Working with a partner can also give you time to immerse yourself in some of your other passions. For Arielle Minicozzi of Modern Money Advisor, a partnership fell on her hands. Rideout and Nickerson, their partner, will in many cases meet separately with a client: Rideout to discuss the financial plan; Nickerson to discuss other topics, such as investing. “That way, customers know there are two of us, and most of us both see friendly faces,” she says. Once you have decided that finding a partner is the next step for you and your business, you enter the dating phase. Now you might think it`s a funny way to look for a partner, but the appointment is exactly the number of consultants I`ve talked to to refer to this part, because it`s a lot like looking for a romantic partner – lots of frank and honest conversations about the future (without the long walks on the beach). Tanya: That`s right. While we have talked about some of the horror stories of the partnership process, it is clear that this work, as a partnership, has so many benefits. I mean, being able to have a sounding plate for your ideas and, you know, be able to work with someone who has different skills from you. And I think customers and regulators like to see multiple partners. And then, you know, the Moss Adams/InvestmentNews study is still relevant, right? Pre-tax partner income is much higher if you have a multi-partner business. Michael: Well, and for me, it`s very powerful, especially when you go beyond a two-person partnership and there are more than three people in the room, how to say, “These are the kinds of decisions that we are not moving forward with, unless we have unanimous votes, like, everyone has to get on board,” against, “Here are the decisions we`re going to talk about, you know, and then we can agree not to agree, and then we`ll manage the consensus, and we`ll ask everyone to be on board.” And I have the impression that it`s something that sometimes happens implicitly in partnerships or just in group meetings in general, but sometimes it doesn`t happen in a way that satisfies everyone, especially when it`s the one that`s rejected in a topic.

Mr. Gorveatte has worked with several potential partners, seeking a solid knowledge base and work compatibility. While each candidate was a strong potential partner, many factors conspired against Gorveatte`s signature on the polka dot line with everyone until last year, when he entered into a partnership with Colin Smith. Many independent business owners think that no one else does what they want. They may be so isolated in the world of sales and commissioning for so long that they think they are the only person interested in real customer-focused financial planning.