In one week, advisors will flock to sunny Miami for the annual Exchange Conference. Content sessions this year offer advisors insight into growing their business models in unexpected ways, the macro and market environment of 2024, navigating the AI revolution, and more. Helming these sessions are some of the brightest and best minds in the business. I recently sat down with Dynasty’s Andrew Marsh to talk about his session.
A Blueprint for Growing Your Firm
Karrie Gordon, staff writer, VettaFi: Andrew, thank you so much for taking the time to talk with me. We’re on the final stretch but I wanted to take a bit of time to talk about your session, Pick a Lane: What Kind of Leader Do You Want to Be? That takes place Tuesday morning at Exchange. How would you summarize your session in your own words?
Andrew Marsh, Vice Chairman, Dynasty Financial Partners
Andrew Marsh, Vice Chairman, Dynasty Financial Partners: As successful firms continue to grow and truly benefit from scale, the leaders of those firms have to decide what role, or lane, they continue to work in. They have to choose what the best use of their time is. It’s deciding whether to continue growing clientele or if it’s stepping up to become a true CEO if the firm has gotten big enough. And a lot of firms are stuck in that inflection.
Gordon: Expanding on that a bit, what is a common concern that you hear independent advisory firms express?
Marsh: Growth. They get to a certain point and then they become challenged to continue to grow at the pace they would like. Where they get stuck is not realizing they need to make structural changes to put themselves in a position to achieve that growth. The old saying goes “What got us here won’t get us there,” right?
Andrew Marsh on 2 Pieces of Advice For Entrepreneurs
Gordon: That’s really insightful, particularly because so many people branched out to their own business in the last few years. Indeed, the past two years in particular have been a renaissance of sorts for small businesses. Hopeful entrepreneurs submitted over 15 million small business applications between 2021 and 2023. What is a piece of advice you have for advisors considering branching out to start their own firm?
Marsh: The best advice piece of advice is to be very clear on your vision. What you’re willing to sacrifice and what you’re not willing to sacrifice, or risk. And you need to go into an entrepreneurial venture with your eyes wide open about how much work it will take — dedication and sacrifice. My opinion is it’s all worth it. The clearer you are on where you align on those choices though, the better.
I think along with that is to not do it alone. Thinking about my own journey and when I started my firm, I was so fortunate that I had partners. We shared the vision, the commitment, and shared the passion. It was so good to know that even though I was the leader with all the weight on my shoulders, I always knew I had support and partners. It would have been really tough for me to think about doing what I did alone.
Exchange Brings Energy and Warmth
Gordon: Andrew, this has been really wonderful. Last question for you; what are you looking forward to at Exchange?
Marsh: I live in Toronto, so can I start with the weather?
I’ve always been inspired and benefited from the spirit of entrepreneurial energy. I think this conference is going to be about being surrounded by other people who feel the same way and get that same kind of energy from that entrepreneurial spirit.
Don’t miss Andrew Marsh on stage at Exchange with Jonathan Blumenthal of Quotient Wealth Partners and Michael Rose of Rose Capital Advisors on Tuesday, February 13. Register for the conference here and see the agenda here.
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