Eyes Wide Open
There are times that leaders at RIA firms get so occupied in their day-to-day business activities that they forget to look around and see all that is occurring in their industry. This is not uncommon, but can be very unfortunate. I recall the wise words of someone I respect to remind me, “Just as being prepared to grow a business, it is also imperative to have your antennas up.” Unfortunately, many of us are guilty of habitually completing tasks and other activities. Are you continuously evaluating what you are doing daily, weekly, monthly, and even annually, and making sure your actions are adding value for your clients, and therefore your firm?
Running a business can require wearing many hats, as well as ensuring you have the right people on your team in the correct roles in order to deliver the firm’s vision and mission. Great leaders constantly evaluate, collaborate, and use their emotional intelligence to embrace change. By putting these values into practice, not only do leaders position their firm to do well financially, but they are also setting a great example for their team and building a culture of discipline.
When you reflect on what’s next for your business, your clients, and your team, you may need to look around and consider all the options that are available. You need to make sure you have gone through the process of clearly defining the mission and vision of your firm, as well as the qualities and characteristics of your clients and your team, to ensure you are heading down a path towards the best possible solutions available. It is extremely important to align with someone who understands not only where you have been, but also what you want to accomplish next.
There are many choices when it comes to succession planning, and it’s important to get it right the first time so you don’t have any regrets. Is your head up and are your eyes wide open?