for the SEI Advisor Network.
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