I’m a data quality specialist. I work with wealth management firms every day to ensure that their information is accurate and accessible on the AdvisorEngine platform. However, it’s not all about facts and figures. As any good financial advisor knows, success in wealth management requires ‘intangibles’ such as good leadership. Below is my perspective on what good leadership means, and how to know if your leadership is translating to the rest of your team. I apply these to our data quality team, but these ideas are applicable across a wide variety of organizations and goals. I hope you find it thought-provoking.
Back when I was a young investor, like most self-confident, burgeoning people, I felt I could choose my own stocks. Yes, yes, I know - you can’t expect old heads to rest on young shoulders, but nonetheless that’s my excuse. Like most stock pickers, I had a general record of mediocrity punctuated by occasional flashes of success, or more often, highly entertaining failure. My very first pick has haunted me for years. Being a beginner and a small-fry, I didn’t have a whole lot to diversify as I only had a small amount to invest. So I sank in my entire fortune of $1,000 into a UK stock that was trading on the New York exchange. Overall the stock had a solid record and great prospects. I watched it daily, awaiting imminent riches.
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We live in a knowledge economy. Now more than ever, it’s important to cultivate a culture of knowledge sharing at your wealth management firm.
If you’re an operations leader at a wealth management firm looking to modernize your trading and rebalancing - you’re in luck. AdvisorEngine has gone live with a new and ambitious trading integration: an end-to-end trade support cycle that leverages Smartleaf’s model-driven rebalancing capabilities with BNY Mellon’s Pershing technology - combined with AdvisorEngine know-how. AdvisorEngine integrates across multiple custodians, enabling advisors to embrace innovation without disrupting their business.