Joe Duran is on a mission to make the wealth administration business extra about life and fewer about money.
Free Book Preview Money-Smart Solopreneur
This e-book offers you the important information for easy-to-follow ideas and methods to create extra monetary success.
four min learn
In this ongoing series, we’re sharing recommendation, ideas and insights from real entrepreneurs who’re on the market doing business battle on a every day foundation. (Answers have been edited and condensed for readability.)
This interview was carried out by way of e-mail with Joe Duran, Head of Goldman Sachs Personal Financial Management.
You began an organization, United Capital, which was acquired by Goldman Sachs. What was that have like?
I had simply bought my firm to General Electric and made the choice to go away. I then interviewed 100 entrepreneurs who had efficiently bought their companies for my second e-book.
I began each interview by asking the query, ‘What did it really feel like after you bought?” And after they initially informed me it was the American dream, all the pieces you possibly can think about — I’d inform them that it didn’t really feel that approach to me. Then all of them, no matter gender, background, or race, shared that it had felt like a dying within the household and they might have carried out it in a different way. They had all made large sacrifices in a manic race to achieve success and get to the highest.
It was throughout this course of whereas placing my e-book collectively that I got here to the belief that all of us make large sacrifices for money, however money is simply gasoline. I wanted to assist individuals focus on dwelling richly, slightly than dying wealthy.
I began United Capital to alter the business to make it extra about life and fewer about money. The concept was to focus on having individuals perceive what actually mattered to them and use money to slender the hole between the lives they needed and those they have been dwelling.
For entrepreneurs hoping to observe the same trajectory, what do you assume enabled you to catch the attention of Goldman Sachs in comparison with related companies?
We have a novel client-centric culture that unifies all of us. We are on one platform delivering a constant expertise to all of our shoppers. That is extraordinarily uncommon within the wealth management enterprise, which is historically fairly area of interest. I additionally really feel that they consider, like I do, that we may do extra collectively than aside and that they may speed up their plans to broaden the agency with our assist.
Why did you resolve to remain on as Head of Personal Financial Management?
I like new challenges. I’m studying extra now than I ever have and I really feel that I’m making a much bigger influence too. The capacity to take all the pieces that we will now do and broaden Goldman Sachs past the Ultra High Net Worth people they already served was and continues to be extremely interesting to me and the complete workforce.
What recommendation do you may have for entrepreneurs trying to construct and scale a enterprise?
First, you’ll want to be adaptable to alter. Keep your eyes on the large image past your opponents and your business. Client expertise is evolving in each buy of each services or products that we every make. Focus on how your shoppers reside their lives and how the technology they use shapes their expectations of service.
Second, humility is essential. Ask your self the query—what if I’m flawed? It permits for others to talk up and problem you. It makes your agency extra resilient. The workforce you construct works to serve your shoppers, not your ego. If you’re doing it proper, your organization is rarely actually “yours.” Beyond that, share the highlight as you develop, give others the chance to study and shine.
Lastly, apply what you preach to your shoppers or clients. If you’re burning each ends of the candle, not getting any sleep and never taking good care of your self, it would influence not solely your individual well being however the tradition of what you are promoting and your capacity to maintain your work over the long run.