I blinked, and it was Friday. This week is one of those where it feels like it just started, and yet here we are at the doorstep of the weekend again.

Time flies when you’re focused.

Here’s a list of what I’m covering in this week’s Connected.

Rethinking Your Communication Strategy in 2024

The Power of Authenticity in Building High-Growth Wealth Management Firms – Tony Stich 🎧

A Look Inside the World of a Builder – Shopify’s Founder

David Perell on Rethinking Maslow’s Hierarchy of Needs

Let’s get going.

Rethinking Your Communication Strategy in 2024

When I first entered this industry, communication looked much different than today.

I’m showing my age here, but writing lengthy emails and in-person meetings dominated most of each day.

I remember admiring a colleague who achieved the elusive “inbox zero” status before it became a status symbol.

Fast forward to today, and the evolution is staggering.

Most people won’t read a lengthy email, and in-person meetings are far more exceptional events. Thankfully, communication tools like Slack allow us to connect with others seamlessly, fostering collaboration through video, text, and voice memos.

One of my favorite and most used communication tools, Loom, allows me to screen record with audio and provides easy links to share videos within our team.

Similar to Spotify Wrapped, Loom recently sent out its end-of-year report. I was titled a Loom All-Star, creating 472 unique videos and ranking in the top 1% of all recorders.

According to their stats, I successfully eliminated 119 meetings, saved 6 hours and Loom helped refine my communication by eliminating 6700 filler words.

This personalized Loom update serves as more than just a badge of honor—it’s a fun way to summarize the evolution of communication in my world.

It leads me to a crucial question: How are you evolving in client communication?

Here are a few things to be thinking about when it comes to clear communication with your clients:

Understanding your clients’ preferences

Are your clients more comfortable with Teams, Zoom, or another meeting platform? While we meticulously curate technology vendors based on security and system fit, aligning with our client’s preferences is equally crucial.

Frequency of communication

You know your clients better than anyone, but in my experience, my clients often appreciate more frequent communication. In an age where advisors are under increasing pressure to prove their value, effective communication is a powerful tool.

Formality and personalization of communication

Use words that resonate with your clients, simplify complex terms, and adopt an approachable brand voice. Creating this makes our communication easily approachable.

The better we communicate, the more that we can impact others. And that is, I think, fundamentally what we’re all here for.

As we strive to impact others positively, let’s ensure our voices are heard in this interconnected world.

On the Pod

The Power of Authenticity in Building High-Growth Wealth Management Firms with Tony Stich

Episode 024: In this week’s episode of Milemarker’s The Connected Advisor Podcast, Kyle sits down for a conversation with Tony Stich, CRO of Entrustody.

Tony talks about building a high-growth wealth management firm, emphasizing the importance of authenticity and embracing a unique brand. He also shares his insights on how advisors can leverage their authentic selves to attract the right clients and provide better advice.

A few key takeaways from this week’s ep:

Embrace your authentic self and love yourself to attract clients who resonate with your message.

Get your house in order by defining your brand archetype and messaging before expanding your team.

Differentiate yourself by creating a memorable brand that resonates with your target audience.

The episode is available now on your favorite podcast platform as well as a video version on YouTube. While there, please don’t forget to Download, Like, and Subscribe.

A Look Inside the Mind of a Builder – Shopify’s Founder

This piece is inspiring to me as a creator.

In wealth management, there is too little content telling the story of building a company and maybe a little too much of a focus on highlight reels showcasing firms that are selling.

At one point in the interview, Tobias says, “Life is best lived, working hard, solving difficult problems, surrounded by friends.”

This about sums it up for me.

David Perell on Rethinking Maslow’s Hierarchy of Needs

Maslow’s Hierarchy of Needs is a motivational theory in psychology comprising a five-tier model of human needs. Individuals must satisfy lower-level needs (physiological, safety, etc.) before they can move on to attend to higher-level needs.

Perhaps the hierarchy is actually upside down?

Maslow’s Hierarchy is a destructive concept.

The pyramid isn’t some sort of God-given truth about human nature, and Maslow didn’t even create it… management consultants did.

By doing so, they turned meaning and purpose into a luxury good.

It was invented by suits in a… twitter.com/i/web/status/1…

— David Perell (@david_perell)
Dec 11, 2023

Read the full tweet here.

_________________

Have a great weekend! See you next week.

Written by Jud Mackrill

Edited by Amy Simpson & Kim Mackrill