Every advisory firm has next generation leaders who execute brilliantly. They show up, manage complexity, free up founders, and keep the business running. But execution alone does not build a lasting firm. In this episode of Building the Billion Dollar Business, financial advisor coach Ray Sclafani draws a sharp and important line between execution and followership and makes the case that the question every next generation advisor needs to be asking is no longer "can I lead?" but "will people choose to follow me?"

What you will learn in this episode

• Why there is a critical difference between execution and followership and why advisory firms that confuse the two stall their own succession
• What the Harvard Business Review's definition of followership means for next generation leaders in wealth management
• Why more than 80% of leaders fail to transition effectively into followership roles and what Korn Ferry research says about closing that gap
• The three-step framework ClientWise uses to develop next generation leaders: declare, assess, and design
• Why influence, not authority and not competence, is what actually defines followership
• The seven fundamental questions every advisory firm should use to assess whether their next generation leaders are truly building followership
• How improving followership qualities increases team engagement by more than 40% according to Korn Ferry

The seven followership questions every advisory firm should be asking

1. Do people trust the leader's intentions?
2. Do people feel heard before decisions are made?
3. Do people experience growth and development when around this leader?
4. Do people see accountability when things go wrong?
5. Do people feel the leader is advocating for them even when they are not around?
6. Do people understand what the leader expects of them?
7. Would people want to work for this leader again?

The ClientWise Next Generation Series
At ClientWise, we are committed to helping firms keep the promise to always be there for their clients. We are equally committed to ensuring that founding and current owners can confidently transition firms to new owners and leaders who will continue their legacy. Achieving both of these aims requires specific and ongoing development of a partner / owner’s mind and skill set. The ClientWise Next Generation Series™ is an ongoing series dedicated to that development and to every next generation successor becoming a remarkable owner and leader, ensuring that clients are taken care of and the legacy of accomplishment continues for each firm. Learn More!

Building the Billion Dollar Business is hosted by Ray Sclafani, founder and CEO of ClientWise, the financial services industry's leading executive coaching and team development firm for elite advisors and wealth management teams.

Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube