A new research study from Deloitte, in participation with Wells Fargo Advisors Financial Network (FiNet), unveils critical strategies for independent financial advisors to achieve growth while balancing shifting market conditions. The report, “Harvesting Success: Cultivating Growth for Independent Financial Advisors,” provides a roadmap for advisors seeking to thrive in a competitive market. Key Findings: Organic Growth as a Foundation: A staggering 70% of independent financial advisors emphasize the importance of organic growth, yet many struggle to achieve it. According to the report, 78% of advisors say that generating leads and referrals is the primary roadblock to growth. The report identifies the reduction of administrative burdens as a pivotal strategy for unlocking organic growth. Independent advisors can benefit from tapping into centralized, scalable models for client service, supervision, marketing, and portfolio management. As an example, practices that centralize portfolio management see a 16% increase in advisor productivity. Inorganic Growth Opportunities: The report highlights inorganic growth as a key priority for independent advisors with an average of 67% planning acquisitions within the next two years. Focusing on both organic and inorganic growth is essential for practices aiming to expand their client base and market presence. Strategic Planning is Crucial: Only 58% of practices currently have a strategic plan. The report underscores the importance of defining long-term ambitions and developing a strategic plan that includes succession planning and clear growth priorities. Advisors are the front line of client relationships, and their attention should be focused on retention and client satisfaction. Furthermore, a strong operational foundation ensures that the practice can handle increased complexity post-acquisition. “The concept of growth is a key priority for most, if not all, independent practices,” said Jeff Levi, principal, Deloitte Consulting LLP. “And while there’s a strong desire to find the silver bullet, it’s critical to remember that growth can’t be achieved in a vacuum. Firms that seek to acquire or recruit additional advisors should first ensure they’re delivering a smooth business model and thriving environment that allows advisors to focus attention on expanding their client base and deepening client relationships.”