In the world of advising business owners, real collaboration often falls short of the ideal. This phenomenon, which I'll call the "Kumbaya lie," highlights the disconnect between wealth advisors and business advisors which can put a hurting on client success. Exit planning is the ultimate strategic plan... and aligning your client's personal and professional objectives requires a genuine commitment to teamwork among advisors. This video explores.
Understanding the Kumbaya Lie
The Kumbaya lie suggests that while many advisors pledge to collaborate, the actual practice is often lacking. Wealth advisors, who typically manage investment strategies and estate planning, frequently hesitate to involve business advisors in their engagements. This reluctance can prevent clients from achieving their full potential, especially when their business and personal goals are misaligned.
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Supporting Commentary:
Data-Driven Insights
Research indicates that a significant portion of CEOs have specific aspirations for their businesses:
- 62% aim to grow their businesses.
- 21% seek to simplify operations.
- 17% are preparing for an exit.
Despite these ambitions, many CEOs struggle to increase their business value, often relying solely on wealth advisors who may not prioritize collaboration with business advisors. A recent workshop revealed that out of 32 wealth advisors, only two expressed a willingness to collaborate with business advisors, underscoring a critical gap in the advisory landscape.
The Trust Barrier
A major barrier to collaboration is trust. Wealth advisors often fear that involving business advisors could disrupt their client relationships. This concern is compounded by a historical reputation among business advisors for mismanaging client engagements. To foster collaboration, business advisors need to demonstrate their reliability and value.
Building a Collaborative Framework
To bridge the gap between wealth and business advisors, a commitment to collaboration is crucial. Establishing a pledge between advisors can help honor each other's roles and facilitate better communication. Regular coordination behind the scenes ensures that both parties are aligned in their strategies, ultimately benefiting the client.
The C3D Certification Program
One effective approach to fostering collaboration is through the C3D certification program, which provides advisors with a common language and guiding principles. By participating in this program, advisors can better understand each other's roles, enhancing trust and collaboration.
George Sandmann, Founder: Jul 9, 2025 3:49:38 PM
