Mike Van Wyk of Capital Group - Pathways to Business Growth

Nov 2, 2021

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In today’s episode, Rusty and Robyn talk with Mike Van Wyk, Vice President of Research and Insights for Capital Group.

Mike has studied human behavior throughout his two-decade career to better understand what truly drives consumer behavior and business growth. Whether it be packaged goods or financial services, Mike brings game-changing insights to the table. His research helps others skyrocket the growth of their business or their professional career.

Mike talks with Rusty and Robyn about the difference between a “sage” and “caregiver” advisor and the three success factors of existing high-growth firms.

"Every financial professional has to have a side that's more quant-focused and can talk the numbers, but you also have to be able to connect emotionally with your clients and be there as a support for them. Those who are most successful are those who understand there's an aspect of being a sage that they need to bring to the job daily, and there's an aspect of being a caregiver that needs to be present there as well.” ~ Mike Van Wyk

Main Takeaways

Three success factors of the highest growth firms are the always-on acquisition factor, relationship alpha, and strategic skills. All habits, behaviors, and practices during client engagement should be refined to achieve high performance and increase revenues.
Spend more time on high-value business activities. Advisors easily get distracted with small tasks, when they should be spending their time on growth creation.
Advisors need help, too. It's best to tap into resources about advisor-client engagement that are backed by robust data.
There are two types of advisors: the ‘sages’ who like numbers and the ‘caregivers’ who like helping people. An effective advisor has to find a balance between these two.

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