Jim Gold: Building a $40B RIA With Leadership That’s Firm—Yet Fun
Feb 4, 2025
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Jim Gold, CEO and founding partner of Steward Partners, shares his journey in building a $40 billion RIA firm. He discusses the balance of being firm yet fun as a leader, emphasizing humility and openness to feedback. Jim highlights the importance of a collaborative culture fostered by equity ownership, transforming the advisory landscape through mentorship and deep client relationships. He reflects on the relentless execution required in leadership and expresses gratitude for opportunities in the financial industry, promoting integrity and positive impact.
Steward Partners fosters a culture of equity ownership among employees, enhancing accountability, collaboration, and shared purpose within the firm.
Jim Gold promotes a balanced leadership style that emphasizes a fun workplace atmosphere while maintaining high standards and commitment to decision-making.
Deep dives
Founding Principles and Culture at Steward Partners
The founding of Steward Partners is rooted in a culture that emphasizes equity ownership for all employees, dramatically altering the traditional workplace dynamic. Each individual at the firm is a shareholder, which fosters a sense of accountability, collaboration, and shared purpose among team members. This equity ownership not only ensures that everyone has a stake in the firm's success but also encourages open dialogue and idea sharing through various committees that represent diverse voices within the organization. By prioritizing a culture defined by partnership and inclusivity, Steward Partners has cultivated an environment where employees feel valued and invested in the firm's mission.
Leadership Style: Fun, Fair, but Firm
Jim Gold's leadership style is characterized by the mantra of being fun, fair, but firm, which highlights the importance of a balanced approach to management. He believes that a lighthearted atmosphere in the workplace is essential for morale, allowing team members to enjoy their collaboration while also upholding strict standards for decision-making. This approach involves being receptive to feedback and willing to admit mistakes, which Gold sees as fundamental to effective leadership. Ultimately, his style is not just about having a good time, but ensuring that there is a clear commitment to the right decisions for the firm and its clients.
Evolution in Advisory Training and Client Relationships
The evolution of training for new advisors has shifted significantly, with an emphasis on mentorship and team collaboration rather than traditional solo practices. Jim Gold noted that many new advisors now join teams where they can learn from experienced peers rather than navigating their careers alone, promoting a culture of shared success. He also highlighted that while technology and business models have changed, the core of successful client relationships remains unchanged: clients seek competency, trustworthiness, and responsiveness from their advisors. This perspective reinforces the view that the advisor's role is vital in providing both financial expertise and emotional support that extends beyond mere transactions.
Looking Toward the Future and Maintaining Competitive Edge
As Steward Partners aims to triple its revenue to reach a billion dollars, the focus is on execution and evolution to ensure long-term success. Jim Gold emphasizes that the firm's growth strategy will involve M&A activity, demonstrating agility in adapting to market conditions and client needs. He attributes the firm's success in part to the ability to create partnerships with long-term investors that support the organization's vision without imposing immediate pressures for liquidity. This forward-thinking approach, coupled with a commitment to retaining focus on client-first principles, positions Steward Partners to thrive in the competitive financial advisory landscape.