Motives and Motors: What Drives Your Firm Forward

Imagine the drone's eye view above an interstate. There are vehicles of all sorts making their way east or west, north or south. They might appear to be moving as one long snake, making progress toward their intended destinations. At least, that's what it looks like from a distance.

But zoom in and you'll see:

• Some are racing toward a destination with abandon.

• Some are just hopping into a group, letting the traffic regulate their speed and lane changes.

• Some are barely paying attention, tailgating whoever is in front of them.

I think that's a pretty good description for wealth management right now, too.

A sea of advisors moving—some with purpose, some just by inertia.

The Motive

Everyone has a reason for getting into this industry. Maybe it's freedom. It's scale. Maybe it's the chance to make as much as quickly as you can to retire early and spend your days doing something else. Maybe it's been the only business in your family for generations or it's the decision you made to never be where your family was.

Whatever the 'why' is, it serves as the foundation under every decision—from broker-dealer to RIA, from independence to integration, from "my name on the door" to "our name on the glass tower."

But too often, we give our thoughts and energy to the tyranny of the urgent alone. We think about strategy decks and synergy slides and figure out how to motivate our teams without tying it back to the reason our companies exist at all.

Action Item #1: Write down your firm's purpose/motive/why.

Action Item #2: Write down your personal purpose/motive/why.

The Motor

Motives don't move without motors. The motor is your energy, your drive, your daily commitment. It's not what you believe—it's what you do every day to move it forward. Your how.

It's not hard to look around and find people and firms with a five-star motive and a one-star motor. They care a lot about why they're doing something, without doing the behaviors necessary to move them toward the end result they really want to see. It's not enough to care about something, we have to commit to the daily, monthly, quarterly, annual behaviors that help us achieve our desired outcomes.

We don't want to just be dreamers about an innovative, free, prosperous future. We want to spend our time doing the things that move us toward that dream, even when that means we have to change.

If your dream is to make it to the Pacific Ocean and you're currently driving south in Missouri, you're going to need to get on a different path. If you're hoping to see the Great Lakes and you're in Phoenix heading east, you're generally moving in the right direction, but you're going to need to orient your vehicle north at some point.

Change is going to be necessary no matter what route you're on now because there will always be unforeseen moments, traffic jams or construction to consider and for which you'll need to adjust.

Action Step #3: Check your motor. Is your tank full? Do you need more oil to keep the machine moving smoothly? Is your battery recharging or draining?

Action Step #4: What about at the firm level? How's your team's capacity? Do they need to rest or are you good to keep driving? Need to check the map again? Should you give them a heads up about the next exit?

Why It Matters

When your motive is clear and your motor is tuned, you'll be ready for whatever comes next. Hesitation and distraction won't be able to keep up with you.

The Takeaway

Motives define direction.

Motors define motion.

Together, they'll define our destiny.

We owe it to ourselves—and the people counting on us—to tune both.

Because the best firms move with meaning.

—Jud