 The biggest competitive strength of an independent firm does not come from its investment methods or superior financial planning—it comes from the sincere and deep involvement of its decision-makers (owners, managers, leaders) in the business of the firm.,”Philip Palaveev, CEO, The Ensemble Practice. |
Summary: My belief is that when management and especially leadership in a large advisory firm come from the ranks of the practicing partners, who have grown their careers within the firm, the result is more likely to be a powerful representation of the client service philosophy of the firm and its values in the process of guiding the future of the firm. The opposite is also true. When the firm “imports” its future managers and leaders, the result is often a disconnect between the culture of the firm and the people who set its direction.
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