For many financial advisors, starting their own Financial Advisory firm or RIA means embracing
freedom and autonomy over their financial planning practice.

But, while many set out with the best intentions, the reality is that managing a successful
practice with hundreds of millions of dollars of AUM can be challenging. If you’re not careful, you
can end up spending most of your time caught up in the operations of the business and less
time helping your clients plan for their ideal lifestyle.

As an owner or a co-owner of a firm, there are specific signs that you’re starting to drown in the
day-to-day operations—here are five to consider:

1. You can’t take a day off.

If you feel like you can’t take a day off because of the sheer amount of work that needs to be
done, you may be in over your head. Of course, there are periods when the demands of your
business can feel heavier than others, but if you constantly feel like there aren’t enough hours in
the day or you wouldn’t be able to step away for a day or two, it may be a sign that something
needs to change.

2. You can’t take on new clients.

If you want to continue growing but the idea of taking on new clients feels out of reach, there’s a
good chance you may be stuck spending too much time on operational tasks, leaving little to no
time for new growth and business development. Unfortunately, this can lead to stagnant growth
and lost opportunities, hindering the success of your planning practice.

3. You’re losing employees or clients.

If you are losing employees or clients faster than normal, it may be time to reevaluate your
situation. Of course, employees and clients can leave for a number of different reasons and a
certain amount of turnover is to be expected, but if you’re in a constant state of hiring or are
experiencing a steady outflow of clients, you may be drowning in your business, leading to poor
management, missed expectations, and an overall decrease in employee and client satisfaction.

4. You’re feeling overworked, stressed, or burned out.

If you’re feeling overwhelmed with work, it may be time to make some changes. Feeling
constantly overworked and stressed can take a toll on your mental and physical health, and with
advisors experiencing an average stress level that’s 23% higher than national norms, it’s critical
to understand and recognize burnout when it happens.
Here are a few signs you may be experiencing burnout:

● Exhaustion: Feeling physically and emotionally drained, even after getting adequate
rest and sleep. Burnout often manifests as persistent fatigue and a lack of energy to
engage in activities that were once enjoyable.
Decreased Motivation: Experiencing a significant decline in motivation, enthusiasm,
and interest in work or activities that were previously fulfilling. Burnout can lead to a
sense of disillusionment and detachment, making it challenging to find satisfaction in
what you do.
Decreased Performance: Noticing a decline in productivity, effectiveness, and
performance levels. Burnout can impair concentration, memory, and decision-making
abilities, resulting in decreased output and quality of work.
It’s important to prioritize self-care and seek support if you notice these signs of burnout. Taking
steps to address burnout can help restore your well-being and prevent further negative impacts
on your physical and mental health.

5. You’re constantly putting out fires and can’t look ahead to the

Lastly, one of the keys to a successful practice is the ability to look ahead and develop a
strategic plan for the future. And as a successful financial planner, this is what you do best. But
if you find yourself moving from one fire drill to the next, it can make it difficult to take time to
plan and reflect.

So, what can you do if you’re drowning in your Firm?

If you’re feeling overwhelmed and unable to look ahead, it may be time to consider transitioning
your financial planning practice. And for many firm owners, joining an established RIA network,
such as Winthrop Wealth is one possible solution.

This offers a valuable opportunity for firm owners to delegate responsibilities such as
cybersecurity, compliance, operations, and investments, allowing them to redirect their focus
back to their passion: meeting with clients and providing financial advice. And fortunately, RIA
networks typically provide various business models to choose from, enabling owners to select
the one that aligns best with their clients, firm, and personal preferences.

You can access the resources and expertise necessary to help you thrive while still maintaining
autonomy over your firm.


Content in this material is for general information only and not intended to provide specific advice or
recommendations for any individual. Securities offered through LPL Financial, Member FINRA/SIPC.
Investment Advice offered through Winthrop Wealth, a Registered Investment Advisor and separate entity from LPL Financial.