Sunday Email: Lessons from ChikFilA and Ritz Carlton

Read time: ~6.30 minutes

Happy Sunday!

Every Sunday I offer strategies for the week ahead and a thought to fuel your action.

Sunday’s seem to be the day the craving happens the most.

It’s the day where the desire is the highest.

Yet, it’s also the one day the desire cannot be filled.

Which then makes the desire much more significant. And drags the fulfillment out to the next day.

Is the desire so strong because we know it can’t be filled?

Or is it something else?

Whatever the cause, my desire for an original chicken sandwich, waffle fries, and lemonade must wait till Monday.

Chick-fil-A has built a brand that's recognized and loved across state lines.

We all know their signature waffle fries, the humorous cows urging us to "eat mor chikin," and the fact that they're closed every Sunday.

But what truly sets Chick-fil-A apart isn't just its delicious food. It's the unwavering consistency in service, quality, and experience it delivers nationwide. This consistency is a powerful lesson for business leaders both in and out of wealth management.

Consistency is the bedrock of trust in any relationship.

In our industry, trust is paramount. When clients can rely on us to consistently deliver on our promises, they feel secure and valued.

I often compare the beginning of a relationship to a fresh slab of concrete—smooth, reliable, and uniform. But over time, cracks can form, disrupting the surface and making it uneven.

Unlike concrete, relationships don’t have to crack over time. Cracks appear when we start to breach trust in small ways, often due to inconsistency. Missing deadlines, failing to follow through on commitments, and not meeting expectations are all cracks in the foundation of trust. Some cracks are larger than others, but over time, they accumulate and can eventually cause the relationship to crumble.

When firms (us included) analyze why clients leave, they often attribute it to market conditions or recent events.

In reality, it's likely due to the gradual buildup of these tiny cracks over time. Consistency helps maintain smooth, strong relationships by minimizing these cracks. When clients know what to expect—whether it's a prompt call back or a timely transaction—they feel more confident in our partnership.

Building a consistent client experience goes beyond just meeting expectations. It’s about creating a reliable brand. Whether we realize it or not, each of us represents a brand, the brand of us. Clients choose to work with us based on that brand. To cultivate a favorable brand that attracts and retains clients, we must be consistent in our approach, communication, and overall experience.

Consistency in our professional lives mirrors the challenges we face in our personal lives.

Motivation can wane, growth can stretch us thin, and life can throw curveballs. To overcome these challenges, we must take proactive steps today to benefit us tomorrow.

First, ensure that our motivations are internal rather than external.

External motivators fluctuate with the environment, but the intrinsic motivation, aligned with our purpose and values, keeps us committed through both good and tough times.

Second, create structured processes that foster consistency. Establishing an environment conducive to success helps us stay on track despite the complexities of our lives and the world. Simplifying goals and breaking them down into manageable steps is crucial.

For instance, instead of trying to wake up two hours earlier, start with 15-minute increments. This gradual approach reduces the needed changes and increases the likelihood of maintaining the new routine.

When I think of consistency, I think about a consistent client experience, a consistent employee experience and a consistent deliverable in the service that is provided no matter the size of the company or the client.

Chick-fil-A provides a blueprint for building consistency in any business.

Their emphasis on training is a crucial factor. They don’t just train employees on the technical aspects of the job; they also focus on soft skills like communication and proactive service. By ensuring employees are great at both tactical work and interpersonal interactions, Chick-fil-A creates a uniform experience for every customer.

Investing in leadership development is another critical component. Chick-fil-A’s leadership programs and mentorship initiatives prepare future leaders before they’re needed, ensuring they’re ready to lead when the time comes. This forward-thinking approach builds a strong, consistent leadership pipeline.

Operational consistency is also vital. Like how wealth management firms should vet tech providers and external partners, Chick-fil-A carefully vets suppliers to ensure they meet strict quality standards. This thorough vetting process ensures alignment with the company’s ethos and operational standards.

Moreover, Chick-fil-A breaks down operational procedures into the simplest steps and continuously audits them. This meticulous attention to detail ensures processes are followed correctly every time, maintaining high standards and consistency.

In addition, they continuously audit the teams and processes to ensure they are followed. It’s not one and done and assuming they are being done because food is being served. The expectation is higher, and they ensure that not only is the process being completed, but it is being completed correctly every time.

Feedback from customers is another essential element. By actively seeking and acting on feedback, Chick-fil-A iterates and evolves its processes and services. Many advisors are starting to adopt this key attribute, and I believe it will be integral for firms in the future.

Integrated systems are crucial for seamless operations. Chick-fil-A’s investment in technology integration ensures that inventory and point-of-sale systems communicate efficiently, providing a predictable and smooth client experience. While the ROI on such investments might seem minimal early on, the long-term benefits for both team and client experience are substantial.

The Ritz-Carlton offers another example of exceptional consistency.

Their dedication to training and systems allows them to anticipate and exceed guest expectations. Each employee has a $2,000 budget to resolve complaints and enhance guest experiences without managerial approval. This empowerment, combined with anticipatory service techniques and problem-solving skills training, creates a consistently outstanding guest experience.

We are at a pivotal moment in the wealth management industry.

Firms that embrace these lessons from other successful companies will distinguish themselves as true businesses, not just tacticians.

Whether you’re a small or large firm, there’s much to learn from these brands. By focusing on consistency in any aspect of our operations, we can better our own companies and meet the evolving demands of our clients.

A Thought To Ponder This Week

Ed Catmull was 41 years old, helping to co-found Pixar.

At age 50, he helped launch one of the more influential animated films of our time, Toy Story.

Then, 11 years later, the company he helped to co-found sold to Disney for $7.4B.

At 61, Ed Catmull finally felt the imposter feeling go away.

A $7.4 billion sale doesn’t occur overnight. It is the result of many great decisions and the creation of a highly sustainable and valuable product or service.

Yet, the man helping to lead the way felt like an imposter, like a fraud.

In all honesty, he was afraid of failure.

Just like every single one of us.

Our position, our rank, our age, and even our successes don’t void us of the feeling of being an imposter.

What works is to continue forward and continue with an open mind.

As we enter the week, we may feel a bit like imposters, but I challenge everyone to find something this week to focus on that is your strength, not your weakness. Our weaknesses take up mind share, but our strengths determine our fate.

The best is ahead!

-Matt