Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with

financial planner, speaker, and consultant Michael Kitses to hear stories of how leading financial

advisors navigated the inevitable challenges that arise on the path to success and get insight

from leading industry consultants about how to break through to the

next level in your advisory business. And now here's your host, Michael Kitsis.

Welcome, everyone. Welcome to the 40th episode of the Financial Advisor Success Podcast.

My guest on today's podcast is Philip Palaviv.

Philip is the founder and CEO of the ensemble

practice, a practice management consulting firm that helps financial advisors to build sustainable,

multi-advisor, multi-generational ensemble firms. What's fascinating about Philip, though, is not

merely the consulting work that he does to help advisors build ensemble firms, but that he's actually

the one who coined

the phrase ensemble practice during his early days working on the Moss Adams' advisor benchmarking

studies over 15 years ago and later wrote the book on the subject. In this episode, we talk in

depth about the concept of an ensemble practice, the different ways that

advisors can share office, staff, clients, profits, and ultimately equity in becoming a multi-professional

advisory firm, and what it really means to create an advisory business that truly puts the

interests of the business before the interests of any one advisor partner. Along with why, as the business grows, it becomes

crucial to create a means of quality control to ensure that with multiple advisors. The advice of the firm

really is delivered consistently. We also discuss the dynamics of what it takes to actually introduce

a new second generation or G2 owner to the firm. The mindset shift that advisory firm owners

need to go through if they want to find and develop the right new advisors. And the answer to the

...