Sustainable Practice Success, Part 1: Career Path & Compensation Models

The Rainmaker Multiplier On-Demand Podcast

Sustainable Practice Success, Part 1: Career Path & Compensation Models

In This Episode

About the episode:

Join industry leaders Jason L Smith, CEP, BPC, Founder, and CEO of C2P and JL Smith, along with special guest Philip Palaveev, the founder and CEO of The Ensemble Practice, as they delve into the concepts and strategies used to create sustainable financial advisory practices.

In this engaging episode, our guest, Philip, a seasoned expert in the field, sheds light on the significance of the ensemble practice model, which inspired the Advisor Career Path & Compensation program here at C2P.

This program equips advisors with the skills to recruit, reward, and retain top talent, ensuring the future success of their businesses.

Tune into this episode that touches upon crucial aspects including:

  • How to better serve clients and improve your closing ratio with a career path and compensation model.
  • How each level, or rung, of a career path functions both individually and together to enhance your firm.
  • Referrals serve as the foundation of business development, and advisors should focus on enabling clients to make referrals effectively.
  • How cultivating trust with your clients fosters strong client relationships and turns them into active referrers.

Join us for this insightful conversation and learn how mastering these fundamentals can be your pathway to success in the financial advisory realm.


Episode Resources:

Sustainable Practice Success, Part 1: Career Path & Compensation Models

About the guest:

Philip Palaveev, a renowned industry expert and consultant, focuses on fostering team-based financial advisory businesses for sustained growth and profitability. As CEO of The Ensemble Practice LLC, he leads a pioneering consulting firm that empowers independent financial advisors to transform solo practices into thriving ensemble firms, collaborating with broker-dealers and custodians to develop impactful practice management solutions.

Before founding The Ensemble Practice, Philip served as the president of Fusion Advisor Network, redefining how broker-dealers deliver business management support. During his tenure, Fusion Advisor Network transformed from a startup into an industry-leading entity. From 2003 to 2008, Philip played a pivotal role as a principal at Moss Adams LLP, a leading accounting and consulting firm specializing in practice management. He’s also an accomplished author with two influential books: “The Ensemble Practice,” focusing on building multi-professional enterprises, and “G2: Building the Next Generation,” dedicated to future leaders in advisory firms.