How do you build and manage a fast-growing billion-dollar RIA? What is the role of the CEO in this type of company?

As the financial advice industry continues to evolve at a rapidly increasing pace, the role of the CEO becomes even more critical. Yet, as a business coach, I often see advisory firms struggle with making the shift from being an advisor-led firm to one run by professional management.

Over the past few years, I've worked with and had dozens of conversations with leading advisors and CEOs of some of the industry's fastest-growing and best run companies. While the group is diverse, I discovered seven common threads in terms of how they built and run their businesses.

As an advisor, if you ever hope to make the jump from several hundred million in AUM to a billion or more, either you or a hired CEO have to step in and become—in title and in practice—the CEO.

If it's you as the advisor, then you're no longer an advisor. You need to become a professional manager.

Listen to the show to learn the 7 characteristics shared by leading CEOs of RIA firms.