2024 has been good for many asset managers, both large and small. The stock market has grown approximately 30 percent and your firm may have grown assets and profits as well.

But how much of your growth has come from new investors versus market appreciation? For many boutique asset managers, planning for 2025 has a hidden challenge. While AUM and revenue might look strong, your underlying numbers may tell a different story.

Perhaps your organic growth, driven by winning new investors and strengthening client relationships, has lagged. You might have outperformed benchmarks and thus kept investors. Still, your growth may not be sustainable if you’re not having enough prospect conversations. Focus on what you can control to build long-term growth and revenue.

Start by asking these ten questions:

1. What worked, and what needs to change?

Market-driven growth can obscure underlying trends.

Review your organic growth rates by distribution channel and strategy to understand what’s driving success. Evaluate the performance of your marketing and sales teams and platforms. Analyze the cost of client acquisition and compare ROI to industry benchmarks. This data can help you refine or adjust your efforts.

2. What sets us apart?

It’s not enough to claim great investment performance or experienced portfolio managers.

What makes your firm different? Is it your investment process, perspective on risk, or expertise in a specific sector? Or something else? Be clear on your differentiators. Test your messaging with clients and prospects. Clear and distinctive messaging resonates more than generic claims.

3. Are we reaching the right investors?

Your investing strategies won’t appeal to everyone.

Review your recent new client wins and losses to identify which types of investors align best with the kind of clients you want. Do you see more growth potential with independent advisors, broker-dealers, or wirehouses? A focused approach ensures you use your resources where they are most effective.

4. Are we starting enough conversations?

A strong story won’t make an impact if the right people don’t hear it.

Strategic content and digital marketing can create opportunities for productive conversations with prospects. Use emails, webinars, and LinkedIn to share your investment perspectives and thought leadership. A great Search Engine Optimization (SEO) strategy can turn interest into conversations.

5. How can we better support our sales team?

Your sales team’s success depends on having the right resources.

You should equip your salespeople with relevant content, personalized messaging, competitive intelligence, and up-to-date technology. Regularly review their pipeline and identify ways to help them advance relationships from interest to firm commitments.

6. How strong are our client relationships?

Loyal clients are more likely to invest more and recommend more often.

Consistent communications, timely responses, and great insights can deepen relationships and retention. Consider how often clients engage with your content. Engagement may signal future opportunities.

7. Is our marketing building credibility?

Occasional updates aren’t enough to demonstrate expertise.

Your insights should be visible on the websites, publications, and social media platforms your prospects trust and visit. Regularly sharing great commentary and securing media appearances can strengthen your credibility and reputation.

8. Are we using technology effectively?

The right technology can be a force multiplier in distributing your ideas.

Technology can also track the most engaged prospects so you can focus on the highest-value prospects. Review your CRM systems, email tools, and analytics software for efficiency. Consider making improvements or switching to better solutions if your technology is underused or not the right fit.

9. Where are the untapped opportunities?

Take a fresh look at where your firm could expand.

Do you have underexplored distribution channels that fit your expertise, like institutions or family offices? Could your strategies be offered through different investment vehicles, such as SMAs, mutual funds, or hedge funds? A second look can sometimes unlock significant opportunities.

10. Could a partnership accelerate our growth?

Growth doesn’t always have to happen alone.

Partnerships with larger or complimentary firms can open doors to broader distribution while allowing you to focus on your core strengths. Partnerships can be a sub-advisory relationship or a more extensive collaboration.

Related Content: Identifying the Intangibles that Could Derail a Promising Merger

11.(Bonus question) What are the keys to long-term success?

Turn your answers into action.

Thriving asset management firms invest in their growth. Start small: focus on two or three priorities for your most significant opportunities. Spreading your efforts too thin often leads to weak results. Invest thoughtfully: growth requires allocating resources—time, money, or both. Treat these as investments in your firm’s future rather than just costs. Moreover, set measurable goals, track your progress, adapt as needed, and stay disciplined in executing all.

What’s next? Be patient. Growth doesn’t always come immediately. Execute consistently. Stay committed to your well-planned initiatives. Continue to ask strategic questions, and don’t wait until next year.

Dan Sondhelm is the CEO of Sondhelm Partners. He works with asset managers to help them raise AUM, stand out in crowded markets, and spark more meaningful conversations with prospects.

Schedule a complimentary strategy session to gain fresh insights and start charting a course for growth.