Not every advisor who wants ownership is built for what ownership requires.

A pattern keeps showing up in my work with advisory firms: A talented next-generation advisor who was hired to service existing clients starts asking about ownership. They're good at their job. They care about the firm. They want to build something long-term. But when the ownership conversation happens, it stalls. Why? Because firm owners aren't confident that these advisors can bring in new business.

It's a fair concern. Servicing clients and developing business require different skill sets, different mindsets, and different levels of comfort with uncertainty. An advisor can be exceptional at one and struggle with the other. The challenge is figuring out which type of advisor you have before making ownership decisions that affect the entire firm's future.

Working with advisors through our OnNiche® program has taught me something: The difference between a business development advisor and a service advisor shows up almost immediately—not in what they say they want, but in how they behave when given the opportunity.

Business development advisors engage quickly. They're anxious to build their plan. They ask questions about implementation. They start taking action, even when it feels uncomfortable. They treat business development as a challenge to tackle, not an obligation to avoid.

Service advisors drag their feet. Even with professional support and coaching behind them, they struggle to get anything off the ground. It's not that they don't care or aren't capable—they're often excellent advisors. They're just not wired for the proactive work of putting themselves out there in ways that feel uncomfortable. And that's perfectly fine. Both roles are valuable.

The mistake firms make is waiting too long to figure out which type of advisor they have. They assume that interest in ownership indicates a capacity for business development, or they hope that with enough training, any advisor can become a rainmaker. But aptitude matters. Some advisors will thrive in business development. Others won't, no matter how much support you provide.

The takeaway: Before discussing ownership, give next-gen advisors a real opportunity to demonstrate business development capability—not through hypotheticals, but through action. How they respond will tell you what role they're truly built for in your firm's future.

Want to see if your advisors are built for business development or client service? Schedule a call to learn more about OnNiche®.