G2: Building the Next Generation. Palaveev Philip

p>Philip Palaveev

      G2

      The independent advisory industry is on the cusp of a monumental change, and Philip Palaveev lays out in this book the essential elements to ensure that your firm is one of the survivors in the new era coming to the RIA landscape. Whether you are a firm founder or a rising leader, G2: Building the Next Generation lays out the path to create a transformational firm that empowers both generations.

Tim Chase, CEO, WMS Partners LLC

      With this book, Philip Palaveev provides a roadmap for advisory firms to address the most challenging issue in our business today: attracting, developing, engaging and retaining the next generation of leaders. G2 is a thorough analysis of all the issues we encounter in developing the next generation of leaders, but what makes it so valuable are the stories and practical strategies that can be applied in our business today to help meet that challenge. Philip's previous book, The Ensemble Practice, provided a detailed look at the team based approach to building a successful advisory business. G2 is a natural extension of that effort and a must read for anyone with an interest in the future of the advisory industry.

Stephen Stelljes, President of Client Services and G2 Leader, The Colony Group LLC

       G2: Building the Next Generation completely captures the experience of G2 advisory firm owners. From the challenges we face emerging from the shadows of the founding partners to the opportunities that abound to grow the firm and add our mark to its footprint, this book covers the gamut. As a G2 firm owner myself, Philip clearly demonstrates his understanding of a firm's development at this stage, providing perspective and tangible action steps for G2 leaders to rise to the occasion and add real value to the firm's long-term growth. It's a must read for both founding partners and G2 professionals alike as firms take the next step of growing past their founders to achieve a lasting level of success.

Susan Mitcheltree, Principle & Equity Partner and a G2 Leader, Berman McAleer

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       G2

      Building the Next Generation

      Philip Palaveev

      Copyright © 2017 by John Wiley & Sons, Inc. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

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       Library of Congress Cataloging-in-Publication Data is available:

      ISBN 9781119370062 (Hardcover)

      ISBN 9781119370093 (ePDF)

      ISBN 9781119370079 (ePub)

      Cover Design: Wiley

      Cover Image: © simon2579/Getty Images

      Preface

      I have always striven to work with the largest and most successful firms in the advisory industry. I have always wanted to be the consultant who knows the most, works with the top people in the top firms, and has answers to the most difficult questions. You could say I have more than a little ambition. After I wrote my first book, The Ensemble Practice, I thought that my next book would be called Super‐Ensembles, a book about the biggest, largest, fastest‐growing, and smartest firms.

      Working with professionals in the leadership development program we run at The Ensemble Practice made me realize that I have been focused on the wrong phenomenon. What the industry needs most is not a description of how to be bigger and more complex, or how to work with bigger clients. Rather, firms need to know how to develop professionals who are capable of making bigger and better enterprises. You can't build a big, successful firm without a strong, well‐functioning team of colleagues and partners. Indeed, achieving success with my own firm and career depends on our ability to develop the next generation.

      I was not a founder at my first two firms. I was part of G2, or the second generation of professionals who joined later. For 12 years I looked up to the founders, but at times I also questioned their leadership. I felt that they should be doing more to help professionals like me who were growing in their careers. Now that I am a founder, it is time for me to develop and grow the careers of those behind me. If I fail at that task, I will have achieved nothing at my own firm.

      Nothing can be achieved at a professional service firm without having talented, well‐prepared people who are dedicated to the firm and want to make it better. Those people don't magically appear on the doorstep begging to join. They come when they are younger, inexperienced, unsure, searching, and needing guidance. It is the most critical function of the firm to help them become those experienced and productive professionals we all want. At Moss Adams, we spent seven years looking to hire someone with five years of experience. This book offers a better approach.

      As an industry, we have become very good at taking care of clients. We need to get better at taking care of each other. The greatest challenge – and opportunity – facing our industry today is the development of the next generation of professionals. So here it is: These pages are a record of everything I have seen and learned about developing professional careers. There