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TRANSFORM YOUR ADVISORY PRACTICE

From a founder-centric PRACTICE  to an enduring BUSINESS

WHAT DOES ELLIOTT BAY ADVISORS DO?

We help transform advisory firms from founder-centric PRACTICES to enduring BUSINESSES with transferable values.

YOU


You are the founder of a successful wealth management practice. 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. Yet, you just can't seem to break through to the next level.

​Truth is, it's difficult 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 break through to the next level. You must invest your time in planning for your firm's future strategically and implement your plan with laser focus, just as you do for your clients when you help them plan for their future and implement their plans. 

Perhaps it's time for you to sharpen your executive skills and devote more of your time to leading your firm to break through to the next level. Or, you might decide to get back to your first love—making a difference in your clients' lives—and leave most of the daily chores of running a business to others. Either way, you can no longer afford to stand still.

US


We help financial services firms transform from founder-centric practices to enduring businesses with transferable enterprise values. Our consulting engagement typically involves:
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  • Building a cohesive leadership team
  • Clearly articulating your mission, vision and core values
  • Cultivating a strong corporate culture
  • Running your firm with discipline in alignment with your strategic direction
  • Setting tangible goals and initiatives
  • Sharpening your executive skills
  • Institutionalizing business processes
  • Optimizing technology
  • Building a powerful brand
  • Engineering an optimal succession plan

As a result, you will gain clarity and be equipped to build a focused, productive, and strategically disciplined advisory business.
"Hoon came to us when I was facing health issues. With revenue rapidly declining and clients leaving by the week, we had to act fast and reverse course. When the dust settled, Hoon somehow managed to help increase the value of my firm four-fold (400%), and sell it at a price that would’ve seemed outrageously optimistic just one year ago when Hoon started working with us. Where was Hoon five years ago?"
Founder of a wealth management firm we helped prepare for a sale, find a buyer and close the sale
"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 clarify and 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 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"
"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 
"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 with a transferable value
"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 with an enterprise value
"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

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 that engages and motivates your team

Run your firm with discipline in alignment with your strategic direction

Set tangible goals and initiatives to implement your firm's strategic plan


Sharpen your executive skills to lead your firm to break through to the next level

Institutionalize operational, business and sales processes

Professionally manage your firm's finances beyond bookkeeping


Optimize technology for maximum productivity and efficiency

Build a brand consistent with your firm's value proposition

​Engineer an optimal succession plan by design, not by default

The Results


Sustainable Growth


With a formalized business development process, growth will be dependent less on the founder's rainmaking ability and more on collective efforts. This is a far more sustainable and scalable model which allows your firm to thrive beyond the founder

Risk Minimization


By carefully managing your business risk factors—cash flow quality, aging client base, client loyalty, increased competition, lack of strategic plan—you give your business the best chance to continue and flourish beyond your departure.

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. 

Employee Engagement


Because your team members know clearly your firm's strategic direction and know how their daily activities specifically contribute to advance progress toward your firm's overall vision, your team members will be more engaged and more productive.

Strategic Discipline


With a 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. 

Transferable Value


All the efforts 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
As a seasoned executive and consultant, I help financial services firms transform from founder-centric practices to enduring businesses with transferable enterprise values.

​I began my career in financial services over 30 years ago with a Big 4 accounting firm, and have since held leadership positions at several financial services firms. I stumbled into an executive role when a colleague invited me to help him run his advisory practice like a "real business". My success in that role led me to a similar project with another firm, and then another, and so on.

I have written numerous articles on practice management, as well as estate and financial planning topics, some of which have appeared nationally in Advisor Perspectives, AICPA PFP Planner, Leimberg Information Services and Journal of Financial Service Professionals. I have also taught graduate level financial planning courses, and have spoken at various seminars and conferences.

Outside of work, I enjoy live jazz, hiking, and spending time outdoors with my family and friends. Though I claim to play golf, no one in my foursome seems willing to vouch for that.

hoinfo@elliottbayadvisors.com
206.486.8700 Ext. 701
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