Want your firm to thrive? Focus on growth and relationship strategies

investmentnews.com:

In the arena of the wealth advisory space, does it come down to survival of the fittest or who’s the friendliest?

Two pivotal strategies that can make or break the survival of a business are the accumulation of growth and maintaining strong relationships. Leah Sciabarrasi, wealth manager, managing partner and president at Boston-based Crestwood Advisors, attests to that.

“We’ve had tremendous success in our growth story over time, both in growing our client base and in growing our talented team,” she says. “Some of that is in the way that we think about growth and look at growth. We have a growth-oriented culture. I think it comes back to that collaborative nature of how we approach relationships.”

Sciabarrasi, who was recently appointed as the firm’s president, is quick to point out that Crestwood’s diversity, equity, inclusion and belonging (DEIB) team provides a lot of opportunities for their team to participate in different working groups and initiatives, such as workshops and an internship program. She highlighted these initiatives have resulted in building an entrepreneurial practice where “people have an interest in making an impact … and having different stakeholders share in that experience. Those things can be compelling.

“When we think about growth, that’s the opportunity to continue to invest in our business to bring the best solutions for our clients. That’s also the opportunity to have vibrant careers for the talented professionals who join our team,” Sciabarrasi added.

It can be very challenging for firms to retain talent, she says, because it’s hard for advisors to grow within the organization if the organization itself isn’t growing. It’s important to ensure that talent and new advisors who join the firm