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The Private Wealth Team

A Broker Dealer / Registered Investment Advisor Private Wealth Team)

Name: Climbers

This private wealth team has been together for the past 2+ years and there are 5 active members (ages ranging from 64 to 29).  Baby boomer to millennial experiences and mindsets exist within.  They are cruising along with the traditional rainmaker at the helm while the others maintain business and are adding value when and where needed. Pretty stable and satisfied team but from some reason in the past discussed attractive team goal, but never acted them.  

 

To Decide (The Goal)

Climbers have $250 Million AUM with 233 households and have been wanting to take the next bold step of asset gathering through a two-pronged approach (below) that will result in total AUM of $325 million in next 12 months.  Unfortunately they never got around to crafting an action plan due to the busyness of their current practice.  The Climbers know this goal is achievable and now are ready to take it on after talking with DCB Strategies.

Goal: Two-Pronged Approach 

  • Acquire 25 new households account of $3MM minimum.

  • Bolster the assets base of top 30 clients.  

To Commit (Create the Purposeful Plan)

  • Together we understand the discipline and effort this goal will require.  

  • Gather team’s “skill set dynamics” and align with two-pronged goal.

  • Take Inventory of what already exists for this Decision (goal) to passionately Become. As a team, identify the tangible / non-tangible obstacles and opportunities for the distribution team from top down. Then explore each for “productivity function.”

  • Climbers understand the “Team Inventory” including realistic energy levels, available data, conflicts and other business elements to provide full transparency and ongoing measurement.

  • Create and mutually agree on a cohesive month-by-month plan of focus, action items, improvements and optimization of time, energy and data. Measure and re-adjust accordingly. 

 

To Become (Climbers Reach Their Goal)

  • The 1st month sets up the Storming, Forming and Norming phases of progression for Climbers. Will initially Storm by changing the rules for optimized efforts by each team member. This can be uncomfortable which is a productive result of Storming.

  • Create 3 monthly goals for the two-pronged approaches that revolve around: Interest of vision, Transition of vision and Shared vision.  

  • Starting at end of 2nd month, initiate the measurement data showing progress of new households and bolstering from existing. Constant tracking discussion with Climbers.

  • 6 months in and Forming phase is in place.  Getting Climbers ready for phase of Norming. 

  • 7 months in, the markets turn negative and become destracting but not for the Climbers. The team is now provided with even stronger evidence for clients hiring them as their CIO of personal wealth-management.  

  • 12 months after initiating this Decision, the Climbers can applaud their successful efforts of achieving their two bold goals.   Now they are ready to reignite another goal for the team, product management and or marketing.   Well Done Climbers!

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