Behind every great wealth management firm is a great leader who knows how to lead the firm to success. What differentiates an average or a good leader from a great leader? Let’s explore how great leaders inspire action today.
Let’s consider the example of Martin Luther King Jr. — the leader of the American civil rights movement. Even though the proclamation of emancipation was signed in 1863, slavery was still rampant in America. Many leaders came and went between Abraham Lincoln and Martin Luther King Jr., but black people didn’t receive freedom until 1964.
What differentiated Dr. King from other leaders who truly inspired action — leading the civil rights act of 1964 to fruition?
Believe in yourself
If you are a leader in the wealth management field, you are likely in a position of power. Whether you are a CEO, COO, or in any other executive position, your position and role in the company hold a lot of significance. Whether your firm is a startup or you are part of a new team at a well-established firm, believing in yourself is paramount to success. If you don’t believe in yourself, your ideas, and your passions, how are others going to believe in them?
Dr. King, in his speeches always used the terms “I believe” or “I have a dream” and emphasized it so much that it was ingrained in the minds of his listeners.
Beat pessimism with optimism
No matter how difficult the times—whether it is a pandemic, bad publicity, an economic turmoil, or a shortage of staff, great leaders stay optimistic. In the bleak times of injustices against the black people, Dr. King reminded his audience of the optimistic times in the future where all white kids and all black kids will play together.
Hunger for learning
We don’t stop being students after we leave school. Learning and growing is part of being human. Great leaders read a lot and learn from other leaders and visionaries and implement that knowledge in their day to day actions.
Communication is the bread and butter of a leader. Without communication, there is no progress, and without progress, there is no outcome or result. As a leader of a wealth management firm, it is particularly important to possess exceptional communication skills. Wealth management is a people’s profession where customer service matters the most. Open and clear communication is key to winning clients.
We are all humans and we all face challenges in life. Employees should be treated with respect and empathy. The wealth management industry is experiencing a huge amount of shortage of qualified staff, hence, retaining top employees is pertinent to a company’s growth and success. Showing empathy for your employees and peers goes a long way in establishing trust and commitment with your team members.
The type of leadership style firms use can make or break a company. How do you find the right leaders for your company? Executive search teams can help you find high-performing leaders who can make a real difference in your organization.