How Should Advisors Leverage the Continuum of Business Models Part 1
How Should Advisors Leverage the Continuum of Business Models Part 2
William C. Van Law III’s career journey, from junior advisor to executive, highlights the importance of adaptability and finding the right fit. He emphasizes seeking mentors and actively building valuable relationships.Business models in financial planning are not one-size-fits-all. Independent models offer flexibility and tech innovation, while employee models prioritize stability. The key is to understand your priorities, risk tolerance, and desired freedom/control to choose the best model for your growth.Five key drivers to consider when choosing a business model: risk/responsibility, freedom/control, financial implications, growth potential, and succession options.Van Law encourages advisors to create equity value for their practice by:
- Proactively planning and focusing on key performance indicators.
- Building a passionate team with dedicated roles.
- Creating a desirable business to own for future buyers.
His final advice: Be thoughtful, prioritize relationships, embrace lifelong learning, and choose the business model that empowers you to thrive.