Dec. 5, 2023

Building, Managing, and Retaining High-Performance Wealth Management Teams with Carolyn Armitage

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Season 1

Episode 023: The heartbeat of any organization lies within its workforce — the collective sum of individual talent, skills, and aspirations. Understanding the intricate connection between building and leading a team, nurturing authenticity, and embracing shifting workforce dynamics is important for firms aspiring for growth.

In this episode of The Connected Advisor, Kyle is joined by Carolyn Armitage, CEO of True Circle Organization. Carolyn shares her journey of starting a nonprofit organization while working in the wealth management industry. She emphasizes the significance of building and leading teams in the wealth management industry, highlighting the changing dynamics of the workforce, particularly with the rise of millennials and Gen Z, who prioritize work-life balance and seek fulfillment beyond financial compensation.

A serial builder of independent wealth management firms, Carolyn provides insights into the challenges and opportunities facing firms that want to grow. She discusses the need for firms to create an environment that allows employees to show up as their authentic selves and provides opportunities for growth and development to attract and retain top talent.


Join us as we discuss:

  • [01:39] - Why Carolyn founded True Circle Organization.
  • [06:14] - What motivated Carolyn to help the homeless?
  • [09:48] - The importance of hiring and retaining the right people.
  • [12:11] - Building and leading teams in a changing workplace culture.
  • [17:42] - The role of technology in the modern workplace.
  • [20:35] - Building an enticing environment for the next generation.
  • [25:13] - Promoting the wealth management industry as a good career path.
  • [29:16] - Creating an environment that supports employee success.
  • [34:25] - Carolyn's thoughts on wealth management in the future.
  • [39:36] - The need for both boutique RIA firms and big brands in the marketplace.
  • [44:02] - The best place to find new talent.
  • [44:24] - The best book for developing leadership skills.
  • [44:46] - The most important piece of technology in an advisory firm.


Key Takeaways

  • Hiring the right people is a key element for success in wealth management, as is building and leading teams.
  • Managing employees is a skill set that may require outside help.
  • The workforce is changing, and organizations need to adapt to the needs and expectations of millennials and Gen Z employees.
  • Providing a flexible and inclusive work environment is important for attracting and retaining talent.


Quotes

"Without hiring the right people, retaining them and getting their full involvement, and allowing their whole self to show up for work, you'll be less successful than others who are fully embracing their workforce." ~ Carolyn Armitage

"In order for an organization to grow, they have to know why they want to grow. What's the purpose? And if it's just to put more money in your pocket, you're going to fail. You need some type of compelling distinction that will put you ahead of the competitor just down the street." ~ Carolyn Armitage

"A team can only go as far as your weakest link. And usually, the weakest link within the team is the lack of communication." ~ Carolyn Armitage


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