People looking for professional financial advice have no shortage of options to guide them on their financial journey. There are over 300,000 financial advisors working in the United States today and that number is expected to grow by 17% by 2033, according to the Bureau of Labor Statistics.
With so many advisors to choose from today, and so much access to information, investors are more informed than ever. Over the past several decades, the prominence of working with an independent firm that operates as a fiduciary and in a comprehensive fashion are now quite common and seen as the “gold standard.” Independence ensures that recommendations are driven by client goals and not corporate agendas. Operating as a fiduciary creates an environment where a firm is legally bound to operate in the client’s best interests. Being comprehensive ensures that every facet of the financial puzzle (investments, taxes, estate planning, and more) work together seamlessly.
But there’s another, often-overlooked criteria to consider that can make all the difference in the client experience: firm size.
Not every firm is built the same, and clients would be well served to understand what they want the infrastructure of the firm they work with to look like. Some operate as solo practices, where one advisor and an assistant handle everything. Others are massive enterprises, managing billions of dollars in assets and servicing thousands of clients.
Somewhere in between lies the “right-sized” firm. These teams are large enough to offer true depth and breadth, yet small enough to know you personally and tailor their recommendations to your unique circumstances.
The Solo Firm: Deeply Personal, but Stretched Thin
There’s something undeniably appealing about the small “boutique” advisor. The intimacy, the direct relationship, the personal touch are all valuable. But when it comes to comprehensive planning, a solo advisor can quickly run into capacity challenges.
Even the most capable advisor has only so many hours in the day. Building detailed tax projections, rebalancing portfolios, drafting estate planning strategies, and staying current on the latest regulatory and market developments, all while serving a growing client base is nearly impossible for one person to do exceptionally well across every area.
Moreover, continuity can be a concern. If something happens to the solo advisor or their assistant, where does that leave the client? Without a larger team to step in, clients may face uncertainty at a time when stability matters most.
The Mega Firm: Resources Abound, but Relationships Can Fade
On the other end of the spectrum, large financial institutions promise scale, technology, and teams of specialists. These can be powerful advantages, but they can also introduce new drawbacks.
In large organizations, clients often become one of many. Personalization can give way to process. To manage thousands of clients efficiently, large firms rely on standardized models – what many describe as a “cookie-cutter” approach. The experience can feel less like a partnership and more like a production line.
Something we talk about a lot with our team and clients is Dunbar’s Law: a sociological principle suggesting humans can only maintain stable relationships with about 150 people. When firms grow beyond the ability of advisors and service teams to know their clients deeply, their capacity for meaningful connection naturally declines.
Large firms can also face bureaucratic inertia. Structural changes that might benefit clients, such as adopting new planning technologies, adjusting fee models, or refining investment strategies can be slow to implement across sprawling hierarchies. Factor in the cost of multiple management layers and expensive marketing departments, and clients may find themselves paying for overhead rather than direct value.
The “Right-Sized” Firm: All Things to Some People
Between these two extremes lies the “right-sized” firm. These firms are big enough to provide true multidisciplinary expertise with in-house specialists in investments, tax, and estate planning working collaboratively on behalf of each client. Yet they remain intentionally limited in the number of client relationships they take on, allowing them to deliver deeply personalized guidance and maintain meaningful, ongoing connections.
They aren’t trying to be all things to all people, but rather all things to some people. That focus allows them to invest in what matters most: time, attention, and customized strategies that align with each client’s goals and values.
At this scale, efficiency and intimacy coexist. Decisions can be made quickly. Communication is direct, and every member of your advisory team knows your story, not just your account balance.
So Which Do You Choose?
Every firm model – solo, large, and mid-sized – has its merits. Some clients may thrive in a boutique relationship; others may prioritize the name recognition of a large brand. But for many Midwesterners, the “right-sized” firm offers the best of all worlds: the strength of a team, the agility to adapt, and the commitment to know each client deeply.
At the end of the day, financial planning isn’t just about numbers – it’s about people. For many, the best advisory relationships come from working with a team that knows you well enough to anticipate your needs, collaborate on your goals, and adjust quickly as your life (and the world) changes.
We have intentionally built North Point Advisor Group to stand firmly in the middle. We aim to remain large enough to deliver a comprehensive client experience, yet small enough to know our clients personally, nimble enough to adapt quickly to change, and humble enough to remember that our success as a firm is only measured by the success of our clients.
