Next Level Strategy...and Beyond-Recording-Next Leval Strategy

Video Transcription

Video Summary

The speaker, Tim Cochise, is introduced as a leader in the profession of wealth management. He has been awarded numerous leadership awards over his 50-year career. In his speech, he shares observations and insights gained from consulting work with RIA firms. He covers topics such as developing strategy, governance structures, and succession planning. He emphasizes the importance of brand identity and intentional growth for firms. Cochise suggests allocating more resources to marketing and sales, as well as investing in training programs for staff in order to foster intentional growth. He also discusses the importance of staffing and attracting and retaining talented individuals. Cochise advises firms to create job descriptions for each position, establish career paths, and conduct performance evaluations. He also highlights the significance of incentives, including recognition and bonuses. Cochise delves into the topic of governance, suggesting a hierarchy of decision-making with owners making strategic decisions, a board of directors overseeing management, and the CEO or managing committee making day-to-day decisions. He stresses the need for clear contracts and agreements within firms. Cochise concludes by discussing succession planning, urging firms to separate management and ownership succession and to consider facilitating financing options for ownership transitions.

Keywords

wealth management

consulting

strategy development

succession planning

brand identity

intentional growth

marketing

staffing

incentives

governance hierarchy

ownership transitions