Threats to the success of a small business are ever-present. Yet many financial advisors haven’t developed an adequate plan for managing business risk. They find out the hard way, through personal experience, exactly why they need one. That’s what happened to me.

Across the industry, interest in forming multiadvisor firms has grown. According to Cerulli Associates, 55 percent of advisors now operate within a team. The trend is even more pronounced for large firms: of advisors operating within a practice managing $500 million or more in AUM, 93 percent are part of a team. But while the term “ensemble” has become en vogue to define this new business model, it doesn’t always apply—different models exist within the industry, and there are several defining features of an ensemble practice that must exist before a business can truly be considered an ensemble.

As advisory firms have become larger and more successful, they’ve also become structurally complex—and their objectives, needs, and challenges have evolved, too. To continue to thrive, firms need to be able to respond to shifts in the landscape. But what’s the best way to gain competitive advantage? How have growth strategies for financial advisors changed? Let’s consider four practice management fundamentals for advisors today:  

When you hear the words “human resources,” do you want to run for the hills? If so, you’re not alone. For many advisors who have gone the independent route, human resources is often where they have the least experience. But when you have the right employees, doing the right jobs, you can create a more efficient, profitable, and scalable practice. So, to help you tackle this important facet of your business, I’ve compiled a list of 10 best practices for developing a human resources strategy.

So, you want to grow your advisory business—that much you know. But where should you begin? It all depends on where you are now and how quickly you want to achieve the growth you envision. To help you get started, try one (or more!) of the actionable ideas below.