I’m not going to lie: My palms were sweating, and I could feel the heat of the overhead lighting. I was about to lead a conversation with two finance industry veterans who almost need no introduction.
To my right sat Jason Wenk, CEO at
Then you have me. I’m an emerging advisor who’s building community with my peers to shape the future of our industry. We all work together. Bill is an investor in Altruist, and I am the head of community there.
Spoiler alert: the conversation was amazing and
Nurture relationships: Our industry has a bad rap. It wasn’t that long ago when advisors were only seen as finely dressed used-car salespeople, and in some ways, this stigma still exists. Bill encourages advisors to nurture existing clients because creating that trust will help advisors — from emerging to veteran — build better, more sustainable businesses.
Simplicity rules: Complicated fee schedules? Intricate investing strategies? Trash them. Selling complexity is a thing of the past, and to be quite honest, it’s hurting investors. When you create fee schedules and investment strategies that clients can understand, everyone wins. Why make it more difficult? Lead with nurture, build with simplicity.
Align with people who believe in your mission: There’s so much talk about finding your "why" — the purpose behind why you do what you do. Yet equally necessary is aligning with the individuals and companies on a similar mission as you. Doing so will help you become a better entrepreneur, and more importantly, a better person. You’ll be able to build a business while maintaining integrity. Take Jason and Bill, for example. They both have an unshakeable belief that financial advice should be better, more affordable and more accessible to all. This brought them together and is central to their business relationship, so they also have a strong friendship and respect for each other. Are you looking to find your next hire, business partner or investor? Assess their values.
Don’t shy away from the work: Advisors are natural planners. We know the numbers. We know exactly how economically efficient building a practice can be. The impact is there with clients, the fulfillment is there with service, and the lifestyle is there for family. This is possible, if and only if, you do the work. Don’t shy away from it. Say “no” to the many things that can distract you from your goals and “yes” to the few things that move the needle in the direction of impact in every aspect of your life. Your dream practice is on the other side of the work.
