Five Questions: How to Be a Top Wealth Management Firm

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Before I unpack how to be a top practice, let’s quickly look at the obstacles to becoming a top-performing wealth management firm:

  • Leadership is stuck in old ways;
  • Goals and priorities are unclear;
  • Expectations are unrealistic;
  • Business operations are chaotic, unreliable;
  • Turnover is high and clients aren’t happy;
  • You haven’t included the team for insight; and
  • The list goes on.

An SEC-registered wealth management firm shared with me two frustrations around its desire to become a top wealth management firm: organization and improved client-relationship management. In our conversation, I was thinking, “Now that’s a broad request. What makes them think they’re one of the top wealth management firms (already)? What criteria are they using to evaluate themselves?”