Periodically AdvisorHub CEO Tony Sirianni sits down with industry leaders and CEOs and asks them the same set of questions. Our goal is to deliver a diversity of opinions on the topics most relevant and timely to advisors today. By seeing how each leader tackles the same set of problems advisors can make their own judgements on how their actions comport with advisor notions on how a business should be run. Here is how Gregg Kidd, CEO at Pinnacle Holding Company, LLC responded.
- We are entering a Post-Covid world, coming out of a time of tremendous change and loss, but also a time of gains and successes for our industry. What lessons from our covid year will you take with you going forward?
GK: Be open-minded, flexible, and identify and reward your superstars!
- The workplace has perhaps been impacted most by the pandemic, our industry has weathered it well and our technology kept pace with home/office work dislocation. Based on that success, what challenges do you see for the workplace of the future, and what changes going forward?
GK: Some jobs demand in-office presence, the others will be finding the right balance. The biggest challenge will be maintaining a great culture in a more fractured workforce.
- We are entering a new phase of increased regulation and promised new taxation which may strike at the core of many investment and compensation strategies. How are you advising your team as they and their clients face a new reality?
GK: We communicate regularly throughout our advisor channel and that allows the best ideas and thoughts to touch everyone. That’s an advantage to being at a smaller firm. Regulation is a challenge, but we keep adding talented people who help us handle the process.
- Given all the changes of the past 18 months and the continued uncertainty surrounding new laws and regulations, where do you see the best opportunities for advisors to grow their businesses in this environment?
GK: Communication will carry the day. We may be looking at the first serious rising rate environment in most advisors’ careers, and that will create opportunities and landmines. It will be imperative to help clients who have no idea what rising rates can do to their portfolios.
- Overall, are you optimistic about this business and its future, and what advice would you give to a young person wishing to start her own practice?
GK: I am always optimistic. When I started most senior advisors told the trainees they would hate to be starting out when I did. So, I don’t want to be that person. But it is different. The best plan today is to get into a good firm and become a great option for a senior advisor to recruit you onto their team. It’s a parallel strategy. Work hard to build a book for yourself while also demonstrating to your older peers that you’re a winner. Be open-minded, listen and be consistent. The demographics are heavily in your favor to have an opportunity appear that can change your life. That wasn’t prevalent back in the ’80s and ’90s.
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