I like to think about how much Ford Motor Company has changed since the installation of the first moving assembly line in Highland Park. From the first mass-produced internal combustion engines in the first commercially available cars to some of the world’s most innovative electric and hybrid engines found in sports cars, luxury vehicles and heavy-duty trucks.

It’s the same company, but not really.

For more than a century, Ford has reinvented itself as itself. It has respected its own traditions while pushing to create new ones. It’s unlikely that Henry Ford would recognize the offerings his company builds beyond the tires. Yet, it’s likely that leaders across its more than a century of operations would see the company they all had a hand in building.

Our firm came off the assembly line during the period when the first automated Fords rolled off the line. For over 100 years, we’ve been focused on helping clients pursue their financial protection and planning goals.

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Change is inevitable in any business. And every wealth management firm will tell you it aims to protect your money and help you achieve your financial goals. What differentiates them is how they do it. And that process has changed significantly in the past 10 years, let alone the last century.

Firms need to find the right balance between respecting these traditions and moving forward. For our team, these are the top three things we’ve found critical in maintaining our values while delivering results in a dynamic wealth management environment.

Identify what makes your firm or practice yours.

This process often proves more complicated than it would appear. As a firm or advisor, it is critical to take the time you need to separate your table-stake offerings and understand what makes your business different. And that starts with asking two questions:

This quickly becomes a discussion of values. Not only is this complicated, but it also takes time. Doing this work, which does not provide immediate value to the bottom line, may help enhance a firm’s long-term sustainability and operational effectiveness. While it may seem to cost you money in the short term, ignoring this process may negatively affect a firm’s long-term growth and development.

Make the key changes without impacting the foundations of your values and culture.

With the foundational work completed, you must build a system for continuous improvement and enhancement. But this isn’t some consulting aphorism or management catchphrase. This is meaningful and difficult work, critical to a lasting company, which may require outside help or even a change of firm.

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For us, it was all about building up our wealth management services to meet the needs of our growing high-net-worth client base.

We started in the insurance space. This new strategy changed our offerings and broadened our ability to serve clients, but did nothing to our approach to holistic wealth management and financial security. In fact, the changes we needed to make to address this growing market segment reinforced our dedication to this kind of planning and protection process, which has been at our core since Ford’s first assembly line.

Dedicate yourself to continuous improvement.

Lasting more than 100 years is an accomplishment, but longevity cannot be the goal. Financial advisors are in the service industry, and client needs are constantly evolving. Advisors, firms and leadership must be willing to dedicate themselves to improvement and review.

And this is much easier said than done. Advisors and firm leadership must find time to work on the business as well as in the business.

If you find yourself in a firm that refuses to make those kinds of investments, it’s time for a change. Firms that fail to make those investments may face challenges remaining competitive over time.

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The keys to a long-lasting business are understanding who you are and how to provide for your clients over time. Some things change all the time – others must never change. Ensuring you know what must remain constant and what must evolve requires constant work and dedication to your business.