Strong revenue and market share growth don't guarantee a financially healthy independent investment advisor practice -- but being focused and deliberate about the types of clients served and the services offered can drive profitable growth, according to a study of the top firms by Schwab Institutional and Moss Adams.

Being focused and deliberate about the types of clients served and services offered, institutionalizing business processes, and establishing a strategy for serving clients are the keys to growing profitably, according to the Schwab-sponsored report, "Best Management Practices of Independent Advisory Firms: The Path to Profitable Growth."

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