It works because Michael long ago hired a president who does a great job running the day-to-day business of the firm. With a top president in place, Michael is free to do the work he loves, and the work that is most critical to growing the company the way he wants to grow it.

As you start reaching the $5 million revenue mark, it’s time to consider installing a CEO and/or a chief operating officer. And you have to decide, as the company grows, do you want to morph into the company executive, or, would you rather focus on client work and big picture strategy, while hiring an operator to manage the day-to-day business?

In Michael’s case, he loves client work and business development, so he hired a top-flight president who could run the ops and free Michael to do what he does best and loves the most.

Where Life And Finance Intersect

Truepoint’s broad offerings are a challenge to advisors who still believe investment management is their added value. It’s long past time that our industry peeks its head out and starts taking in the whole panorama of our client’s financial needs and their lives, not just their money. That’s where Life-Centered Planning comes in.

“There are a lot of families in our generational planning that do require guidance,” Michael said. “Just sitting down and having family meetings and conversations. We get involved and we talk very frankly with family members about how our role here is to help find an efficient, effective way to protect each other so that we can have a smooth transition. It's clearly not a financial conversation even though there are financial incentives behind everything that's involved in the conversation.”

This, to Michael, is the model of a modern, organically-grown client experience, one that focuses on coordinating and addressing all the different financial and life goals of the firm’s clients.

And it’s an experience that begins with one of the most organic ways we connect as people: advisors and clients having a conversation about their life transitions, goals, worries, and of course, money.  

Steve Sanduski, CFP, is the founder of Belay Advisor, the CEO of ROL Advisor, a discovery process technology system, a New York Times bestselling author, host of the Between Now and Success podcast, international speaker and blogger.

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