A personal practice, by contrast, can be simple and rewarding in its family-like culture and your sense of control. Much like a small town, it can be very endearing. But it is also very limiting.

The fork in the road is ahead for most firms—the vast majority of the industry still holds under $1 billion in assets under management and practices a one-on-one model. Still, while the choices are clear, that does not make them any easier.

(Please consider participating in this year’s edition of the Investment News/Moss Adams survey by visiting http://ensemblepractice.com.) 

Philip Palaveev is the CEO of the Ensemble Practice LLC. Palaveev is an industry consultant, author of the book The Ensemble Practice and the lead faculty for the Ensemble Institutes. More information about the institute and the book can be found on the Web site for the Ensemble Practice (www.ensemblepractice.com).

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