Being the CEO of a wealth firm is no small feat. It’s not just a title; it comes with tremendous responsibility. The role of the CEO is not merely to oversee the day-to-day operations of the firm. It’s about thinking strategically, making impactful decisions, and ensuring the long-term success of the business. 

A CEO is supposed to think.
Thinking is one of the most critical aspects of a CEO’s job. But it’s not just any kind of thinking—it’s about deep, strategic thinking. CEOs must look beyond the immediate issues facing the firm and think about the future. What will the firm look like five years from now? How will it grow? What changes need to happen for it to thrive? These are the kinds of questions a CEO should be asking.

CEOs need to make time to think. In today’s fast-paced world, it’s easy to get caught up in urgent tasks and daily operations. But without dedicating time to think about the big picture, it’s impossible to steer the company in the right direction. As the saying goes, “Don’t just work in your business, work on your business.”

Do you make time to think? If not, why not?

Decisions, decisions, decisions.
A CEO’s day is full of decisions. Some are small, others are big. But every decision impacts the future of the firm. CEOs need to develop the ability to make tough decisions—especially when there are no clear right answers. Whether it’s deciding to hire someone new, launch a new service, or invest in technology, every decision shapes the future.

In a wealth firm, decisions are often tied to client relationships, team structure, investments, and compliance. Making informed, strategic decisions requires a solid understanding of the firm’s current position, its resources, and the broader market. CEOs need to be decisive but also thoughtful, ensuring that every decision aligns with the firm’s long-term goals.

Investing in the firm’s future.
One of the most critical roles of a CEO is to invest in the firm. This isn’t just about money; it’s about investing time, energy, and focus into the firm’s future. CEOs must constantly ask themselves, “Where should we be investing our resources?”

Investing in technology is a common need for financial services firms today. With advancements in fintech, AI, and automated processes, firms must stay ahead of the curve. CEOs should ensure they are making the right technology investments to enhance client service, streamline operations, and maintain a competitive edge.

Beyond technology, investing in talent is crucial. Building a strong team, providing ongoing training, and creating a culture of excellence are all ways CEOs should invest in their firm’s growth. The firms that will succeed in the future are the ones that invest in their people today.

How are you investing in the firm’s future?

Ensuring there’s enough money in the bank.
Cash flow is the lifeblood of any business. Without it, no matter how great your services or team are, the firm will struggle. CEOs need to have a clear understanding of the firm’s financial health. How much cash is available? What are the firm’s fixed and variable costs? What happens if the market takes a downturn and revenue drops?

It’s the CEO’s job to ensure there is always enough money in the bank to cover expenses, weather difficult times, and invest in growth. Having a robust financial strategy is non-negotiable. CEOs should work closely with their financial teams to forecast, budget, and plan for various scenarios, ensuring the firm’s financial stability.

Recruiting the right people.
A CEO’s success is largely dependent on the team they build. CEOs must recruit the right people—not just to fill positions, but to build an “A” team. A great CEO knows the importance of surrounding themselves with talented, capable people who can execute the firm’s vision.

When recruiting, CEOs need to look for more than just technical skills. They should be searching for individuals who align with the firm’s values, culture, and long-term vision. The best talent will not only bring expertise to the table but will also help drive the firm forward.

Once the right people are in place, retaining them becomes the next challenge. CEOs should foster a culture that encourages growth, collaboration, and innovation. Providing career development opportunities, recognizing achievements, and ensuring a healthy work-life balance are key elements of retention.

Building an “A” team.
It’s not enough to hire the right people. CEOs must also build a team that works well together. This requires careful attention to the firm’s culture, communication styles, and team dynamics. The best teams are those where individuals trust each other, collaborate freely, and are aligned with the firm’s goals.

A CEO should actively work on creating a culture where people feel empowered to take initiative, share ideas, and contribute to the firm’s success. This involves clear communication of the firm’s vision, encouraging a culture of continuous improvement, and ensuring that the team has the resources they need to excel in their roles.

Building an Awesome Culture
Recruiting and building an A Team is simply not enough…The thing that binds everyone is the organization’s culture… One of the most important roles a CEO plays is creating and nurturing the firm’s culture. Culture is the backbone of any successful organization, and it’s more than just having a set of rules or a mission statement. It’s about how people feel when they come to work every day, how they interact with one another, and how they approach their work.

A great CEO knows that culture doesn’t just happen—it’s built intentionally. It starts with defining the firm’s core values and ensuring that those values are lived out in every interaction, both internally and externally. A strong culture promotes collaboration, innovation, accountability, and client care.

Building an awesome culture means fostering an environment where people feel valued and empowered to do their best work. It’s about creating a sense of purpose and belonging for your team. CEOs should encourage open communication, celebrate successes, and learn from failures together. This helps create a space where team members feel safe to share ideas, challenge the status quo, and contribute to the firm’s growth.

Moreover, a healthy culture attracts top talent and keeps them engaged. When people love where they work, they perform better, stay longer, and are more committed to the firm’s success. As the CEO, it’s your job to lead the way in shaping a culture that supports growth, innovation, and excellence.

In the words of the late Tony Hsieh, “Your culture is your brand.” Building an awesome culture is essential to building a firm that clients love, team members are proud of, and competitors envy (and love too).

Embracing change and innovation.
The wealth industry is constantly evolving. From regulatory changes to technological advancements, staying static is not an option. CEOs must be forward-thinking and ready to embrace change. The firms that succeed are the ones that are agile and innovative, constantly adapting to the market.

Change isn’t always easy, but it’s essential for growth. CEOs need to foster a culture of innovation within their firm. Encourage your team to come up with new ideas, whether it’s improving processes, enhancing client experience, or introducing new services. Innovation should be part of the firm’s DNA.

A CEO must also be willing to disrupt their own business. This may mean moving away from traditional ways of doing things and embracing new technology, collaborating, new business models, or new client segments. Those who resist change risk falling behind, while those who embrace it will stay ahead of the competition.

Managing relationships with key stakeholders.
In a wealth firm, relationships matter. Whether it’s with clients, employees, regulators, or partners, the CEO is responsible for managing and nurturing key relationships. Maintaining strong, positive relationships with these stakeholders is critical for the firm’s long-term success.

Clients, in particular, are at the heart of a wealth firm. CEOs must ensure that the firm consistently delivers excellent service, builds trust, and provides value. Client delight (satisfaction is not enough) should be a top priority, and the CEO should ensure the firm has systems in place to gather feedback and continuously improve the client experience.

Creating and maintaining the firm’s vision.
Every great firm needs a vision. A clear, compelling vision gives direction to the team and guides decision-making. CEOs are responsible for setting this vision and ensuring it’s communicated effectively throughout the firm.

A strong vision helps align the team, inspires innovation, and drives the firm’s long-term strategy. Without it, the firm risks drifting without purpose or clarity. A great CEO will revisit the firm’s vision regularly to ensure it remains relevant as the market and industry evolve.

Leading by example.
Finally, a CEO must lead by example. Leadership isn’t just about giving orders or making big decisions—it’s about setting the tone for the entire firm. CEOs should embody the values they want to see in their team, whether it’s integrity, hard work, innovation, or client-centricity.

As the leader of the firm, the CEO’s actions and behaviour have a ripple effect. How they handle challenges, how they treat clients, and how they communicate with the team all set the standard for the rest of the organization.

The Many Hats of a CEO
Being the CEO of a wealth firm is more than just a job title. It’s a multifaceted role that requires strategic thinking, decision-making, investing in the future, ensuring financial stability, building a strong team, embracing change, and leading with integrity. CEOs must constantly balance the needs of the business today with the vision for tomorrow.

If you’re a leader within your firm, consider these responsibilities and how they apply to your own role. The more intentional you are about fulfilling these duties, the stronger your firm will be.

In the words of Peter Drucker: “Management is doing things right; leadership is doing the right things.” As a CEO, your responsibility is to do both.

The question then is: Are you doing both?