That Firm Looks Like It's Growing—But Is It?
We live in a world of headlines. “XYZ Advisors adds a $500M UBS team.” “ABC RIA Doubles AUM with Strategic Acquisition.” Scroll through industry news and you’ll see what looks like a booming, vibrant recruiting environment where firms are scaling fast and everyone’s winning.
But what you won’t see in those headlines—at least not right away—is whether that growth is real, sustainable, or even relevant to your business.
Because when you pull back the curtain, the story is often more complicated.
The Highlight Reel vs. the Game Tape
Most advisors only get the sizzle. The recruiting win. The AUM bump. The “record-setting” headcount. That’s the SportsCenter version of the story. But just like a highlight reel doesn’t tell you that your star player is nursing a knee injury, these announcements don’t tell you:
That the firm acquired a team from within its own ranks
That they stopped reporting headcount altogether
That much of the growth is inorganic and unsustainable
Advisors often make decisions based on these surface-level data points—and then find themselves second-guessing that move just a few years later.
Not All Growth Is Created Equal
There’s a difference between growing and looking like you’re growing. Many firms are still playing the PR game, making headlines even while their infrastructure is stretched thin. Some stop reporting key metrics like advisor headcount altogether, while others trumpet every win regardless of context.
And here's the nuance most people miss: not all recruiting wins are relevant to you.
Just because your buddy moved to a firm doesn’t mean you should too. Your friend might be 64 and prepping for succession. You might be 47 and just entering your prime. That firm might be perfect for a late-career wind-down—but a terrible fit for long-term growth.
The Metrics That Deserve Scrutiny
Here are a few “data points” that deserve a second look before they sway your judgment:
Headcount increases: Are these new advisors… or internal shuffles?
Recruiting wins: Were they bought or earned?
PR splash: What was the cost of the deal—and is it repeatable?
Firm messaging: “We’re focused on deepening relationships” can be a euphemism for stalled growth.
More importantly, ask: What’s the firm doing with its growth? Are they reinvesting in service, tech, and advisor experience? Or are they just accumulating bodies to scale a valuation?
What Advisors Deserve (But Rarely Get)
Why do I bring this up? This isn’t (just) a dunk section on shallow PR. I’m entirely here for the advisor side of this conversation. I work with incredibly intelligent advisors, but some of whom only have headlines as their primary subconscious data source when it comes to their impression of firms.
And if you make a transition plan based on PR headlines, you are leaving yourself incredibly exposed. It’s like putting your entire portfolio in a firm based on headlines.
If you’re not talking regularly with someone who really understands the inner workings of these firms—how they're capitalized, how their economics flow, what their long game is—you’re flying with a partially frosted windshield.
You deserve context. You deserve transparency. You’re not going to get that from the firm’s PR campaigns.
Final Word
Every advisor wants to affiliate with a firm that’s growing. That’s natural. But growth isn’t just about getting bigger—it’s about getting better. And sometimes, the firm with the flashiest headline is the one quietly losing its footing.
So next time a big recruiting headline grabs your attention, pause. Ask what’s underneath the story. Who it was for. Who it wasn’t. And whether it actually moves the needle for your future.
If you’re trying to make sense of the real growth stories behind the headlines—or figure out which firms are actually built for your goals—let’s talk.
No pitch. No fluff. Just context, clarity, and an honest conversation about what exists and is the best fit for you and your firm.