(Related: Best & Worst Firms for Advisors: J.D. Power)
No matter which industry your company is in, there’s always a list — of the best performing, the most popular, the best known, the highest grossing — well, you get the idea. Financial services is no exception.
One list that spans multiple industries is the list of the 5,000 fastest-growing private companies in America, researched and issued every year by Inc. magazine. The companies that made the list this year, according to Inc., have to be based in the U.S., privately held, for profit and independent as of Dec. 31, 2017 — and they had to be up and running, as well as bringing in revenue, by March 31, 2014. No subsidiaries or divisions here.
They’re ranked by percentage of revenue growth when comparing 2014 to 2018, and the minimum revenue they had to produce in 2014 is $100,000; for 2017, it’s $2 million.
Altogether, says Inc., the 5,000 on the list brought in $206.2 billion in revenue in 2017; that’s an increase of 158% from 2014’s $79.8 billion.
Growth is the byword here; according to Inc., no company on the 2018 5,000 list has grown by less than 50% over the last three years. In fact, it adds, in order to make it on to the crème de la crème list — the 500 — they had to grow by more than 1,000%.
Here are the top 20 fastest-growing companies from the financial services industry that made the list, along with their rate of growth, revenue, and ranking on the Inc. list. You’ll no doubt note that they’re all in the top 500. They do all share a common problem, however: finding and retaining the right talent. Money may lure employees with the right stuff, but company culture is what keeps them — as well as motivational aids that range from top benefits packages to company trips to exotic locations like New Zealand and Tokyo (the whole company, which is how one of the tech firms on the list approaches the issue).
Have a look and see if you can envision your firm making this list next year.
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