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:
As a result, you will gain clarity and be equipped to build a focused, productive, and strategically disciplined advisory business. |
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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 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" |
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"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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"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 |
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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 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
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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.
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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 advance progress toward your firm's overall vision, your team members will be more engaged and more productive.
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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.
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Transferable ValueAll 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 KangCPA, CFP®, ChFC, CLU
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