Industry Update on Partnerships: 10 Questions to Help Identify if You’re Still Right for Each Other

With Louis Diamond When it comes to building a strong business, there is nothing better than a great partnership. Like a happy marriage, it provides the perfect environment for synergy, with added capacity and expertise, a path for succession and enhances the overall success for the advisors. And clients are the beneficiaries of all of the above. Yet like with any business, the shared mindset the advisors started out with years ago may not be the same today. It’s most often that these differences come to light when partners are considering their future. For example, one advisor may think the status quo is serving them well. While the other is intrigued by another firm or model that may offer them greater freedom and flexibility. It’s a common inflection point that leaves the partners wondering if this relationship is still right for them. So how do you determine if the differences are irreconcilable or if there is a happy medium that will leave you both feeling content and able to continue to grow and serve clients happily ever after? What happens if you no longer share the same vision or cannot come to a consensus? In this episode, Mindy and Louis discuss the genesis of partnerships—and 10 questions you should ask to determine if you’ve just hit a rocky patch or if breaking up may be the best path. Download the Partner’s Quiz Even the best relationships can reach a point where partners find themselves on different sides of the fence. As shared in this episode, we’ve outlined 10 questions that can help determine the “health” of the partnership and decide how best to move forward. Download   Download a transcript of this episode…   Related Resources For Better or For Worse Is Building a Team or Partnership Right for You? Read-> Teams: The Powerful New Retention Tool for Firms Being a part of a team can be a valuable way to build a business, until the ties that bind become a restriction on your future. Read-> Partners at an Impasse: 4 Paths to Consider When Advisors Become Divided on their Futures It’s not always easy to get everyone on the same page with regards to a move. Here’s what to do to avoid getting stuck. Read-> Breaking Up: A Former $750mm UBS Advisor’s “Split” for Independence A conversation with Robert Harris, Senior Wealth Advisor, Avidian Wealth Solutions. Listen->   Also available on your favorite podcast app and other media sites.