Industry Update: The 10 Characteristics of the Most Successful Teams

A conversation with Louis Diamond

Overview

Mindy Diamond and Louis Diamond explore 10 of the most common behaviors of elite wealth management teams based on their experiences in guiding many of the industry’s top players. These are practices that any team at any level can adopt, whether they work as employees at a big brokerage firm, are independent business owners, sole practitioners, or part of an ensemble group.

Listen in…

> Download a transcript of this episode…

About this episode…

Like a sports team, it’s not enough to have the strongest, most talented, and dedicated players on the field. The best teams have effective leaders at the helm of cohesive groups with complementary talents that move together towards a common goal: To win.

But there are plenty of steps required to get – and stay – at the top of your game.

And from what we’ve observed in guiding many of the industry’s elite teams through their successful transitions, much of the same holds true.

That is, there are common behaviors shared amongst top performing advisory teams that make them stand apart from others in the field.

And these are behaviors that any team at any level can adopt—whether they work as employees at a big brokerage firm or are independent business owners, sole practitioners or part of an ensemble group.

In this episode, Mindy Diamond and Louis Diamond explore 10 of the most common practices of top teams, including:

• The real value of strategic plans.

• Managing non-core functions.

• Investing time to work “on” the business.

• Instilling a “growth mindset” amongst the team.

• Critical thinking around the status quo.

• The role of client advocacy.

• And more.

No doubt one of the hottest topics on this show centers around growth and success—and this episode follows suit by sharing real-world observations and actionable advice regardless of where you practice.

Plus, be sure to download the PDF presentation mentioned in the episode.

Related Resources

How to Optimize Your Business for Growth and Success: 8 Questions Advisors Need to Ask Themselves

Rising above the day-to-day tasks of your “job” to invest time in thoughtful strategizing and planning can be the gamechanger you’ve been looking for. Read ->

Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets

In a world where bigger is considered better, many of Wall Street’s most talented and productive advisors are opting to go against the grain and leave chips on the table. Read ->

Better Together or Apart: A Breakaway Advisor Shares Why He and His Team Chose Separate Paths

For Dan Johnson and his multi-generational team at Merrill it became apparent they each had different goals and timelines. He discusses why they chose different paths, opting for independence over a recruitment deal or inheriting a book and more. Listen ->

Betting on the Long-Term: Former Merrill Resident Director Shares Why Her $1B Team Broke Away

Former Merrill Lynch Resident Director Melissa Bouchillon shares what it takes for an RD to consider independence, Merrill’s push to sell bank products, how they compensated a partner who signed onto CTP, why they chose Focus Financial and more. Listen ->

Also available on your favorite podcast app and other media sites

Browse other episodes in this podcast series…