Want your firm to thrive? Focus on growth and relationship strategies

In the arena of the wealth advisory space, does it come down to survival of the fittest or who’s the friendliest?

Two pivotal strategies that can make or break the survival of a business are the accumulation of growth and maintaining strong relationships. Leah Sciabarrasi, wealth manager, managing partner and president at Boston-based Crestwood Advisors, attests to that.

“We've had tremendous success in our growth story over time, both in growing our client base and in growing our talented team,” she says. “Some of that is in the way that we think about growth and look at growth. We have a growth-oriented culture. I think it comes back to that collaborative nature of how we approach relationships.”

Sciabarrasi, who was recently appointed as the firm’s president, is quick to point out that Crestwood's diversity, equity, inclusion and belonging (DEIB) team provides a lot of opportunities for their team to participate in different working groups and initiatives, such as workshops and an internship program. She highlighted these initiatives have resulted in building an entrepreneurial practice where “people have an interest in making an impact … and having different stakeholders share in that experience. Those things can be compelling.

“When we think about growth, that’s the opportunity to continue to invest in our business to bring the best solutions for our clients. That's also the opportunity to have vibrant careers for the talented professionals who join our team,” Sciabarrasi added.

It can be very challenging for firms to retain talent, she says, because it's hard for advisors to grow within the organization if the organization itself isn't growing. It's important to ensure that talent and new advisors who join the firm get to know the clients, participate in the growth of the business and learn how to create “those deep relationships.”

“I think that's something that takes time and it takes mentorship and that's an important thing that we pay a lot of attention to,” she added.

This rings true for many firms as they continue to implement succession plan strategies in place for the next wave of advisors. Sciabarrasi says having a collaborative team initiates growth.

“That allows for the organic growth, and for advisors with clients to grow into that lead advisor role,” she says. “When you think about transition within firms, it all comes back to that client relationship, it comes back to continuity, and it comes back to having an intact team. The team approach that we employ here will help with that process.”

Sciabarrasi highlighted that Crestwood considers every client a client of the firm rather than a client of a team within the firm. Having this mindset helps them to leverage resources differently and allows for expanded mentorship opportunities for emerging advisors.

“It allows for more participation in organic growth opportunities, too,” she said.

As the industry faces a changing landscape, it can also be challenging to keep up with not only client demand but also the business demand. That means advisors are looking to technology to help keep up with the evolving industry.

Sciabarrasi said with clients having a vast array of choices of advisors, it compels RIAs with high touch models to examine what their clients are really seeking.

“It has brought to the fore the planning lens, which brings tremendous value to clients. It comes back to relationships, because the better that we know our clients, and the more time that we spend with them, the better partners and advisors we can be to them.”

With clients looking for more and more depth in expertise from the boutique advisor environment, Crestwood hired a wealth strategist last year. She says having someone in that role has been “invaluable” for deepening their perspective from an estate planning standpoint.

“If we're focused on the client experience, and we're building an ensemble practice that's inclusive and ambitious, and if we're not afraid to evolve, then it's going to help all of the advisors at Crestwood meet the moment, meet clients where they are and result in success.”

Name: Leah R. Sciabarrasi
Position: President/Managing Partner, Wealth Manager
Company: Crestwood Advisors
Founded: 2003
AUM: $5.7 billion