Five Secrets to Building a Successful Advisory Firm (in 36 Months)

Three years ago this week, we left behind very successful and long careers with a major Wall Street firm to form Venturi Private Wealth. We began with a very small group of professionals that shared a common vision to build a firm for our clients. There was no guarantee that any clients would follow us. Many loyal clients and partners in the business community believed in us and have helped make Venturi an incredible success. Today we are a 12 person firm, managing over $750 million of assets and soon to open our second office with like minded advisors in another city. We want to thank all of our team members for their exceptional work, our families for their support, our clients for the opportunity to serve them, our business partners that are our extended team and everyone else along the way that has made a contribution to our many early achievements.

There are five keys to building a successful advisory firm:

  1. Never forget who your employer is. Sam Walton once famously said, “There is only one boss, the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” It’s simple, we work for our clients rather than a bank or brokerage firm.
  2. Maintain a tradition of trust. When we launched the firm, our average client relationship was over 13 years. Trust is the number one factor in building long term relationships. Great relationships are built on unwavering trust.
  3. Pick great partners. Every day we work with some of the best and brightest people in the industry. Maintaining a great culture depends on careful selection of your team. Culture is everything.
  4. Compete every day and set the bar very high. If you follow the path of the average you can expect only average achievement and average is generally mediocre.
  5. Be thankful. Success depends on faith, deliberate planning, hard work, execution and the support of many.

Thank you.

Russ Norwood

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