A one-person shop and a 200-advisor firm are both “financial advisors,” but working with them is a completely different experience. Here's what to expect.
Family firms (1–4 advisors)
You work directly with the owner. They know your name, your kids' names, and probably your dog's name. Fees are often negotiable because there's no corporate rate card.
The downside: if your advisor gets sick or retires, there's no obvious backup. And they're doing everything themselves—investment management, financial planning, and answering the phone.
Boutique firms (5–49 advisors)
You still get a personal relationship, but there's a team behind your advisor. If they're out, someone else can help. Many boutique firms specialize—they might focus on doctors, or business owners, or retirees—and they tend to be good at their niche.
Minimums are usually higher than family firms, and you won't have quite the same flexibility on fees.
Enterprise firms (50+ advisors)
Big firms have specialists for everything: tax, estate planning, insurance, alternative investments. They have institutional-grade technology and research. If your situation is complex, that depth matters.
The trade-off is that you're one of many clients, your advisor might change, and the experience can feel more corporate than personal.
Data source: Firm size from annual Form ADV filings with the SEC.