## FAQ

### What are some key lessons financial advisors may learn in years 3-5 of building their firm?
Some key lessons financial advisors may learn in years 3-5 include the importance of not over-servicing clients, refining their niche and ideal client persona, managing daily schedules effectively, and understanding that their original vision for their practice may evolve over time.

### How can financial advisors make changes to their service model, client base, and daily schedule?
Financial advisors can make changes to their service model, client base, and daily schedule by assessing their current practices, identifying areas for improvement, and implementing strategies such as scheduling fewer standard meetings, refining their niche, implementing a more structured work schedule, prioritizing personal wellbeing, and conducting a time audit to identify tasks that energize them.

### What are some challenges financial advisory firm owners may face when scaling their business?
Some challenges financial advisory firm owners may face when scaling their business include balancing servicing current clients with marketing for new ones, managing staff, deciding when to hire new staff, and determining whether to adjust the firm’s ideal client persona.

## Conclusion
Building a financial advisory firm can be a challenging and rewarding endeavor for entrepreneurs in the industry. As firm owners navigate the growth and evolution of their practice, it is important to be open to change, refine their service model, client base, and daily schedule, and prioritize personal wellbeing. By learning from the experiences of others like Jake Northrup, firm owners can develop strategies to support a more sustainable business and greater overall wellbeing in the long run. Remember, it’s all about adapting and evolving as your practice grows.