Tanya: That`s right. For example, last year we worked with a large group, and one of their problems was that they were going to meet and nothing. and the encounters seemed to be only ordinary encounters, but nothing would ever be accomplished. You know, nothing they decide at the meeting would ever be achieved. So they would. As part of their accountability plan, which was included in the partnership, they agreed that they would do a few things. They agreed that they. For the benefit of some people who did not want to make decisions at the same meeting where the information was presented, they had a meeting before the meeting, so they received a full presentation of what needed to be decided before the meeting, where they would actually decide. A successful financial consulting practice requires a qualified advisor, a competent accountant, a marketing whiz, and a time management guru. That`s a lot of things you can ask of a single person, and this diversity of requirements is one of the reasons why many solo financial advisors want to put a partner into their practices. Tanya: That`s right. While we`ve talked about some of the horror stories of the process of establishing a partnership, this work as a partnership clearly has so many benefits. I mean, being able to resonate with your ideas and, you know, being able to drive with someone who has other skills than you.
And I think customers and supervisors want to see multiple partners. And then, you know, the Moss Adams/InvestmentNews study is still relevant, right? Your upstream partner`s income is much higher if you have a multi-partner company. Michael: Well, and for me, it`s very powerful, just the idea, especially if you go beyond a two-person partnership and there`s more than three people in the room, like, “Here are the types of decisions that we`re not moving forward on, unless we have unanimous votes, like, everybody has to get on board, versus, “Here are the decisions that, you know, we`ll talk about it, and then we can agree to disagree, and then we`re going to move with what`s consensual, and we`ll ask everyone to be on board with that.” And I feel like that`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 everyone is satisfied with, especially if you`re the one who`s put in the minority on a topic. Tanya: That`s right. But you know, they`ve spent all their time with numbers, finances, staff, and other things, and they`ve just embellished the details like, “Well, we`re both financial planners, so we`re just going to find out what we want to consolidate and use in the future.” And it turned out that the choice of financial planning software was the end of the partnership.