What does Elliott Bay Advisors do?
We help financial services firms transform from founder-centric
practices to enduring businesses with transferable enterprise values.
practices to enduring businesses with transferable enterprise values.
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YOU are the founder of a successful financial services firm. You feel blessed with good employees and loyal clients, and see a huge upside for your firm. Yet, you seem to have plateaued. You are smart and your work ethic is above reproach—and you are working harder than ever. But you just can't seem to break through to the next level.
Truth is, it's difficult, if not impossible, to be both an advisor and the CEO of your firm, and be effective at both. Furthermore, the skills that brought you success thus far will not help take your firm to the next level. You must invest your time in planning for your and your firm's future strategically and implement your plan well—just as you do for your own clients. Perhaps you want to learn executive skills and devote your time as the leader of your firm. Or, you might decide to get back to your first love—making difference in your clients' lives—and leave the daily chores of running a business to others. |
WE help financial services firms transform from founder-centric practices to enduring businesses with transferable enterprise values. Our consulting engagement typically involves:
As a result, you will gain clarity and build a focused, productive, strategically disciplined and multi-generational advisory business. |
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"Hoon has an ability to see things at both a strategic and tactical level. He has a broad understanding of the Financial Services industry and brings years of experience and practical hands on application to the table. He can drive various areas forward from Technology, Operations, Client Service and Finance and unify them in a way that fits and makes sense as a whole, rather than disjointed parts operating in isolation."
Senior partner of a wealth management firm we helped with laying the groundwork for a transition from a practice to a business |
"Hoon was instrumental in helping our firm institutionalize many processes and lay the groundwork for additional growth. He clarified our vision and articulated strategies to accomplish our long-term goals. Hoon was very well liked by all. He was a consummate team player, but never a "yes" man. He always strove to build esprit de corps, and worked relentlessly to help us achieve our targets. Thanks, Hoon!"
Founder of a wealth management firm we helped with laying the groundwork for a transition from a practice to a business |
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"All the groundwork we put in place for new business is paying off for me. I think I'm on track to bring in $30 million of new assets this year. I'm already at about $16 million so far. I attribute it to all the work we did last year and the fruit is showing up now."
Partner of a wealth management firm we helped with strategic planning which included formalizing marketing and business development plans |
"Hoon is a visionary, yet extremely relational leader. He delivers problem-solving solutions while seeking to improve the business by building up every member of the team through mentorship and positive instruction. He provides a rare combination of innovation and attention to detail that is needed to produce results that will drive the organization forward. Hoon is a deep thinker, who can clearly articulate his wisdom and insights to those around him. I was in the fortunate position of learning from Hoon while he was my supervisor, and I still consider him a valued mentor."
Junior advisor we helped recruit and groom as a potential successor for a wealth management firm we helped prepare for an eventual ownership transition |
"In the six years I've worked here, this is the first time I feel like I know what we stand for and where we are going."
Portfolio manager of a wealth management firm we helped with strategic planning |
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"Working with Hoon has been a period of personal growth for our management team, being gently nudged to courageously step out of our comfort zone. Our primary focus and energy have always been in branding our firm around the highest level of client service unmatched by our peers. But as our firm grew and added more staff, we struggled with discord, petty politics, and even hostility among staff members. We were very much in need of building a cohesive team and reclaiming our firm’s family-like culture. Hoon helped us stay focused on our firm’s core values—communicating and living out those values. We now enjoy a positive and supportive culture where everyone feels welcome and stays productive. Even our clients notice it and compliment on our warm, collegial office atmosphere."
Founder of a CPA firm we helped with strategic planning which included transforming the firm culture to enable growth and take the firm to the "next level" |
What if you could...
Build a cohesive leadership team with clear roles Clearly articulate your firm's mission, vision and core values Cultivate a corporate culture around your firm's core values Run your firm in alignment with your strategic direction with discipline Set tangible goals and initiatives to implement your firm's strategic plan Institutionalize operational, business and sales processes Run your firm with financial discipline—like a "real" business Optimize technology for maximum productivity and efficiency Build a brand consistent with your firm's value proposition Engineer an optimal succession plan |
The Results
Sustainable Growth
With a formalized business development process, growth will be dependent less on the founder's rainmaking and more on a collective effort. This is a far more sustainable and scalable model that allows the firm to continue to thrive after your exit.
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Risk Management
By carefully managing your business risk factors—aging client base, increasing costs, plateaued growth, client loyalty, increased competition, lack of strategic plan—you give your business the best chance to endure beyond you, the founder.
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Scalability
You will optimize technology and implement repeatable processes around all your activities like client service, operations, marketing and other activities. This results in increased productivity and efficiency without committing significant resources.
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Employee Engagement
Because your team members know clearly your firm's strategic direction and know how their daily activities specifically contribute to further your progress toward the firm's overall vision, your team members will be more engaged and productive.
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Strategic Discipline
With clearly communicated strategic direction, you will run a highly disciplined firm with every activity, task and initiative fully aligned with your strategic plan. It's like writing a good story with a tight plot line without random characters and events.
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Transferable ValueAll the effort outlined here will culminate in a transferable enterprise value. The more institutionalized your firm is and sustainable independent of you, the more valuable it becomes. This opens up attractive options for succession planning.
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Hoon Kang
CPA, CFP®, ChFC, CLU
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