As a kid, the allure of "bigger is better" seemed undeniable. Whether it was dreaming of living in a sprawling mansion, owning the largest toy collection, or fantasizing about grand adventures that stretched across America (who’s idea was it to walk across America? I’ll blame my one partner Tim, but perhaps that is a story for another day), the imagination ran wild with the possibilities that size and scale offered. Yet, as we at first grudgingly transitioned into adulthood, the reality and challenges of life brought a new perspective. Gone were those carefree summer days, replaced by the complexities of balancing personal and professional lives. We learned that more isn't always better; instead, the value lies in quality, personalization, and depth of experience. This shift in understanding mirrors the ethos we embody at Members’ Wealth.

At Members Wealth, we champion the boutique approach for the families we serve. Embracing the lesson that smaller can indeed be mightier, we focus on delivering highly personalized, nuanced financial guidance that aligns with the unique aspirations and challenges of each family. This boutique philosophy means not just being another service provider, but a trusted partner who understands the intricacies of personal wealth management. It's about providing tailored strategies, meaningful interactions, and making decisions with the intimate knowledge of the families' values, goals, and legacies at heart. In this way, we help to transform the simplicity of those childhood dreams into the sophisticated reality of securing a prosperous future.

And it is not just us who think this. Recently, in the article: Americans Trust Small Businesses More Than Any Other Institution[i], a Pew Research Survey was summarized. Here are some highlights.

1. 86% of Americans view small businesses positively, the highest among all U.S. institutions including the military and religious organizations.
2. Small businesses' positive impact perception has increased from 80% in October 2022 to 86%
3. There is significant bipartisan support for small businesses, with 88% of Democrats and 87% of Republicans acknowledging their positive effect on the country.
4. In contrast, large corporations and financial institutions receive overwhelmingly negative responses, with support at 26% among Republicans and 32% among Democrats.
5. Following small businesses, the military and religious organizations are the next most positively viewed institutions by Americans, with around 60% support.
6. This data highlights a strong national consensus on the positive role of small businesses in American life, standing in stark contrast to the more divisive opinions on larger corporations

The sentiment that "big is not always better" is reflected in various aspects of society and the economy, including the preference for small businesses over larger corporations. Review Table 1 below for some reasons why small businesses can be better than big businesses for clients and America.

Table 1- Reasons why Small Businesses can be Better

So, if bigger is not always better, why as CEO was/am I insecure when people ask about our size (and still always am a little defensive)?

Because feeling insecure when people inquire about the size of your company, especially as a CEO, is tied to societal perceptions and personal expectations, as misguided as they may be. So, we took the time to contemplate deeper into why these feelings arise and how we should reframe them as Members’ Wealth. Here is what I came up with.

Societal and Industry Standards

• Success Metrics: Society often equates success with size, be it in revenue, market share, or employee count. This pervasive belief can make leaders of smaller organizations feel as though they are not achieving as much as their larger counterparts.
• Visibility and Influence: Larger companies tend to have more visibility and perceived influence, both in the market and in the media. This visibility can be mistakenly interpreted as a direct correlation with success and stability, leading to feelings of inadequacy among smaller firms.

Personal Expectations and Comparisons

• Benchmarking Against Peers: It is natural to compare your organization to others in the industry. Seeing competitors expand rapidly can invoke a sense of urgency to grow, regardless of whether it aligns with your company's strategic goals.
• Leadership Identity: As a CEO, part of your identity is intertwined with your company. Questions about size can feel personal, as if they are not just evaluating the company's success but your effectiveness as a leader.

Reframing the Perspective

• Highlight Strengths: Embrace and communicate the advantages of being a boutique firm, such as agility, personalized service, and deep expertise. Your value proposition isn't about being the biggest; it's about being a good fit for the families you serve.
• Focus on Impact, Not Size: Measure success by the impact you have on your clients' lives, the quality of your service, and the health of your company culture. These factors contribute more to long-term success than sheer size.
• Embrace Your Business Model: Your company's size should be a strategic choice, not an inadvertent outcome. Emphasize how your size aligns with your mission to provide tailored, high-quality service that larger firms can't match.
• Cultivate Confidence in Your Vision: Security comes from knowing you're on the right path, even if it diverges from the mainstream. Confidence in your business model and strategy can mitigate insecurities about size.

My Conclusion

Feeling insecure about your company's size is not uncommon, but it's important to remember that size is just one metric of success. The real value lies in how well we serve our clients, the quality of our relationships, and the fulfillment of our company's mission. By focusing on these areas, we can turn inquiries about size into opportunities to showcase what truly sets Members’ Wealth apart.

[i] https://www.inc.com/ali-donaldson/americans-trust-small-businesses-more-than-any-other-institution.html

About the Author – Dane Czaplicki, CFA®

Dane Czaplicki is CEO of Members’ Wealth, a boutique wealth management firm that offers a comprehensive approach to serving individuals, families, business owners, and institutions. The firm’s goal is to preserve and grow its clients’ wealth to endure over time, while thoughtfully evolving its strategy to suit an ever-changing world. With over 20 years of wealth management experience, Dane and the Members' Wealth team thrive on bringing clarity and confidence to clients' unique situations. He believes everyone needs sound financial advice from someone whose interests are aligned with theirs, and is determined to put service before all else.

Dane received his MBA from The Wharton School of Business at the University of Pennsylvania and his bachelor’s degree from Bloomsburg University. Outside work, he enjoys spending time with his wife and kids, hiking and camping, reading, running, and playing with his dog. To learn more about Dane, connect with him on LinkedIn.

To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453. 

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