A Roadmap to Success

Advisor Tom Hulick has long valued the power of coaching. In fact, coaching was a key reason he was able to compete as a triathlete in two Ironman World Championships. So when Hulick left the wirehouse world to start his own advisory practice—known today as Strategy Asset Managers—he was confident that seeking out a professional business coach would be a smart step. Ultimately, he decided to engage advisor coaching and training firm CEG Worldwide.

The results speak for themselves: In the past decade, Strategy Asset Managers has gone from zero more than $700 million in assets under management, with 12 employees. “Coaching gave me a roadmap and allowed me to put in the commitment to create, to innovate, to lead and to grow,” says Hulick.

In particular, Hulick points to three crucial strategies he learned from CEG Worldwide that he says have been the biggest drivers of the firm’s success.

1. A process for delivering comprehensive wealth management. Hulick and his team evolved from a transactional approach to one that focuses on the three key components of comprehensive wealth management:

• Investment consulting  addresses the top concern of most affluent clients: preserving their wealth.
• Advanced planning  addresses the four primary financial concerns beyond investment consulting: wealth enhancement, wealth transfer, wealth protection and charitable giving.
• Relationship management  means building and fostering client relationships over time through a consultative process. It also involves managing the efforts of other professional advisors in order to address clients’ advanced planning concerns.

2. Discovery meetings. Hulick implemented CEG’s process for getting to know prospects and clients on an extremely deep level—going far beyond their financial picture into their values, goals, hobbies, health, communication preferences and other areas. “Discovery questions open up a different door into your clients’ lives that can’t be learned from a transaction-oriented firm or advisor,” he says. “As a result, we know our clients better than anyone—which, in turn, means we can do the best possible job at addressing the complexities of their financial lives.”
3. Mind mapping. A key part of the discovery process is mind mapping—presenting the full range of clients’ values, goals, concerns and challenges visually so both advisors and clients can clearly and easily see how the many parts of clients’’ lives are interconnected.

By becoming so adept at knowing clients on a deep level—and having a process for consistently delivering comprehensive solutions to them—Hulick has gained the confidence to partner with numerous centers of influence such as accountants and investment bankers. These relationships help Hulick bring additional financial expertise to the table and they have become important referral sources of new clients.

Looking back on his journey, Hulick offers this advice to advisors who want to “raise their game,” deliver exceptional value to clients and grow their practices.

1. Enlist a coach. Not surprisingly, Hulick recommends getting guidance from a professional coaching firm—particularly if it focuses on helping you implement repeatable processes that have been shown to generate success. The key, however, is that you have to be open to improving your practice and learning better methods of operating a business.
2. Stick with the plan. Hulick discovered that the best way to successful implement a strategy and generate a strong return on that investment is to stick to the plan. “Whatever the process is, follow it. Don’t get distracted, don’t ‘sort of’ follow it. Deviating from the process slows your ability to succeed at the level that you want to succeed at.”
3. Get your team engaged. Your service model and client experience will be successful only if everyone is on board. Take the time to convey new strategies and initiatives to your team members, partners and employees so everyone is involved and willing to work together to make your vision a reality.