Chapter 1
The Financial Advisory Business
What's Next?
Much has changed since Practice Made Perfect was first published in 2005. Back then, the average advisory firm was growing at a compound annual rate of 18 percent. Advisory firms were transforming in record numbers from solo practices to ensembles, with multiple professional staff. The markets were moving at an inexorable pace to reach new highs. Business profits were strong, and owner income was increasing year after year. Little did advisors know the seeds of destruction were being sown.
Starting in 2007 with the collapse of the housing bubble, the world economies went into a tailspin of such velocity that many financial professionals were unprepared. Then in 2008, the securities and banking ...
