All too often, advisors and brokers leave wirehouses with the misguided belief that if they build an RIA, clients will come — even though they lack a sound strategy for building clientele.

Newly minted RIAs need business development strategies that avoid the cookie-cutter solutions that lead to mediocre growth. For rapid growth, they need well-defined strategies to develop, onboard and satisfy clients.

Consider whether these points apply to your practice:

• Market every day — not just when you have time. Don’t think of your firm as a financial firm that engages in marketing. Instead, think of it as a marketing company that provides financial advice. Many firms’ principals may feel they’re too busy to rejuvenate the lifeblood of their firms by taking the time to develop sales leads, and too broke to hire people to do this. But they can’t afford not to; it’s the best investment they can make.

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