Ep 507: Growing Bigger For Succession And Then Intentionally Downsizing For A Simpler Lifestyle P...
The episode offers a practitioner's account of the trade-offs between firm growth, succession and work-life balance. It may be useful for advisors thinking about when not to grow and how to structure roles and compensation as a firm scales.
Summary
By the running an ria deskThis episode features Carolyn McClanahan, founder of Life Planning Partners, an RIA in Jacksonville with $300 million in assets under management across 65 client households. She discusses growing the firm to more than 100 clients and later intentionally downsizing, including how business coaches helped clarify career paths, set measurable expectations and improve compensation structures. She also explains how the firm's growth strategy contributed to burnout and why she believes the financial planning profession could benefit from medical-style residency programs.
- Carolyn McClanahan grew her RIA to more than 100 clients before deciding to downsize.
- She used business coaches to create clearer career paths, measurable expectations and improved compensation structures.
- She recognized that the firm's growth strategy was contributing to burnout.
- She believes the financial planning profession could benefit from medical-style residency programs.
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