The CEO's Guide to an Effective Wealth Management Strategy
Guest: Ron Carson, founder and CEO of Carson Group, and Paul West, Managing Partner of Carson Wealth Management. Carson Group is a client and strategic partner of CEO Coaching International.
Strategic Partner: Carson Wealth is a Strategic Partner of CEO Coaching International. To learn more, visit here.
Overview: You’re spending countless hours thinking about your business, working in your business, but how much time are you spending on effectively managing all the money that you’re earning from your business or from that windfall that could come from a significant exit? Much like a good executive coach can help CEOs develop better business plans, Ron and Paul discuss how to think about your income and wealth, how to put it in perspective, and how to make sure you have a proactive wealth plan for your money so you don’t have to worry about it.
Ron Carson on blind spots CEOs have about their wealth management:
“I started in 1983, and one thing that has not changed over that entire period is that really successful entrepreneurs are great at building businesses, and they’re really bad at taking care of their own stuff. I even found myself in that trap. You’re always so focused on helping others and helping them be proactive. But sometimes you weren’t as proactive as you needed to be. And I think today it’s imperative. There’s so much complexity and things change so quickly that if you don’t have a team that’s thinking about things that you’re not thinking about, we get into that potential overconfidence.”
Paul West on starting the wealth management conversation:
“I would ask a CEO or entrepreneur I was meeting for the first time, what’s the bare minimum they need to live their lifestyle the way they want to? It’s a little bit like Maslow’s hierarchy: make sure all those important things are covered for them. Then where do they want to reinvest? For most entrepreneurs, we’re probably going to financially coach them to keep reinvesting back in their business. If they don’t need to or want to, then we figure out what are the other asset locations that make sense? What does this look like five years from now, 10 years from now, 20 years from now with a sustainable plan? But first we’ve got to make sure everything’s taken care of at home. I don’t care if you’re making $1 million or $5 million a year, everybody wants to know they have enough grocery store money.”
Ron Carson on living for more than money:
“I had this client who sold for $100 million. And he’s driving me back to the airport and he goes, ‘Ron, I think I really F’d up. I just realized, my whole life revolved around this business. My friends, my associates.’ And I said, ‘Hey, if you truly can’t find happiness with other things, then buy another business.’ And ultimately he did buy another business and then sold that business. But he also found some other meaning in his life around impact. I think one of the biggest opportunities in wealth management today is helping people really direct their impact. I never dreamed that giving could be so amazing. I really see a movement around people caring how they show up and the kind of impact they can have. Pick your cause, get a taste of it, and I don’t think you’ll ever look back.”
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About CEO Coaching International
CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, CEO Coaching International has coached more than 1,000 CEOs and entrepreneurs in more than 60 countries and 45 industries. The coaches at CEO Coaching International are former CEOs, presidents, or executives who have made BIG happen. The firm’s coaches have led double-digit sales and profit growth in businesses ranging in size from startups to over $10 billion, and many are founders that have led their companies through successful eight, nine, and ten-figure exits. Companies working with CEO Coaching International for two years or more have experienced an average EBITDA CAGR of 67.8% during their time as a client, nearly four times the U.S. average and a revenue CAGR of 25.5%, more than twice the U.S. average.