Culture is an overused word in our industry.
Larger firms seem to suffer more from cultures that their advisers often describe as “broken”—a product of constant growth that forced philosophical tenants to be redesigned in a more bureaucratic way. That is, what works best for the masses.
However, as more advisors open independent firms, they are doing so with a different ethos: One that is more focused on developing a culture that is attractive to other like-minded advisors. As a result, many of these firms are dominating the field in attracting and retaining top talent.
For Mike Dolberg, finding the right team members who shared the same ideals was a critical part of designing a firm poised for longevity and growth.
In his eyes, having fun and loving what you do as a consultant are the real keys to success.
Mike's own wealth management career began in insurance in 2004, eventually landing at Northwestern Mutual. He and partner Rob Gorman learned the planning business from the ground up, cold-calling their way to success.
Within a year at Northwestern Mutual, Mike became the Managing Director of their local region, growing the business and developing strong customer relationships.
But Northwestern is first and foremost an insurance company, so naturally, over time, the team felt limited in what they could offer their customers. They wanted the autonomy to build and grow the business in their own way, based on their own culture and philosophies, not the firm's.
Mike was essentially an enterprise builder in a captive environment. And it wasn't as much fun anymore.
Thus, in 2018 they launched the RIA firm Apollon Wealth Management, which managed approximately $120 million at its inception. Just six years later, it's a $7.5 billion firm, with multiple locations across the country and separate business units.
In this episode, Mike shares his amazing story with Louis Diamond, including:
- The factors behind their choice to leave Northwestern — and what specifically limited their growth while at the insurance broker dealer.
- The key things that contributed to Apollo's growth – and how culture and customer service are intrinsically linked to their success.
- The services they can now offer their clients – and how this has changed as a fully independent firm.
- The value of partnership – and how Commercial Investment Management helped create the relationship between Mike and Rob.
- And why Mike says, “Good doesn't have to be good enough” – plus much more.
It's a conversation that provides value to those who are looking at the different ways an advisor, practice or firm can grow and thrive – and how the right culture can help drive success.