How a growing RIA is using EOS to grow the right way

By Bill Sowell

Bill Sowell started a journey 23 years ago to create a pathway of freedom for financial advisors. Committed to providing true independence for them, he founded a Registered Investment Advisory (RIA) firm to become the advisor to advisors. His firm has grown from just a few employees to more than 30 today and, with $4 billion in AUM/AUA*, has a nationwide client base. One of the decisions Bill made along the way was to research and ultimately embrace a business operating system that would be a playbook for successfully running the business. He chose the Entrepreneurial Operating System (EOS), a simple framework for defining what’s important, who owns it and exactly what success looks like – with every member of the team accountable for a handful of goals.

The EOS model is built on six key components. What are they?

Vision, People, Data, Issues, Processes and Traction

Frankly, these were already areas of focus for Bill. What EOS provided was a clear path to implementing simple tools and processes that value the people in our company that ultimately simplified his life. It allowed him to transition into a true CEO position where he is the visionary for the firm while his team has the reins of the operation of the company. Bill – and Sowell Management – are an EOS success story. Here’s what Bill says are the top three reasons that small or mid-sized companies who are undergoing a growth phase should consider EOS.
Introduction by Daryl Seaton

Ready to partner with an EOS firm and experience your full potential? Schedule a call today.

Bill’s top reasons to consider EOS

Reason 1: A straightforward, shared vision

Sometimes strategic planning can get overly complicated, which has everyone working toward different goals. It can be difficult, too, to articulate the company’s vision to every employee, especially when the company is growing at a fast pace. EOS tools, from simple templates with rocks and milestones, to models for how and what kind of planning meetings are advantageous, simplify the process so the vision is heard loud and clear. Teams start rowing toward the same finish line and goals get met more quickly.

Reason 2: The right people in the right seats

Spend some time and evaluate potential candidates who could take over your practice. This could include other advisors within your firm, junior partners, or external professionals. Assess their qualifications, skills, experience, and compatibility with your clients and business values. If your plan calls for internal succession, make sure you get a sense of their objectives and plans for business growth. Once you have identified potential successors, focus on developing their skills and knowledge to ensure a smooth transition. Provide them with training, mentorship, and opportunities to gradually assume greater responsibility within the practice.

Reason 3: Empowered employees who think like owners

EOS flips the script when it comes to traditional organizational charts that can get in the way of growth. Instead of focusing on reporting relationships, EOS embraces accountability. The program suggests an Accountability Chart, which is clear about each team member’s roles and responsibilities. This puts the focus on the work, not who’s the boss (although they’re clear about that, too). Working this way leads to more engaged and accomplished employees.

Ready to partner with an EOS firm and experience your full potential? Schedule a call today.

Bill’s Bottom Line

“Being an entrepreneur means being busy – overly busy. What I have found true of most small to mid-sized business owners is they’re like me – they are always looking to the future. And they’re typically practical. EOS has helped in all of these areas for me and the company. Our team has learned – together – about processes that lead to success. It keeps us on a clear path and has us organized. The tools are practical, easily applied and work in our fast-paced business. I believe EOS has helped me become a stronger, more independent leader who can delegate with trust, and our employees are empowered and in line with our vision. And whether it’s EOS or another business operating system, my best suggestion is this – implement and follow it as early as possible.”

– Bill Sowell

* AUM/AUA is as of April 2023

BLOG DISCLOSURE: This website blog is published and provided for informational and entertainment purposes only.  The information in the blog constitutes the content creator or guest blogger’s own and it should not be regarded as a description of services provided by Sowell Management. The opinions expressed in the blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

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