40 INVESTMENT ADVISOR MARCH 2021 | ThinkAdvisor.comknow how you want to work, andjust as importantly, you need toknow with whom you want to work.Creating the ideal type of work environment will guide you in building afirm you’re proud of and attract theright talent to your company.
3. HOW MUCH CONTROL DO YOU
WANT TO HAVE?
While having more control is a primarydriver for many advisors when startingtheir own firm, that doesn’t mean thatevery advisor wants to continue operating with the same level of control overtheir respective business.
Total control usually comes witha solo practice. But as a companygrows, some control naturally needsto be handed over to other teammembers. Ask yourself how muchcontrol you want over your businessand life and how much you realistically can handle.
4. HOW MUCH INCOME DO
YOU WANT?
Income levels can vary based on whatparts of the business you most enjoy. Ifyou prefer managing a business as anexecutive and growing it to its top valueand size, the pay often increases. But ifyou’d rather keep your firm small andstay involved with client service, thatstill can pay well.
The key is to decide on which optionto focus your attention. This choice willimpact how you progress with yourcareer and build your business.
5. WHAT LEGACY DO YOU WANT
TO LEAVE?
The last question is about the end game.As a business owner, you get to decidewhen and how you want to quit. Thisdecision can mean cutting back on youractivities at the firm gradually or stepping away entirely. If your legacy isvery important to you, you have to startthinking about it right now.
You help clients plan for their retirement — and you have to do the same foryourself. Living and working with thismindset will enhance the way you makedecisions about what you want now andfor the future.
The success of both the wealthmanagement industry and the clients we work depends on many factors. The most important lesson I’velearned is that providing superiorservice to clients takes priority overeverything else.
Providing consistent high-quality service is also the hardest work for a firm.
That hard work, though, is rewarded bylong-term growth.
As you read over these fivequestions, answer them from a serviceperspective. Take the time to thinkabout your business and how it servesyou. Also, consider how your businessserves clients. You’ll likely find thebest leadership traits will revealthemselves when you put a servicefocus first.
Angie Herbers is an independent consultantto the advisory industry. She can be reachedat angie@angieherbers.com.
The last question is about the end game.
As a business owner, you can decide when
and how you want to quit. This decision
can mean cutting back on your activities
at the firm gradually or stepping away
entirely. If your legacy is very important
to you, start thinking about it right now.
SuzanneTucker/Shutterstock
