Generation-Y financial advice practice, Wealth Enhancers, has repositioned itself as a members-only community, requiring new clients to apply to be part of the service.
The firm, founded by Sarah Riegelhuth and Finn Kelly three years ago, will now filter prospective new clients through an application process. The decision was driven in large part because of the extremely high growth rate experienced by the firm (just under 200% annual growth), and a desire to protect the existing Wealth Enhancers community.
Wealth Enhancers (WE) has labelled itself as ‘a community of tall poppies’ – providing coaching and financial advice for Generation Y people who want to push themselves to achieve big things.
It’s critical that we keep the quality within our community as we grow
“Our members join us because they want to be the best version of themselves that they can be, they want to push themselves and they want to be kept accountable, but most importantly they value their fellow members,” Ms Riegelhuth said. “It’s critical that we keep the quality within our community as we grow.”
“Our team also put their hearts and souls into the members, and working with people who don’t get it, don’t value it, or simply don’t want to put in the hard work, just isn’t worth it for them. It’s crushing for them to experience someone giving up on themselves as it’s just not in our culture,” she said.
Potential clients can apply to join WE via their new website. Once an application is received, the firm will conduct a telephone interview with the applicant to determine their mindset, objectives and whether they are a cultural fit. The WE leadership team will then assess the applicant against six key traits:
- Achieving financially
- Successful career
- Values and implements advice
- Engages with community
- Values-based living
- Displays consistency
“It’s not that we’re looking for someone who’s perfectly executing all of our six key traits, however we want to see that the person is capable of these things, and has a real desire to be the best version of themselves,” explained Mr Kelly.
The applicant will then be notified as to whether they have been accepted. Applicants who are unsuccessful will be given recommendations for other life coaching, financial advice and/or membership organisations.
As part of the repositioning, WE has set up its own independent AFSL, parting ways with former licensee, Synchron.
Sounds like a smart way to weed out the tyre kickers.
“A community of tall poppies”…Hmmn – they certainly don’t lack confidence in themselves. All sales-based businesses are above all people businesses. This simple fact may help them and us realise that the fancy offices, the smart clothes and the other accoutrements of seeming success still have as their platform the concept that we’re in the people business.
This ego based stuff reminds me of a Shakespearean passage from “Measure for Measure”.
But man, proud man
Dressed in a little brief authority
Most ignorant of what he’s most assured
His glassy essence, like an angry ape
Plays tricks upon high heaven
As makes the angels weep
I’m sure they’ll come back to earth one day soon. Indeed I hope so.
I would say that if someone was already displaying their’ six key traits’ then they probably don’t need your help 🙂
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