A Relationship-first Mindset
We sit down with our friends at Sowell Management for this edition of Mastering the CEO Mindset — GeoWealth’s content series helping advisors-turned-RIA-firm-owners explore leadership, operational, and client relationship considerations — we present a topic important for anyone running a business: Building connections.
As a CEO, your role demands a different skill set than what was required as an independent advisor. It often requires a different approach, as well. Excelling as a confident but grounded leader. Approaching business decisions strategically. And building a strong and positive company culture — these are all goals that require CEOs to embrace collaboration and understanding, particularly when working toward a collective goal.
In fact, Bill Sowell, Founder and CEO, and Daryl Seaton, President of Sowell Management, a GeoWealth partner firm and privately held RIA from North Little Rock, AR, have even coined a phrase to capture the essence of this part of the CEO role.
Simply, it is to Be a Bridge Builder.
We recently sat down with Bill and Daryl to learn more about this philosophy and create a roadmap to help you apply similar tenets as a leader in your own firm.
The First Bridge: Being Well-Equipped for the Journey
Founded on the principles of fee-based fiduciary investing, Sowell Management, a $4.5 billion Forbes Top 100 RIA, provides services and solutions that lead advisors on the path to independence.
Leveraging GeoWealth’s award-winning financial technology and turnkey asset management platform (TAMP), Sowell’s model is built to help their advisors grow and thrive. In many ways, this acts as the first bridge.
“When supporting advisors in their move to independence, we meet them where they are and then empower them through the resources, we deliver to help them get where they want to go, which is to grow,” they explained.
Fostering Strong Connections
The power of connection was forged as the cornerstone of the firm’s early success—and continues to be a competitive advantage.
“It’s about understanding what advisors need and then building the infrastructure to help them win,” said Bill.
While the right infrastructure and other shrewd business decisions that drive momentum for sustainable growth are important (Read: Mastering the CEO Mindset: Change the Way You Measure Growth), the soft skills matter just as much.
“I built this business on relationships,” Bill continued. Here are some of the most important considerations, according to the Sowell team.
Be an active listener:
By truly hearing your advisors’ goals and challenges, you can deliver services that best support them. More specifically, active listening allows you to grasp the nuance behind their preferences and needs and enables you to co-create the right solution.
Cultivate genuine curiosity:
Ask insightful questions to really understand the situation. As leaders, Bill and Daryl suggest you cultivate an authentic interest in the “why” behind everything: Why are your advisors making specific decisions? How are underlying trends shaping the industry? This curiosity fuels insightful questions that spark innovation and propel your organization forward.
Be authentic and caring:
Show a deep and sincere interest in helping others succeed. According to Bill and Daryl, this approach fosters a greater awareness of the motivations that drive advisor choices and creates a powerful connection that builds trust, loyalty, and a shared commitment to a thriving culture.
Attitude is everything:
Bill and Daryl agree that optimism is contagious and believe it fosters resilience within your team and keeps everyone motivated. When faced with challenges, positivity becomes the force that keeps your advisors grounded and prepared to weather the storm, no matter what.
Collaborative Success: Leading By Example
The CEO's role as a bridge-builder sets the tone for a successful organization. By embracing this approach and defining your own leadership principles, you'll develop a CEO Mindset that fosters a deeper connection with your team, creating a purpose-driven, collaborative environment that achieves remarkable results.
Do you know or work with a CEO with a similar outlook? Let us know, and be sure to subscribe here to get notified when part three of our Mastering the CEO Mindset series is released.
DISCLOSURE: GeoWealth has not been compensated for this communication. This is not an endorsement or testimonial of any product or service. The information provided in this article is intended for general information and educational purposes only.
Sowell Management is a privately held Registered Investment Advisor (RIA) and a trusted partner to financial advisors. They are a Forbes and Barrons* top 100 RIA and were founded in 2001 on the principles of fee-based fiduciary investing. Sowell Management provides a platform of services and solutions that leads advisors on the path of independence – including end-to-end technology and portfolio management – meeting advisors where they are and taking them where they want to go. Sowell offers a diversity of services and has a nationwide client base, with $4.5 billion in AUM/AUA* as of March 2024. Sowell Management – there for the advisors; there for the journey.
* Regulatory assets under management (AUM) are assets where Sowell provides continuous and regular supervisory or management services to client portfolios. Assets under administration (AUA) is a measure of the total assets for which Sowell provides administrative services. Third-party rankings and recognition from rating services or publications are no guarantee of future investment success. Working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor or by any client, nor are they representative of any one client’s evaluation. Generally, rankings and recognition are based on information prepared and submitted by the advisor. No fee was paid for consideration of this award, and consideration for Barron's top 100 RIAs was published in Sept 2020. No fee was paid for consideration of this award, and consideration for the Forbes 2022 Top 100 RIAs was conducted by interview on June 29, 2022. The report was published in October 2022. Additional information about Sowell Management (CRD# 127145/SEC# 801-63991) is available on the SEC’s website (https://adviserinfo.sec.gov/) or FINRA’s BrokerCheck (https://brokercheck.finra.org/). Advisory Services offered through Sowell Management, a Registered Investment Advisor.
