When you think of strategic alliances or centers of influence (COIs), are CPAs the first professionals who come to mind? If so, you could be limiting opportunities to grow your business.

Growth means something different for every advisor. But one strategy I frequently hear advisors mention is a plan to acquire a practice. Certainly, this is a good long-term strategy, but acquiring a practice very seldom adds any revenue in the short term. Why? For one, the world is full of advisors looking to buy a practice, and there aren’t enough advisors looking to sell. For another, it can take more than a year to find an appropriate advisor to have a conversation with, much less get a sale under way. So, how can you grow in the meantime?

As Commonwealth's chief business development officer, I help advisors grow their revenue. Our discussions usually focus on client-facing activities—the proven revenue drivers. Although independent advisors need to run all aspects of their practices—from technology to HR to client service—the only way to grow revenue is by being in front of clients and prospects.