FinServe Ambassador Points to Power of Personal Relationships in Business

“I was the oldest grandchild on both sides of my family, and a lot of expectations fell on me to give good advice – and money was one of the most important parts of that,” he said.

Acting on that impetus, Williams started in financial services as an advisor, often going door to door to solicit new clients and work with existing ones. These days, he’s a vice president and regional wealth management specialist within JPMorgan’s practice management division, consulting with financial advisors across the Southeast, Mid-Atlantic and New England regions, including those in the independent or registered investment advisor (RIA) space. He says his career journey has been an evolutionary one in many ways.

“It’s given me a lot of insight into how to not just be a better advisor, but also how to run a successful business,” he said. “When you start out in this industry, especially independently, you often have to wear a lot of different hats: sales, operations, compliance, managing and planning, and more. It can really weigh on you sometimes, but it teaches you a lot about who you are.”

Sculpting Skills to Succeed

Williams says many elements of his over 15 years of experience in wealth management and financial services made him aware of the power of knowledge and leadership – among them his stint in The College’s Black Executive Leadership Program.

“The College brings financial knowledge, education, and acumen to the table in a way that’s just phenomenal,” he said. “So when my then-managing director reached out to tell me about this new program The College was starting up, it was kind of a no-brainer for me.”

The Black Executive Leadership Program offers high-potential Black and DEI-committed professionals ready to advance in corporate leadership the resources to power their next career steps. With its hybrid online and in-person program and its model of executive sponsors and student fellows collaborating in both settings, it’s helped set many rising leaders up for success, and Williams praised the culturally relevant insights of the curriculum.

“You can only learn so much in a textbook; it makes you aware of the issues, but not always how to navigate them,” he said.

When it comes to practice-building advice, Williams offered four key points for advisors to consider:

1. Look for people who are looking for you. “Many of us are looking to improve and advance ourselves in the business, and the Black Executive Leadership Program reminds us of a lot of cultural and social issues at play and business dynamics that can have an impact on growth,” Williams said. He further explained that it’s important to find a workplace where professionals feel they belong and will be heard by supervisors.
    
2. Preparation is key. “You have to be detail-oriented, understanding the nuts and bolts of what you’re doing,” Williams said. Only then, he says, can professionals continue moving in the direction they want successfully – and hopefully have fun while they’re doing it.
    
3. Develop your emotional intelligence. Often in business and in life, things won’t turn out the way you want them to; the defining factor is how you respond to it. Williams emphasized that it’s important to separate the ego from the professional workplace. “If a client or potential client says no, that’s okay, and there’s usually a reason for it,” he said. “Instead of getting offended, take a minute to ask them questions and try to find that reason. They may respond with something you hadn’t considered that can help you get them to yes.”
    
4. Understand how your business model operates. “Before we even sit down with clients to have investment or other conversations, we have to understand exactly how our business is set up so we can help our clients understand, too,” Williams said. He says programs like the Black Executive Leadership Program and other learning opportunities exist to assist professionals in crafting these business models and developing their communication skills.

Building Client Relationships

Financial professionals are often told about the need for building strong client relationships – but Williams says his experience shows it’s even more important than some may think.

“Financial advice often has very little to do with finance,” he said. “It’s been a long time since I’ve had a Series 7-related question. Alpha, asset management strategies – these are table stakes. Relationships are the selling point of your business.”

Williams emphasized that his interactions with clients often border on life counseling in addition to financial planning and investment management – and it’s important advisors get comfortable with and be prepared to take on that role.

“Personal finance truly is personal: you’ll find yourself talking to your clients about things that have nothing to do with money. When feelings are tied into money, it becomes a highly emotional situation. It’s a sensitive subject, and you’ll become part of all kinds of conversations you never expected.”

So, how does an advisor build the kind of trust-based relationships it takes to make these connections possible? Williams advises a sound knowledge of yourself, your business, and your values – which, in turn, will give you confidence.

“There are a lot of options out there for financial planning these days, and people are often hesitant. You have to make them believers in what you’re offering,” he said. “Clients pay close attention to your attitude and your process while working with them – so you need to focus on strong communication and adding value in each interaction you have with them.”

It’s also often cited that financial services is a high turnover industry, with many new advisors lasting less than five years before transferring out of the business: according to Advisorpedia, 90% of advisors quit the profession within three years. Williams, however, says the ingredients for success are there as long as professionals are willing to look for them – and prepare themselves for the long haul.

“My father used to say his success in law happened almost overnight. It’s not that way in financial services,” he said. “Stamina is critical. Discipline, emotional intelligence, and consistency are all things I learned along the way. The key to making it is modeling your business to run efficiently and give your clients confidence. That way, you have the confidence you need to sleep at night and spend time with your family.”

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