My association with The Leaders Group began in 1998. The changes in our profession have been enormous during this timeframe, and The Leaders Group has changed as well—except for one key thing:
From an initial staff of five employees, Leaders has grown to more than 40 employees. Wow. Yet we’ve been able to maintain our values, culture, and family throughout the enormous industry and regulatory changes that have occurred. Today, what we do professionally is nearly unrecognizable from my starting days at a career life insurance company.
Well, that’s a question that has been on everyone’s minds, not just since the Simplicity acquisition of Leaders, but since we all started in the profession—whether last century or last month. But why am I feeling like “this time it’s different?” (Note Nick Murray’s latest book “This Time Isn’t Different.”) Why have I been feeling that a giant, tectonic change with the “family” I’m a proud member of is eminent? Well, I was invited to see for myself just how true my concerns really are.
I recently joined Directors Council members Emma Wheeler, Jimmy Jacobs, and Sal Palazzolo, along with The Leaders Group executive team members Jane Riley, Sean Wickersham, and Charles Arnold, for a day with the Simplicity Group executive leadership team at the offices in New Jersey. As the chair of the Directors Council, and an ancient member of Leaders, I’d like to report my findings.
My experiences in life have taught me to look for certain things when meeting new people and engaging in new environments. One of those things is consistency; the other is continuity. Both of those boxes were checked during my trip. Most certainly, the Simplicity executives I met and listened to were impressive in their knowledge of our profession today. They demonstrated their knowledge of the evolution of the financial services profession. They thoroughly described their individual, professional experiences. They articulated their goals for the future and the paths to getting there. They had a solid understanding of the challenges that firms like The Leaders Group and professionals like us are facing. So far so good.
It appeared to me that there’s respect and appreciation by each member towards each member. Not once did I sense a conflict in values and goals. Not once did I feel any of the Simplicity executives at odds with one another. Not once did I sense conflicting value systems. This isn’t to say that they don’t have disagreements. Let’s hope they do. But there seems to be a shared sense of mission, purpose and direction. Actions and attitudes speak louder than words. Checking this box for me is largely a function of my time in the business and my time on the planet. My gut and internal compass are usually right.
I’m happy to report that Sean Wickersham is one of seven members of the Simplicity executive team. Sean has a seat at the table in all decision making related to Leaders and Simplicity. I was worried that our collective voice would perish in this transition. It does not appear that will be the case at all. I carefully watched and listened to the interaction Simplicity had with the three Leaders executives in the meeting room. It appears genuine. The Simplicity executives respected and valued the comments and concerns voiced by all Leaders folks in the meeting, including the Directors Council members. They heard what we had to say. They will, I believe, respect us.
The Wickersham family had various selling opportunities following the passing of Dave Wickersham. Some of those opportunities may have brought greater financial rewards but would have changed the entire culture of the firm. The Wickershams chose to honor Dave and protect our interests as Leaders’ reps. They have been careful and deliberate in the decision to be acquired by Simplicity.
I’ve known Jane and Sean for the entire time I’ve been with Leaders. When they tell me they are confident in this change, I believe them. When they tell me our culture will be protected, I believe them. When they tell me The Leaders Group executive team will remain intact, I believe them. When they tell me the key Leaders folks will continue to work with us—that the uniqueness that brought all of us to Leaders will remain—I believe them.
If Dave Wickersham’s motto “doing the right thing is always the right thing” is to be believed and internalized, it must not only apply to the insurance and investment clients of The Leaders Group (the clients we advisors work with), but it must apply to The Leaders Group representatives as well. One doesn’t selectively do the right thing. It’s either done, or it isn’t. All the time.
I can’t speak to the specifics of the upcoming changes; I’m aware of a few. The timing and details are still a work in progress. I can say this: Your Directors Council is involved to the greatest extent we can be. Sean, Jane, and Charles continue to keep the council apprised of this evolution and ask for input along the way. They don’t have to do this. They choose to do this. I’m not aware of any other broker-dealer that operates this way. For most of us, it’s why we came to The Leaders Group in the first place. We’re not being abandoned. We’re not losing our voice.
Simplicity will provide us with so many tools we were unable to access before. Many of these are insurance, annuity, and investment options. We’re free to use them, or not, as we see fit. I have been told none of us will be forced to change the current strategic partner relationships we’ve cultivated over the years. We’ll just have more choices. In fact, Simplicity will offer us practice management tools and programs that have been difficult to acquire on our own.
Personally, one of the programs that got my attention is business succession: how we exit the practices we’ve spent a career building in the fairest and most rewarding manner possible. I’m looking forward to learning more. This is just one of the many additional opportunities we will have.
But wait! There’s more. Hmm. I really got the feeling that Simplicity would like to learn just how we’ve been able to build the culture we have. I suspect that as time goes by, our actions will speak louder than words, and our culture will stand out as a model for Simplicity to learn from, too.
As always, I am proud and humbled to be a member of the Directors Council. I view my participation as service to my clients, my community, my colleagues and my country. During my career, I have encountered a half dozen people that, without any one of them, I would not have succeeded. Dave Wickersham, his family and associates working directly at The Leaders Group fall squarely into the center of that list.
Call me anytime at (303) 979-8384.
Straight on.
Steve Caldara
Directors Council Chair
TLG Rep Since 1998
Caldara, Wunder, and Associates