by matthew d. edward
“WORK ON YOUR BUSINESS INSTEAD OF IN THE BUSINESS.”
GUIDING PURPOSEFUL GROWTH FOR FINANCIAL ADVISORS by
The ultra-modern, openplan offices many firms use to showcase their forward thinking often come replete with motivational quotes painted on the walls. These quotes, often pulled from business luminaries, look down on the employees throughout the work day.
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ut those inspirational words frequently fall flat when management fails to match words with deeds. “If the words are on the wall but they’re not lived by, is that really a culture?” Andrea Schlapia, the Founder of Ironstone, once asked a client firm. “And the answer was no for that particular team, which changed their mindset. We can talk about vision and mission but if it’s just a bunch of words versus people living by it and putting it into play then that’s going to absolutely affect the bottom-line results.” Ironstone, based in Florida, provides performance consulting and executive coaching to financial advisors throughout the country with between $250 million and $1 billion in assets under management." The firm assists clients with strategic planning, business development, operational effectiveness, and a fourth area Schlapia described as
the human element of an advisory practice. Together these elements make up the “Fundamental 4™” framework that Ironstone applies to develop custom solutions to clients’ challenges. “We really are helping clients look at their team, their entire business, and look through this framework of the Fundamental 4™,” said Schlapia, who is a Registered Corporate Coach (RCC), Human Capital Strategies (HCS), and Strategic HR Business Partner (sHRBP). She also said that the firm delivers
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tailored solutions after carefully assessing client needs. “We don’t want to ever assume that we’ll walk into someone’s business and pull something off the shelf and say, ‘Here it is.’” ‘A-plus advisors, C-minus business owners’ Wealth management practices often expand quickly, snapping up clients and assets under management in a short amount of time. The strengths that make a good advisor, however, do not necessarily translate into running an effective business, and even experienced wealth managers may struggle to create efficient workflows and business processes. “We find that people are already strong in their strategic planning and business development,” Schlapia said. “We don’t work with complete startups, usually mid-level advisors who are A-plus advisors but C-minus business owners;
operational effectiveness is a problem.” Advisors who struggle to run a tight ship need a good coach. But the alphabet soup of coaching certifications makes it easy for almost anyone to call themselves an executive coach, and hiring the wrong one can be a serious mistake. The wrong coach can not only waste considerable time and money, but one bad experience is all it takes to sour an executive on coaching in general. “Too often people put the title “coach” at the end of their name, and I would challenge anyone that is looking at a coaching consultant to verify what kind of certification and coaching training that they’ve been through and really have an understanding of their methodology,” Schlapia said. Business owners need to ask the right questions before signing on with a coach. References from past clients can help, but more important is whether the coach has a strong “cultural match” with the firm. Chemistry plays an important role between the executive, their firm, and the coach; a competent coach might help one advisor make powerful changes but falter in a different company. Choosing the right coach is almost as much about “fit” and “chemistry” as it is about credentials, training, and past successes, Schlapia said. Advisor island Independent wealth advisors often feel isolated while building their practices. The actual business of pursuing client leads and developing portfolios consumes time, energy,