Respecting Tradition While Moving Forward
I like to think how much the Ford Motor Company has changed since the first mobile assembly line was installed in Highland Park. From the first mass-produced internal combustion engines in the first commercial vehicles to some of the world’s most innovative electric and hybrid engines in sports cars, luxury vehicles and trucks.
It’s the same company, but not really.
For more than a century, Ford has reinvented itself. He respected his own traditions while being driven to create new ones. It is unlikely that Henry Ford understood the offerings his company was building beyond tires. However, leaders in more than a century of operations can see a company where they all have a hand.
Our company rolled off the assembly line when the first automated Fords rolled off the line. For more than 100 years, we have focused on helping our clients achieve their financial protection and planning goals.
Change is inevitable in any business. And every wealth management firm will tell you that it aims to protect your money and help you achieve your financial goals. What sets them apart is how they do it. And that process has changed dramatically in the last 10 years, let alone the last century.
Organizations must find the right balance between honoring these traditions and moving forward. For our team, there are three main things we have found critical in maintaining our values while delivering results in a dynamic wealth management environment.
Identify what makes your organization tick or practice yours.
This process is often more complicated than it appears. As a firm or consultant, it’s important to take the time you need to identify your table-stakes offerings and understand what makes your business different. And this starts by asking two questions.
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What needs to change to better serve your customers over time?
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What can’t change to better serve your customers over time?
This quickly becomes a values discussion. This is not only complicated but also time consuming. Doing this work, which does not provide immediate value to the bottom line, helps to increase the company’s long-term sustainability and operational efficiency. While it may seem like it will cost you money in the short term, neglecting this process can negatively impact the long-term growth and development of the organization.
Make key changes without affecting the foundation of your values and culture.
When the foundation work is completed, you should build a system for further improvement and improvement. But this is not some advice aphorism or management jargon. This is meaningful and difficult work, critical to a sustainable company, which may require external assistance or organizational change.
For us, it was about building our wealth management services to meet the needs of our growing high net worth client base.
We started in the insurance space. This new strategy has transformed our offerings and expanded our ability to serve clients, but our overall approach to wealth management and financial security has not. In fact, the changes we need to make to address this growing market segment have reinforced our commitment to such planning and preservation since Ford’s first assembly line.
Commit yourself to continuous improvement.
It is an achievement that lasts more than 100 years, but longevity cannot be the goal. Financial advisors are in the service industry, and customer needs are constantly evolving. Consultants, organizations and leadership must be willing to improve and evaluate themselves.
And this is easier said than done. Mentors and strong leadership must find time to work both on and within the business.
If you find yourself in an organization unwilling to make these kinds of investments, it’s time for a change. Firms that fail to make those investments may face challenges remaining competitive over time.
The keys to a long-lasting business is understanding who you are and how you deliver to your customers over time. Some things will always change – others should never change. Making sure you know what needs to be fixed and what needs to improve requires constant work and dedication to your business.
