Financial advisors, business owners, and entrepreneurs all over the world have a lot to learn from Jeff Erdmann, who has been named the top wealth advisor in the USA for three years in a row by Forbes.
As per Forbes, as of September 2018, Erdmann’s 28-member team, The Erdmann Group, manages $7.1 billion in assets for about 194 super-wealthy families. Median investable assets are about $36.7 million. The group is based in Greenwich, Connecticut.
This is an incredible result! Just to put the numbers in perspective, in Canada, if a wealth advisor has $100 million CAD or $75.4 million in AUM (assets under management), that usually means they are bringing about $1 million CAD or $754K USD in revenue to the firm, and they are among top 10% in the country. They typically have 60 to 200 families as their clients. Also, if a group of wealth advisors has $250-$350 million CAD or $188-$264 million USD in AUM, then they are doing significantly better than most of their peers, and those are spectacular results. The Erdmann Group has $7.1 billion USD in assets, and this blows my mind. If somebody asks me today whom I want to be when I grow up, the answer will be I want to work on their team.
You may be wondering how they do it. The Erdmann Group has all attributes of the leader in their industry, as described by Simon Sinek in “Start with Why” (you can read my review here) and Garry Vaynerchuk in “The Thank You Economy”.
Jeff Erdmann cares about his employees first and foremost because he knows that happy employees will provide the best client experience and take care of their customers. When asked to describe his leadership style, Jeff Erdmann says,
“It’s that we have a family business, and we’re all partners. I can’t stand when I hear people say someone “works for” them. My philosophy is that no one “works for” Jeff Erdmann. We all work for our clients and are all one unit with one common goal — to provide the ultimate client experience”.
He refers to his team as a “family”, and to him, they are exactly that.
Not only Jeff Erdmann refers to his colleagues and subordinates as partners and family; he also calls his clients “our families”. In my mind, there is a world of difference between these terms. Moreover, the families his group is taking care of, feel it. They say when they come to the Erdmann’s family office, they feel like they are their only client. This is a whole new definition of the “ultimate client experience”, as the top wealth advisor puts it.
If you want to know more, please read the Forbes interview with Jeff Erdmann and one of his managing partners, Tony Carpentieri “How America’s Top Wealth Manager Delivers the ‘Ultimate Client Experience.’” It’s the best article I’ve read about leadership and client experience in a very long time, and I highly recommend it.