A Balancing Act: Being Both a Wealth Management Professional and Business OwnerJuggling the role of wealth management professional and business owner is often a challenging task.
To gain insights on how to successfully wear these two hats, Maria Bethel and I chatted with CD Wealth Management Founder and CEO Scott Cohen on the Kestra Out Loud podcast. Scott’s firm serves individuals and families in addition to executives and business owners, which gives him first-hand knowledge of how to effectively cater to client needs and operate a lucrative business.
Below are four of his tips to help you become both a better wealth management professional and business leader:
- Put people first: Growing up, Scott’s grandfather would say “the client is always right,” and this advice continues to permeate CD Wealth Management’s client-centered core principles. However, you can’t do right by the client without the right team in place. Client satisfaction should not come at the expense of employee satisfaction. In fact, the two go hand in hand. Throughout his career consulting business owners, Scott has found that leaders who repeatedly treat their people well ultimately garner the most success.
- Regularly review business metrics: To gain a better understanding of your firm’s financial health, it’s important to regularly track business performance metrics. CD Wealth Management reviews key financial figures on a weekly basis with the aid of personalized dashboards. For example, they may examine changes in firm assets under management week-over-week as well as the reasoning behind asset inflows or outflows. By keeping up-to-date with these metrics, the firm ensures its compass is always pointing toward a path of growth.
Be transparent: CD Wealth Management touts a culture of full transparency both with clients and employees. From a business standpoint, if you want your employees to contribute to the firm’s overall financial success, you need to share the complete financial picture. Once employees have access to this information, they will feel more empowered to make suggestions on how to maximize revenue and enhance the overall client experience.
- Be collaborative: CD Wealth Management also takes an inclusive and team-based approach to serving clients. There is no “your client” or “my client” – instead, everyone is a client of the firm. This culture of collaboration eliminates barriers of selfishness, according to Scott, and motivates staff to work collectively toward a common goal.