Philip Palaveev, the former Fusion Advisor Network CEO and Moss Adams consultant, announced Thursday the launch of a new consulting firm—The Ensemble Practice—that will focus on long-term engagements with advisory firms that have from $1 million to $5 milion in annual revenue that have already “experienced success in attracting clients” but are looking to become better organized, grow more quickly and become more profitable.
“We tend to believe that the future of the industry is best served by small ensemble practices,” said Palaveev (left) in a Wednesday interview, stressing that The Ensemble Practice’s approach will mirror that of its consulting clients: a team-based, long-term relationship.
“My experience has been that no longer how brilliant your recommendations are, improvements come from implementation,” Palaveev said. “Positive changes come from small incremental” steps, he continued. “We want to focus on an ongoing basis with our clients, not short-term consulting projects.”
When asked what sets The Ensemble Practice apart from the many other consultants in the advisor space, Palaveev said, “We’re a team, not individuals; consultants need to work in teams—each brings different expertise.”
In addition to Palaveev, CEO, the principals at the new firm include Jonathan McQuade, “an expert on recruiting” who has worked with the broker-dealer National Financial Partners, and Victoria Godyn, who has expertise in marketing and spent quality time at Fusion and at Russell Investments.
(Palaveev and McQuade (right) are longtime contributors to Investment Advisor and AdvisorOne, and have provided analysis of AdvisorOne’s annual Top Wealth Managers survey for several years, including the 2012 Top Wealth Managers.)
The Ensemble Practice is not starting from scratch in terms of clients. In addition to “individual engagements, based on the needs of the owner, very customized”—though again, in teams—the firm will have what Palaveev calls “strategic relationships with select broker-dealers and custodians,” including National Financial Partners (NFP) and Fusion Advisor Network. Fusion, the firm founded by Stuart Silverman and formerly headed by Palaveev, was acquired by NFP in July.
While “the recipients of the services will be the advisory firm,” not individual advisors, “it makes so much sense to make sure the recommendations are tied to the operations of the broker-dealer,” Palaveev says. “Those BDs and custodians can become important accountability partners.”