How to Scale Fast: The Secrets Behind a $2 Billion Business
How to Scale Fast: The Secrets Behind a $2 Billion Business
How can businesses adapt to meet the financial needs of their clients?
We started the business in 2018, though I moved here in 2011, initially to serve expatriates like myself who moved from the UK to the Middle East. Many expats find it challenging to manage their wealth locally, preferring instead to transfer their funds back home. However, non-residency complicates financial management in their home country, creating a need for specialized advice. Traditional financial advisors in this space often focused on earning large upfront commissions with minimal ongoing support. In contrast, in the US and the UK, advisors generally adopt an annuity-style fee structure, charging a percentage of the assets managed annually. This aligns the advisor’s interests with those of the client, ensuring continued service as the client's assets grow. We adopted this model because it promotes better outcomes for clients. Being a new company without legacy issues allowed us to attract top talent and clients who preferred our transparent, ongoing fee structure over hefty initial commissions. This approach has enabled us to grow by meeting the needs of expatriates seeking qualified, ongoing financial planning in their current jurisdictions.
How can service-based businesses build lasting client relationships?
In service-based businesses like ours, relationships lead. If I have a great relationship with you as my client, then the quality of service often precedes the returns in today's investment world. For aggressive investors in 100% equities, we typically invest in global equity indexes. This means your investments will fluctuate with the market. The performance isn't solely up to me, as beating the index consistently is challenging. However, many advisors fail in communication. They neglect to maintain contact, remember significant personal details like birthdays, or inquire about clients' families. These are the aspects that build meaningful relationships, which we emphasize to our advisors. Clients are not just looking for good service, low fees, or a strong portfolio; they are buying into a relationship with their advisor and our firm. This approach fosters long-term, committed clients.
Why is authenticity important in building business relationships?
Authenticity is crucial in dealings with others. If I were to adopt an American accent just to match you, it would seem foolish. It's essential to be genuine with the people you work with. Remembering personal details from our conversations, like your upcoming holiday, and asking about it later shows genuine interest and builds the relationship over time. While digital communication like Zoom is effective, it doesn't always foster the same connection as face-to-face interactions. Occasionally meeting in person, perhaps for a meal, can significantly enhance our relationship. This personal approach is often overlooked today, with many focusing solely on how many virtual meetings they can schedule rather than the quality of those interactions.
How can business owners make bold decisions without risking everything?
I thrive under pressure, performing best when the stakes are high and I'm out of my comfort zone. Growth often occurs on the fine line between discomfort and potential disaster. However, it's crucial not to make irreversible decisions. Jeff Bezos' concept of one-way and two-way doors is a useful analogy here. A one-way door decision is irreversible once made, while a two-way door allows for a return if things don't work out. Hiring is typically a two-way door; you can part ways if a new hire doesn't work out. Recognizing that not every hire needs to be permanent is important, but hiring should not be done carelessly, as time and effort are invested in each employee. If due diligence is done and it feels right, even if it's a stretch, sometimes the added pressure can lead to better and faster results.
What role does discipline play in achieving business success?
Discipline is often the defining factor in success. It's straightforward to excel when conditions are favorable, but true greatness emerges during challenging times. I've observed that highly successful people maintain strict discipline in all aspects of their lives. A practical test for evaluating discipline, particularly among financial advisors, is their background in sports. High-level athletes typically possess the discipline required for success—they are accustomed to rigorous training and doing tasks they may not want to do. This discipline extends beyond sports to personal habits such as regular exercise, proper nutrition, and overall self-care, all of which contribute significantly to their success both personally and professionally.
*This interview has been edited and condensed for clarity.*
