How We Reached $300 Million in Assets Under Management

This past week our wealth management firm crossed $300 Million in assets under management (AUM) for the first time. While there are many much larger wealth management firms, there are many more who never reach this milestone. How did we do it?

Here are 5 drivers of our business success that apply to every entrepreneur.

#1: A relentless pursuit of a compelling VISION.

Your vision should always lead the way. A vision is simply a vivid picture of what you want to BE, DO, and HAVE in the future. Why is this important?

Because without a vision you can easily drift off course and end up at the wrong destination. If you’re like me you have no problem coming up with new ideas. Your vision should act as a filter for your ideas. Ask yourself, “Is this new idea I have going to help me get where I want to BE, achieve what I want to DO, or acquire what I want to HAVE?”

#2: You must be driven by your VALUES.

Your core values are the guardrails for everything you do. Ultimately, they create the culture of your company.

When we launched Hixon Zuercher Capital Management we settled on 3 core values: INTEGRITY, PROFESSIONALISM, and EXCELLENCE. I can’t tell you how many times these values helped us make a decision to do (or not to do) something. As we’ve grown, our team has picked up on these values very quickly. They are in the DNA of who we are.

#3: PEOPLE are everything.

All business is about PEOPLE. I don’t care what business you are in, it’s ultimately about the people. Clients. Customers. Team members. Vendors. They are all people. And they all matter.

To run a successful business you have to know how to work with people, lead people, and serve people.

Now, some people are naturally wired with relationship skills. Others need to work on it.😊

No matter where you are with your relationship skills, here’s a book I can recommend: How To Win Friends & Influence People by Dale Carnegie.

#4: Leave no stone unturned.

It’s important to always stay curious. Never think you have it all figured out. When opportunities cross your path, don’t just look at them as a coincidence or random event. Innovation and remaining relevant don’t happen by “doing it the way we’ve always done it” or following the SALY principle (Same As Last Year).

While it will drive some people in your organization nuts, it’s important to have someone on your team who is always investigating those new ideas you have. Maybe it’s you. Maybe it’s someone else. But someone on your team should be charged with being the Chief Innovation Officer. This person will explore new ideas, new technologies, new partners, and new products or services.

Not every stone will be a diamond, but you won’t know if you don’t get curious.

#5: Consistency compounds.

Showing up consistently everyday, taking action, and doing the right thing for your clients or customers will lead to success. It’s no different than compound interest. It can be hard at first to keep making the deposits in your future when you don’t see immediate results. But, success as an entrepreneur takes a “Never Quit” mindset and a relentless pursuit of your vision when going through “The Dip”.

When we started our firm we often referred to “The 20-Year Plan”. Anytime we were doing something hard with unseen rewards in the short-term we had to remind ourselves that these were the things that would one day lead to our success.

Here we are now, 20 years later and we are seeing so many benefits from the foundation we laid in the early years. Most beneficial are the systems and processes we built before we had a surge of new clients. This is what enables us to serve our clients with excellence.

Bottom Line: Building a business is a journey!

Building a business can be hard. But if you focus on these 5 drivers of success the journey will be worth it!