The days when a firm could rely on one advisor reeling in new clients for growth are over, Angie Herbers says in the November issue of Investment Advisor. Now firms have to focus on making everyone a “rainmaker” and teach all employees to close new clients.

Mike Patton continues his series on starting a new independent advisory firm by answering some of the most common questions new RIAs have.

In the second of four Growth by Design articles, Dan Inveen and Eliza De Pardo break down the different management styles required by firms as the grow. What worked for a firm with one employee won’t continue to work when it has 100 employees.

The Rainmaker's Reign Is Over by Angie HerbersThe Rainmaker’s Reign Is Over

Most of today’s independent advisory firms were started decades ago and are still managed by “rainmakers.” However, the advisory business has changed dramatically over the past 25 years: Firms are larger, ownership succession is at crisis levels, online advice is driving fees down and recruiting is nearly impossible.

To continue to grow, firms will have to let go of their rainmaking roots and shift the way they bring in new clients. Angie Herbers explains why firms need to embrace an integrated marketing approach where the firm itself markets for the advisors, instead of advisors marketing for the firms.

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How to Start Your Own RIA Firm by Mike PattonHow to Start Your Own RIA Firm

Now that you’ve decided to start your own RIA firm, there are a host of business and legal decisions you need to make before you can get started. How long does it take? Should you create your own RIA firm yourself or outsource this task? What products and services will you offer, and how will you price them? What are some of the legal issues that could cause problems when creating an RIA firm?

Mike Patton answers these questions and walks you through process of—and some of the common setbacks to—starting your own RIA.

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How to Stand Out at Any Size: 2014 Growth by Design Study by Dan Inveen and Eliza De PardoHow to Stand Out at Any Size: 2014 Growth by Design Study

In the second article of the four-part 2014 “Growth by Design” series, authors Eliza De Pardo and Dan Inveen explain why one size doesn’t always fit all when it comes to dispensing advice on the best means for helping an advisory firm progress. Sometimes the way a firm is managed is distinct to its development stage, rather than inherent qualities of the firm.

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