October 2020.
A wonderland of promise, a perfect time to have a young baby, a 3-year-old, and a fledgling boutique advisory firm, all operating out of the same home/office. Right?
Well… as it turns out, it actually was. The consulting world changed along with everything else. In a time of physical isolation, every opportunity to connect with erstwhile colleagues and clients took on more meaning. Obstacles never felt more surmountable. There was the sense that no matter how wild things seemed at work, it would be ok in the end. After all, we’d just survived much worse.
Now, as Further Advisory enters our fourth year, I find myself tapping into that mindset again – and I suspect many of you who operate in the Financial Services industry can relate. The Great Belt-Tightening of 2023 has made for a challenging year for many of us. After 11 straight rate hikes from the Fed the past 18 months, my thoughts naturally fall to my business, and by extension, my clients. Sustained high rates mean higher reserves for banks, fewer loans, and thus less discretionary budget to keep the wheels smoothly turning forward.
As our clients know, there is no shortage of work to be done. FinTech continues to race ahead at a breakneck pace in an industry that tends to move… well… more slowly than that. The demands for mergers and acquisitions and digital transformations required to compete in this landscape remain many, and yet the financial resources available to invest in planning and executing them are on ice. It’s a frustrating place to be, especially when you’re passionate about the work that you do and the impact that you know you can make.
One of my favorite shows right now is Welcome to Wrexham. In case you aren’t familiar, it’s about a Welsh football team and the celebrity owners (Ryan Reynolds and Rob McElhenney) who buy the team, intent on restoring the club to its former glory. Hurdles abound, including laws written in the 14th century. During a months-long effort to reclaim the stadium Wrexham calls home, Reynolds calms an impatient McElhenney: “We’ll just keep waiting.” And they do. (And spoiler alert: it pays off.)
Sometimes, that’s just how it works. But what’s important is to wait actively.
While you wait, you prepare, connect, and build an even stronger starting line so that when the light turns green, you’re energized and on a road to even greater success.
I know from experience that it’s a lot easier when you’re actively waiting alongside great people. To our clients, who continue to engage us and plan while we wait together, thanks for your interest, energy, and continued trust.
We’re in it to win it together.
-Jeff
