Advisory Leadership Using the Seven Steps of Heart Culture to Create Lasting Success for Any Wealth Management Firm

Advisory Leadership is a practical and highly executable guide for financial advisors and finance professionals looking to thrive in today's changing financial services industry. Written by a leading financial advisor with practice improvement expertise, this book shows you how to master the art of leadership while remaining agile and adaptable. You'll learn the seven steps you must take to keep pace and thrive amidst the industry's evolution, with clearly articulated explanations and motivational action items. The discussion covers patience, integrity, compassion, respect, consistency, encouragement, and courage—the foundations of success and continued growth—and shows you how to practice what you preach with real strategies for living the vision and being a true leader.

The financial services industry is at a crossroads, between a generation on the cusp of retirement and the new generation stepping in to take its place. This transition has been called a crisis of culture, of values, and of communication, but it's really an opportunity. This book faces the changes head-on, and delivers practical solutions that start and end with your greatest resource—your people.

• Unlock the secrets to a people-first company
• Speak openly, walk the walk, and promote personal growth
• Reward firm-wide collaboration and a team mentality
• Reshape your company's DNA to thrive in today's financial environment

The industry's overarching question is one of differentiation: how can your firm stand out amid the rise of robo-solutions and an unpredictable future? Advisory Leadership shows you how a people-focused company culture can elevate a firm from surviving to thriving.

GREG FRIEDMAN, MS, CFP, is founder and president of Junxure, a practice improvement firm, and Private Ocean, one of the West Coast's leading wealth management firms. He is a relentless innovator and advocate for excellent wealth manage-ment, which earned him recognition three times on Investment Advisor Magazine's list of the Top 25 most influential financial advisors.

Preface xv

Acknowledgments xix

Introduction: Understanding Heart Culture: Making the Change 1

Chapter 1: Patience: Taking Your Time to Find the Right People 5

Next Gen Employees: Changing Values, Changing Culture 9

Taking Your Time during the Hiring Process 10

Four Steps to Hiring the Right Candidate 12

Benefits 21

Chapter 2: Honesty and Integrity: Speaking Openly and Walking the Walk 23

Overcommunicate Your Values and Philosophy 24

Considering Your Audience 28

The 55�]38�]7 Communication Formula 38

The Mehrabian Communication Model 38

What Is the Safe Space? 40

Resolving Conflict 42

Walking the Walk 43

Benefits 45

Notes 45

Chapter 3: Compassion: Unlocking the Secret to a People-First Culture 47

Morale and Profitability 52

Differentiating “Me” Culture from Heart Culture 53

Benefits 60

Notes 61

Chapter 4: Respect: Promoting Personal Growth, the Key to Inspiring Motivation 63

Helping Employees Explore What Motivates Them 68

Keeping Tabs 73

Benefits 77

Chapter 5: Persistence and Consistency: Maintaining Employee Relationships 79

Choose the Right Management Team 81

Don’t Wait for a Scheduled Meeting to Check In 82

Empower Individuals Regularly, Giving Them the Tools They Need to Succeed—Delegate 85

Plan Regular Off �]Site Events for Team Building 87

Benefits 99

Chapter 6: Encouragement: Rewarding Firm-Wide Collaboration and a Team Mentality 101

Reiterating Company Values 102

Creating Individual Opportunities 103

Rewarding Teamwork through the Compensation Structure 104

Keeping People Accountable—Even Yourself 108

Holding a Biannual Retreat 112

Benefits 115

Chapter 7: Courage: Reshaping Your Company’s DNA to Establish Heart Culture 117

Assessing Your Team’s Individual Strengths and Opportunities 123

Anticipating Growing Pains—Lots of Them 126

Recognizing Culture Killers and How to Avoid Them 129

Rolling Up Your Sleeves and Getting Involved 135

Benefits 139

Note 139

Chapter 8: Implementing Heart Culture in Your Firm: Get Started Today, Not Tomorrow 141

Afterword 145

References 149

About the Author 151

Index 153

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