Building a successful advice practice

The Journey to Establishing EWL

Craig Emanuel shares his professional journey from a small town to building a successful advice practice, EWL. Starting his career in chartered accounting, he found a passion for financial advice and eventually transitioned from large firms like UBS and Morgan Stanley to create EWL with trusted partners. The firm officially opened its doors four years ago, but Craig emphasizes that their business model is grounded in over 30 years of combined experience. EWL has successfully retained more than 160 family clients during this period, illustrating their strong emphasis on client relationships and firm culture.

Investment Philosophy and Client Education

The firm distinguished itself by employing an independent investment committee, allowing for a broader range of investment opportunities beyond the constraints of large bank-approved product lists. Craig discusses how the evolution of his investment strategy has been shaped by his experiences at major financial institutions and the necessity of educating clients on global markets. An example mentioned was a pivotal client interaction where Craig advised against selling during a market dip, reinforcing the importance of long-term perspectives with investment decisions. This approach highlights the firm's commitment to guiding clients through volatile periods, ensuring that emotional reactions do not dictate financial choices.

Culture and Team Development

Craig emphasizes the critical role of firm culture in establishing a successful advice practice, noting that their workforce is seen as a valuable asset. EWL invests in the education of its employees, with a program that subsidizes further training such as CFA designations, fostering a highly knowledgeable workforce. Creating a close-knit team environment, where collaboration and support prevail, has been a key strategy in ensuring client trust and satisfaction. As the firm continues to grow, Craig plans to maintain this culture, focusing on hiring talented individuals who can contribute positively to the firm's mission.

Lessons in Risk Management and Client Relationships

Throughout his career, Craig has learned valuable lessons concerning risk management and maintaining client relationships, particularly during market uncertainties. He highlights how crucial it is for advisors to communicate effectively with clients to establish trust, especially when guiding them through challenging times. A significant anecdote involved a concerned client during the pandemic who contemplated selling investments at a market low, demonstrating how emotional decisions can jeopardize years of financial planning. By offering reassurance and strategic insights, the firm positions itself as a reliable partner, helping clients navigate both financial landscapes and personal challenges.

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Building a successful advice practice

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Deep dives

The Journey to Establishing EWL

Investment Philosophy and Client Education

Culture and Team Development

Lessons in Risk Management and Client Relationships

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