They have discussed different ways to accomplish that, such as going down market from their niche. "That decision is never for just the two of us," Black says, adding that SpringReef would need a staff. "We've actually put pencil to paper on that." For now, that decision depends on how it would affect Black's quality of life. "For 30 years, I got up at 4 a.m. and drove from New Jersey to New York," he says. "If I scale, then I become a manager again."

Mary Rowland can be reached at [email protected]. She has been a business and personal finance journalist for 30 years and has written two books for financial advisors: Best Practices and In Search of the Perfect Model.

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