Episode 22: Start-up Vibes at a $7.5B Wealth Manager w/ EVP Adam Cox | The Power of Authentic Storytelling (and Podcasts) | Why Introverts Make Great Salespeople
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At the start of his career, our guest, Adam Cox, learned an important lesson - success in financial management is about more than delivering flashy stats, sales pitches, and charm.
It’s about earning trust. And most importantly, not overlooking your own strengths.
In this episode, Stacy and Adam sit down for more than a coffee cheers between two fellow introverts. They’re digging into Adam’s journey to the top and covering:
Adam’s backstory – From a one-man show to leading a team of 40 almost overnight
His mission to flip the script on the old wealth management playbook, putting authentic connections front and center
The #1 superpower that introverts like you hold when it comes to sales conversations
How Adam's career skyrocketed when he embraced his unique sales superpower and said goodbye to trying to fit into the extrovert mold
About Adam Cox:
Adam Cox is Chief Wealth Management Officer at The First National Bank in Sioux Falls. He hosts, Common Cents on the Prairie™, an award-winning podcast that tackles some of today’s toughest financial questions in an approachable and personable style.
In just over 7 years, Adam’s team has grown The First National Bank in Sioux Falls’ wealth management arm from $3.7 billion to $7.5 billion operation of managed assets, exclusively through organic growth.
TRANSCRIPT
Adam Cox: [00:00:00] As I was getting started as I thought if I worked harder and I learned more and knew more than other people, I could get a leg up because I was not. Extrovert and I was not a salesperson. I didn't push product and those sorts of things. But the other thing that was working in my favor was for whatever reason.
Adam Cox: And this has been like this my entire life. People have confided in me to a level that you can't believe and usually very quickly after meeting me. And so I think that being a trusted confidant paired with. Technical expertise was really, really powerful and overcame the norm, which was you have to sell, you know, smile and dial, dial for dollars, all those sorts of things.
Adam Cox: Like, if you can be a really good person and be a connector and be a human first and listen and get to know people at a really deep level and then say, oh, by the way, yeah, I can do all those things that you need. That's a really powerful thing.
Stacy Havener: Hey, my name is Stacey Havener. I'm [00:01:00] obsessed with startups, stories, and sales.
Stacy Havener: Storytelling has fueled my success as a female founder in the toughest boys club, Wall Street. I've raised over 8 billion that has led to 30 billion in follow on assets for investment boutiques. You could say against the odds. Yeah. Understatement. I share stories of the people behind the portfolios while teaching you how to use story to shape outcomes.
Stacy Havener: It's real talk here. Money, authenticity, growth, setbacks, sales, and marketing are all topics we discuss. Think of this as the capital raising class you wish you had in college, mixed with happy hour. Pull up a seat, grab your notebook, and get ready to be inspired and challenged while you learn. This is the Billion Dollar Backstory Podcast.
Stacy Havener: If I told you that I have a wicked smart friend with a JD, And an M B [00:02:00] A who took a $3.7 billion wealth management firm to seven and a half billion in seven years, all through organic growth. If I told you that friend hosts an amazing podcast interviewing couples about their money journeys, including sharing his own journey with his wife, if I told you he speaks at huge industry events and even has his face plastered on billboards.
Stacy Havener: If I told you all of that, would you believe me if I also told you he is an introvert? Today's guest is Adam Cox, a technical expert turned heartfelt storyteller who has built a multi billion dollar business as the face of a private wealth management arm within a 150 year old community bank in Sioux Falls, South Dakota.
Stacy Havener: The same bank he went to as a [00:03:00] child. If you've ever felt like you want to lean into your authenticity, but you are afraid, or you can't, or you're introverted, or it won't work, this is the podcast for you. Grab your popcorn and a notebook. It's time to get real with my friend. Adam Cox. I'm smiling. I feel like I'm cheese grinning.
Stacy Havener: Am I cheese grinning right now? Because I kind of feel like I have the biggest smile on my face This is such a joy for me because adam and I have been friends from afar linkedin and we're both podcast hosts And now you're in the studio with me. Thank you so much for being here adam.
Adam Cox: Yeah, buddy. I'm looking forward to it Thanks so much for having me
Stacy Havener: great okay, so I'm really excited to hear your backstory because I've seen, read, heard little snippets of it here and there, but can [00:04:00] you kind of take us through your journey?
Stacy Havener: Um, I'm going to have you start wherever you want to start it. Like, did you always know you wanted to work in a bank and also did you always know you wanted to be a podcast host?
Adam Cox: Short answers? No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, that's a great question. How did this happen?
Adam Cox: I went to business school undergrad, then went to law school and then went and got my MBA and I finished my MBA 2008 and I had every intention of being a distressed debt, investment banker, and if you recall 2008, which I think we all do in this profession, there was plenty of distress, not a lot of jobs, so I did have one phone interview, but it took place at 11 PM.
Adam Cox: After the guy got off work on his way to the gym, and I thought, I don't know if this is for me. So, I pivoted. I actually had two offers coming out of school, [00:05:00] both very different. One was a really cool opportunity to be a negotiator for a large company. And I thought, well, that seems pretty sweet. The other was lesser paid and less glamorous, which was to settle estates for high net worth families as part of a large bank.
Adam Cox: So I did not intend to do that, but one night I had a dream and I remembered being in a bank as a kid, actually the bank I work in today and when I woke up, yeah, I know it sounds like I'm making it up, but totally true when I woke up, I was like, I got to be in banking. So I took the other job and flash forward.
Adam Cox: I got to do something that I really love to do, which will impact our conversation today, which was, I got to learn a lot about people and emotions and money and loss and all of it. And, uh, I had a blast doing it. That's
Stacy Havener: so cool. Can we unpack it a little bit? Because so you, did you always know you wanted to be in distressed debt?
Stacy Havener: Like, when you were a kid, were you like, this is, I'm gonna be in distressed debt. I'm actually gonna be a distressed debt investment banker. [00:06:00] Mom. Dad.
Adam Cox: Yeah. Yep. I mentioned it at kindergarten, my graduation. All the other kids want to be firefighters. I was gonna be a distressed debt investment banker. No, I think where it came from was, I love finance.
Adam Cox: I love the legal side of it. And I have always really, really enjoyed taking bad situations and helping them make them better. Ooh, what a good statement. And so, for me. Like that brought together a whole lot of things that were just total check marks for me is like, there's something that has gone wrong.
Adam Cox: Maybe it's fixable, maybe it's not, but I want to be part of a team that figures it out. But the opportunity, thankfully, I guess, was taken away in the Great Recession.
Stacy Havener: But you know what's interesting about that? Don't you feel like those threads show up no matter where you land? So like now where you sit, do you feel like you still have this opportunity to turn things around?
Adam Cox: Oh, 100%. Yeah. Talk about it. So yeah, I mean, I [00:07:00] had a couple other stops along my journey and then had this opportunity to come move back to Sioux Falls. I was living up in Minneapolis at the time and Basically, what happened was I was given an opportunity to join the trust department here at the First National Bank in Sioux Falls, and I was apprehensive to take the role for a couple of reasons, but mostly because from the outside looking in, I would be joining a community bank in Sioux Falls, where I grew up, which I loved, but I was so used to climbing the ladder professionally in a big city.
Adam Cox: And I was kind of in that grind and in that mindset, and I was like, I don't know that I'm ready to to give that up. Then I started looking at the opportunity more and. The more I learned about it, the more I thought there's a lot of opportunity here now, getting back to my desire to take things that maybe aren't optimized and turn them around or do something different.
Adam Cox: What I saw here at the bank was this incredibly successful department, [00:08:00] however, just given the winds of change in financial services, I thought. If they don't do something, they probably have 15 years and it's unprofitable and 5 more years from that, the bank will be made making a very tough decision of what to do with this division.
Adam Cox: I think I was wrong in that. I think they had 7 or 8 years. Before they were unprofitable because of the last few years and the cost of talent and the cost of systems and tech and all those sorts of things. So it was going the other direction pretty quickly. The challenge for me was convincing a group of individuals that were highly talented and really successful to change almost everything and to go a different direction.
Adam Cox: And rightfully so, they're highly skeptical of me and all the changes I wanted to implement, but thankfully, I found some true believers here and together, we've done some really, really incredible things and I, I often say the first few years we did the hard [00:09:00] work and now we get to do the fun
Stacy Havener: work. I love that.
Stacy Havener: And it's so interesting. Like, the more I learn about you and, and kind of hear your story and see how that shows up, you know, again, those threads. You think they were going to take you somewhere. They end up taking you somewhere else, but they're still there. And this whole turnaround mindset, like if you're doing distressed debt and restructurings and workouts and all this stuff, I mean, it's just amazing that you were able to apply that passion in a different way and in a positive way.
Stacy Havener: So. That explains why you're sitting at the bank, but how did you end up being a podcast host?
Adam Cox: Oh, God, I asked myself that often. Yeah. Cause it doesn't really make much sense on the outside of it. I'm a little bit more on the technical side of things. That was my training. That's my entry into this business and I'm introverted.
Adam Cox: And so those two podcast host.[00:10:00]
Adam Cox: In 2000, late 2018, early 2019, I was sitting on my couch and I was watching TV and I saw this commercial from I'm sure a very well intentioned insurance company who was talking to, they were actors, but young parents. Asking them with new bait, holding new babies and all the things, all the emotions, asking them what's more important saving for your retirement or saving for your kids is college.
Adam Cox: And of course, on cue, they all said saving for our kids is college, right? And so I'm sitting on a couch by myself, like yelling at the TV, like, no, you can't wrong answer. Yeah, wrong answer. Yeah. And so I was just like inspired. Mad all of it. And I thought, you know what, even if it's on a really small scale, I want to get different information out in the world.
Adam Cox: And so I started writing. It's something I really love to do is to write, but then I found podcasts and I thought, well, this is a really effective medium and, you know, going back a little bit further when I was in [00:11:00] Minneapolis doing very technical things, one of the things I really enjoyed doing was teaching other professionals how to handle really complex things and explain them in a easy to understand and fun way.
Adam Cox: So podcasting for me kind of allowed me to get back in that mindset and do that again. So that was a lot of fun, the idea of it, the practical side of things. I paid for a producer to produce a year's worth of episodes, and I didn't do anything for a year because I was too afraid to start. And I knew once you start down the path, you can't stop.
Adam Cox: Yeah. Although everybody does, like everybody does three episodes and they're done. A podfade, yeah. Yeah. Yeah. Very real. Yep. Very real. And I knew it was going to be a bunch of work. And I think the other thing too, was if you look at my original topics, they were really uninspired. They were really technical things.
Adam Cox: And it's like, I'm looking at this list. It's like, I don't even want to record it. Yeah. Yeah. But I started and I recorded a few episodes. It was actually [00:12:00] my wife was like, you know, maybe you could loosen up a little bit. And I was like, cool. Well, why don't you join the show? And why don't we tell our money story?
Adam Cox: No way. Yeah. And so thankfully she did. And that really, I mean, I have kind of three aha moments that have happened in the last few years that have probably been the most impactful of my professional career. And it's weird. They've happened in succession like this, but the first was starting the show. And, but more than that, it was Diane and I telling our story, you know, she, yeah.
Adam Cox: Rightfully called me out on the quality of the podcast because I was reading the episodes and I was so afraid to make a mistake and, and just let loose. She's like, you could do better. And so I was like, fine, all right, join the show. Let's talk about our money story, because I think that, and you see it a lot in our industry.
Adam Cox: And I think we'll talk about this too, with people on our side of the table, but people just don't talk about money. And I think that does such a giant disservice to not only our industry, [00:13:00] but the people that we serve. And so I just was kind of like, all right, let's tell our story. Let's get that out in the world and let's see if that resonates with people.
Adam Cox: And maybe it'll help somebody. And what has happened with the show and our business since that moment has been truly transformative. So like, I will go to a restaurant or I'll go to the grocery store and people will stop me. Strangers. Maybe I know them, maybe I don't. And they'll say, Hey, I just want to tell you about the show and what an impact x, y, or Z story had on me.
Adam Cox: And we had a very similar thing happen to us and, and or you'll never guess what my spouse did with money and how we're fixing that. And so it has started this conversation that has been just so satisfying. And so those are my favorite episodes to do are the ones where we tell people's stories and the reaction that we get and the people that come up to us and say, this is just incredible stuff.
Adam Cox: And so my belief is personal finance is not. A math problem that needs to be solved. It's an emotion thing. It's a history thing. It's [00:14:00] all the other stuff that happens between your ears and with our spouses and all of our parents and all the things. And so we're talking about those, which is great. The second aha moment was I finally defined my personal mission statement.
Adam Cox: And my mission is to change the way wealth management services are delivered. And so knowing that about myself, it has caused me to make room for things that I didn't make room for before and push out things that I needed to push out so I can help fulfill my mission and surround myself with people that can help me do that.
Adam Cox: We'll
Stacy Havener: be back in a moment after a word from our premier brand partner, Ultimis Fund Solutions.
Adam Cox: Since our founding in 1989, we believe that alternative investments are integral part of client portfolios. Unfortunately, delivering high quality hedge funds and private market exposures has always been a challenge for the wealth management industry. These type of alternative investments [00:15:00] introduce unique challenges related to taxes, qualifications, paperwork, and reporting.
Adam Cox: As a result, high net worth investors tend to be significantly under allocated to both hedge funds and private markets relative to institutional
Stacy Havener: investors. That's Stephanie Lang, Chief Investment Officer from Homeric Berg, an 11 billion RIA headquartered in Atlanta, Georgia, that serves over 2, 700 clients in 46 states.
Stacy Havener: You can tell they believe in helping high net worth clients access hedge funds and other alternative investments. They are equally as passionate about broadening that access for all their clients, not just qualified purchasers or a select group of accredited investors. Meet Nick Darsh from Ultimis with some backstory.
Stacy Havener: Paul
Adam Cox: McBurg created a 3C1 fund in January 1999 to provide their high net worth. And institutional investors with ready [00:16:00] access to a diversified portfolio of hedge funds. As interest in the fund grew and the constraint of the a hundred investor rule loomed, HB began exploring ways to continue expanding the investor pool without negatively affecting existing shareholders.
Stacy Havener: We'll hear more about the creative fund conversion work that made it possible later in the show. Now, back to the program.
Stacy Havener: So what does that mean? When you say change, how it's delivered, push things out and let make room. What are you pushing away and what are you making
Adam Cox: room for? So I'm pushing away being an expert in personal finance, frankly. I mean, I think about all the stuff that I was trained to know, all the things I used to do.
Adam Cox: I don't remember any of them. I mean, I still know a lot, but I don't know stuff to the same level that I used to and because I just can't spend time on that stuff anymore. [00:17:00] I'm not reading trust documents anymore. I'm not, I'm just not doing that stuff. I'm really spending my time trying to find the best people to fill out our team, to help me with this mission, the best products and services and change the way we think about service.
Adam Cox: I think for a long time, people in our industry have felt the only way. That we can be successful is if we are technicians and we're the smartest people and we have the best product and all those sorts of things, I think anymore, that's table stakes. I think what people want is someone in their corner and someone that can ask them the question that they maybe were too afraid to ask you to anticipate needs, to know more about them, to have better conversations.
Adam Cox: I think if we in industry do that. We'll be in a much better place than we've ever been, and that's what we're doing. So now I spend my time working and focusing on those things versus being a subject matter expert.
Stacy Havener: Gosh, I love that. I mean, the second [00:18:00] aha moment is so good, and I've already, like, I still have things I want to talk about in the first aha moment, but in some ways, they're very related in my mind.
Stacy Havener: Yep. Because, you know, you've said this to me, the idea that People are not buying a product or service or a fund or a strategy, they're hiring a human and everything you've said here, the podcast stories that you love recording about couples talking about their money, you know, issues and mission, et cetera.
Stacy Havener: And the second aha about changing how wealth management is delivered less about technicals, more about human interaction. They're both so related to me and that's missing in so many pockets of the investment industry and the wealth industry. Like it's just missing. And I think it makes sense on one level.
Stacy Havener: You alluded to it. You get a bunch of smart people who are very [00:19:00] comfortable living up here in their mind. And they forget that so many things, including all decisions, start in the heart. So that's got to be a crazy journey for you to like, especially as an introvert, to shake off some of this, like introverts feel comfortable when we can, I don't want to say hide, but when we can sort of hide behind our expertise, like that's what we lead with.
Stacy Havener: It's not really us. It's our expertise. And so how's that been for you? That journey on authenticity.
Adam Cox: Yeah. It's been interesting. I kind of had two things colliding. So the one I've talked about, which is being a technician, and that really helped me in my career as I was getting started as I thought if I worked harder and I learned more and knew more than other people, I could get a leg up because I was not Extrovert and I was not a salesperson.
Adam Cox: I didn't push product and those sorts of things. But the other thing that was working in my favor was for whatever reason. And this has been like this my [00:20:00] entire life. People have confided in me to a level that you can't believe and usually very quickly after meeting me. And so. I think that being a trusted confidant paired with technical expertise was really, really powerful and overcame the norm, which was you have to sell smile and dial, dial for dollars, all those sorts of things like if you can be a really good person.
Adam Cox: And be a connector and be a human first and listen and get to know people at a really deep level and then say, Oh, by the way, yeah, I can do all those things that you need. That's a really powerful thing. And it kind of led me to my third aha, which is why I think you and I are friends. Which is the power of story.
Adam Cox: I did a little test. And part of it was inspired by some of the content you put out there. So, thank you for this. Oh
Stacy Havener: gosh, I can't wait to hear the test.
Adam Cox: Yeah, so I had a [00:21:00] very low I don't know, it was, it was a non threatening Prospect meeting, I would say, and I thought I'm going to try something different rather than lead with, well, here's why we're better.
Adam Cox: You know, we're a fiduciary and do you know what that is and all those sorts of things, right? Rather than hit people with that, I said, I'm going to do something different. I'm going to say why I'm so passionate about this business and what I'm trying to build, and I'm just going to see where that lands.
Adam Cox: And so that's the story that I led with say, here's why I'm in this business. Here's why I love this business. Here's where I think it's going. And here's how we're going to get there first. And here's what my team and I are building. And without even ever even asking anything, the guy was like, yeah, I'm in.
Adam Cox: I'm in.
Stacy Havener: Were you like, what, what just happened?
Adam Cox: I was like, just like, this is it. Yeah. Right. People buy from people. People want to opt into who you are and what you [00:22:00] believe. We didn't talk about fees. We didn't talk about services. We didn't talk about any of it. They're just like, I believe in what you're building and I want to be part of it.
Adam Cox: A
Stacy Havener: hundred percent. I mean, and that changed everything. Can we just pause and let everybody like, get your notebook and write it down, my friends, because that is it. And it's not that they don't. So it's so interesting. I love that you tested it because that I'm sure took a lot of courage. What's crazy is it doesn't mean that that person you met with doesn't care about fees or services or all those things because they're going to get there.
Stacy Havener: You know, when you have to fill out all the paperwork and do all this stuff, like that's going to come out, but their heart was bought in the rest of it is just rationalizing the details. Yes. And so, you know, it's crazy. I love so much of what you're saying and it's awesome to see it and hear about it, like actually in practice, someone said to me recently in one of my story sessions with them, it was the founder [00:23:00] and they were asking, like, how did you figure out that this worked?
Stacy Havener: And it was kind of like what you said. It's like, well, just by doing it and then you, you sort of start figuring out like, well, what do I keep doing? That's working. I don't know. And then He said to me but it's so simple like telling stories is so simple So once you figured out that was it were you just like are you kidding me?
Stacy Havener: And I thought I mean I was I was kind of like, yeah, but it's simple but not easy And that's
Adam Cox: the challenge. It's a huge challenge and I don't know that I could have done it a year three in my career. No Because something happens, you know, as you go further in your career, you gain more confidence. You get to be more comfortable with who you are and what you're about.
Adam Cox: I'm not a big, so I'm about to turn 42. I'm not a big, what does it all mean? Kind of person. I'm more of a one step in front of the other. Let's keep going. But as I've gotten further into my career, I've just become more comfortable. In my own skin and [00:24:00] more passionate about my vision. And I think that has just infused everything that I do.
Adam Cox: And so now I am totally comfortable saying, yes, we do all this stuff, but here's what I think you should know about us first. Yeah. And then spending most of the time listening and just getting to know a person on their level. And I have found by listening. And actually really listening, not waiting to speak, not waiting to get your talking points in, but really listening.
Adam Cox: Some of my best prospect meetings are meetings where I say like three or four sentences. You know
Stacy Havener: what's crazy about that? I so relate to that as an introvert, because I'm actually fairly introverted, which people can't believe. But what I think is interesting about that as a salesperson, okay? And I know you don't identify with that.
Stacy Havener: Introverts. Typically are more comfortable asking questions than they are [00:25:00] sort of offering up statements, if you will. And so what happens in a very subconscious way is if you are introverted and you're in sales and any kind of prospect meeting, you are going to default to asking questions more than you are to pitching.
Stacy Havener: And that is actually what works, but you don't do it because you think it works. You do it because that's just how you live your life. And I think that's why people feel one of the reasons why people feel so comfortable with you is because you're not talking at them. You're letting them sort of. Be the hero and you're giving them the space to share and they start to feel comfortable and then they share more and they can't really understand why they're sharing it and I get that.
Stacy Havener: I totally do. Like, it's really natural.
Adam Cox: Yeah. And you know what? [00:26:00] People don't fire their friends, oftentimes, and the clients that I work with, I have really deep relationships with, and they let me know if their kids struggling with cancer or they're having marital issues or substance abuse stuff in their family, really deep stuff.
Adam Cox: And. We don't really talk about business that much because they just trust me and they trust the team that I'm going to have working with them. And they just assume we're going to know the technical stuff and we can pull the levers and push the buttons, which we certainly can't. It's just so refreshing.
Adam Cox: Yeah. But if you have that level of intimacy with your clients and the people you work with, business and doing this job is so much more fulfilling. Then trying to justify why you underperformed a benchmark by 10 basis points last year.
Stacy Havener: So fascinating. I mean, every once in a while, cause we were friends on LinkedIn.
Stacy Havener: So we follow each other's [00:27:00] journeys there. And every once in a while, I'll have some new person that like stumbles across my work or whatever you call it content. And they'll say something like this just happened to me this week. They'll say something like. Oh, stories are a dime a dozen. What really matters is results.
Stacy Havener: And take a deep breath before I respond, because I get it, but my response is always something around what you just said, which is actually people that are good at their job. Not great. Good. Are a dime a dozen. Yeah. And if you think that you're gonna win a client because you outperformed by, you know, 25 basis points, five basis points, two basis points, whatever, you're wrong.
Stacy Havener: That is not why someone hires you. It is not. And yet that is the pervasive. [00:28:00] Narrative that almost every fund manager is taught. I don't know if advisors are taught that same message just like through industry constructs that like, Hey, you're only good as your last basis point out about performance, but it's BS.
Adam Cox: Yeah, it is a little BS and I think that it's a coping mechanism that we all use and it's a place where we hide, you know, you buy the expensive suit, you have a good haircut, you say all the right things. And you follow the script and you get business and you go sell and you rinse and repeat and all those sorts of things.
Adam Cox: But I find that to be. A little more shallow than where I want to live my life, but it took me a little while to get there, but I think I got there probably faster than most just because again, that introversion and just that ability to connect with people just got me there sooner. And I thought, you know what, we're going to all have stressful times.
Adam Cox: I just don't want to be stressed out about the minutia of this business. I want to be stressed about real. Because there's enough of that to
Stacy Havener: be stressed about. [00:29:00] It's funny as I'm listening to you and thinking about, you know, putting myself in your shoes and thinking about what you're building at the bank and, you know, your podcast and the stories you told about people recognizing you.
Stacy Havener: And I'm sure you never thought this would be your path, but you're doing something really cool here that you haven't really owned yet. I'm going to see if you. Realize this, but you said my kind of, I mean, you are putting a face and a heart and a soul on your business. You are, and that is crazy at a bank a, but be like, that's really tough to do.
Stacy Havener: from just a personal perspective, especially if you're an introvert. So like the fact that people come up to you and say, Hey, the podcast and they, they talk about the stories, like they are associating you and kind [00:30:00] of how you're building this brand. with the bank. And that is the most powerful thing. And I think it's something that people underestimate here because yes, your business has a brand and you need it.
Stacy Havener: It's important, super important, and the team and all of those things. But you also greatly benefit from somebody being brave enough to step forward and say, I will embody these values. I will show people what it looks like. I will put myself out there. And you're doing that really
Adam Cox: well. Thank you. Yeah.
Adam Cox: That's very kind of you to say. Do you realize you're doing it? I do. Okay. Well, I have more recently just because as the show's gotten bigger and the impact has been more. Felt, I guess, you know, for the first couple of years, I felt like I was putting content out in the world and, you know, my mom listened, um, didn't understand, but she listened and, you know, family and friends and, but then as it's [00:31:00] gotten bigger and I have become more comfortable asking really tough questions and so leaning into that and now I think people expect that from me and which has You know, talk about managing expectations.
Adam Cox: And so now people are coming to the show and saying, Hey, I have a story and I'm willing to share it because other people have shared it as well. So if you look at my upcoming show list, there's a lot more couples on there or individuals than there are technical experts. And that's changed over the past couple of years.
Adam Cox: And I love it. I do too, but people need to, they probably also need to hear like, if they're listening to this and saying, Oh, cute, you have a podcast and you know, all those sorts of things, what does that mean from a business perspective? I will tell you, we have had back to back to back record years. Our financial results look like a hockey stick and it's not all because of the content that we [00:32:00] produce.
Adam Cox: I'm not going to sit here and say that a lot of it is we're solving more universal needs than we were before, and we're just nailing the client experience, which grows your firm. But I think by putting yourself out there and humanizing your brand and putting out in the world what you're all about, it's a magnet for other people who believe the same thing.
Adam Cox: And even if they don't sit down in the chair and saying, I'm here because of your podcast, although some have, and that more than pays for the show, but it just creates this drumbeat. Of momentum and people opting in to what you're building. And even if they don't. Opt in right away, somewhere in the back of their mind, they have heard your content, they have heard your story and they say, when I have a need, I'm going to contact them.
Adam Cox: Yes. And that has absolutely transformed our business. Now, I will say the flip side of this is it is going to force us to have a different skill [00:33:00] set than we were all trained to have because people are hearing the show and they're coming in guns blazing. And they're saying, we can't get on the same page about this with money.
Adam Cox: And, you know, my parents did this and versus your parents and you were raised this way. And so now we're saying, okay, now we have to deal with this. Like we have to be prepared to have this level of conversation, this level of client engagement. So it's all good stuff, but it's changing our business. And now I tell people.
Adam Cox: Every business day. So every day we open our doors, we onboard at least one new household. Isn't that amazing? And for a community bank in Sioux Falls, South Dakota, to be able to say that it's absolutely insane. So it works.
Stacy Havener: It's so awesome. I love so much of that because I do think it's difficult to measure the impact of something like a podcast or even LinkedIn.
Stacy Havener: And. You know, the best way that I've [00:34:00] found is to actually ask people. There's not very like techie API, whatever, you know, stuff going on there, but that's real. Like, how did you hear about us? Have you listened to the podcast? Just so that you can see, you know, If it's involved in the decision making, which, of course, it's going to be the other thing that your comments brought up for me, I think, super powerful is what you said about no, it's changing the skill set and maybe the people that you'll need at the company going forward, because when you put this message out, it's attracting a certain type of ideal client to you, and they may have different needs than the team that you have in place, you know, Today, what's cool about that, though, is that the podcast and the linkedin and all this stuff you're doing, it doesn't just speak to true fans, clients, it speaks to true fans, [00:35:00] teammates, and I don't know if you've seen that yet, but that was something I did not.
Stacy Havener: Think about or intend, but the people who reach out now who want to work here, they are following the content, they are listening to the podcast, and when they come in, they're like, I need to work here, like, this is where I'm meant to be, and have you found that yet? Like, that's big. Oh,
Adam Cox: yeah. Yeah. I mean, it attracts clients.
Adam Cox: It attracts vendors that are like minded, and it attracts teammates. Yeah. And so anytime, thankfully, now that we throw a job posting up there, we get not only very attractive candidates from a technical standpoint, but we get people who have said, and this is for other bank positions to the, Hey, I love the content.
Adam Cox: I love what you guys are doing. And so even if it's not even on our team, it is having an impact. And I love that. I do
Stacy Havener: too. And does your current team like totally rally around it as well? Like that's something that also really [00:36:00] lifts me up. Like when I see the pride on the teammates here today who are like, Oh my gosh, like this client mentioned your last post or, you know, they just, they're all with you on the journey.
Stacy Havener: It's a rallying cry. It is.
Adam Cox: Although we'll say, so my team, my direct reports, I've got some absolute savages. So they love. To give me all the hell anytime I put myself out there because they know how uncomfortable it makes me. Oh, of course. And so they just amp it up a little bit, but no, I, you know, the rest of the team for sure.
Adam Cox: They are really great about passing on the comments and, you know, the feedback that we get on it. And when people come in and say, you know, I've been listening to episodes and, you know, for two years and haven't had a reason to reach out and I'm reaching out now and that stuff is awesome. Although I will say my team.
Adam Cox: The people who report to me, some of them are absolute savages and they just, they like to, you know, knock me down whenever they can. So they see my face on like a bus or something and they're [00:37:00] just like, you know, they just, it's ridiculous. Wait, is your face seriously on a bus? No, thankfully it's about the only place it's not at this point, which is just maddening.
Adam Cox: Like I'll get a call from my wife or my daughter, like, Oh, just saw you on a billboard. I'm like,
Stacy Havener: sweet. You are the only other person I've ever talked to that's been on a billboard. Really? Yes. I mean, I don't ask people, so I guess I shouldn't say that. It's never come up in combo. I was on a billboard once when I was in college, and it was one of the most humbling experiences I've ever gone through in a very, like, I know that might sound strange.
Stacy Havener: Yeah. But they put me on a billboard for the college and I had to pass it on my way to class. Yeah.
Adam Cox: Uh
Stacy Havener: huh. It's a very weird thing, especially, and we're both introverts. How did that happen to
Adam Cox: us? I don't know. It's weird. Whatever. I don't know what this, these college kids now are getting name, image, and likeness money.
Adam Cox: I don't know. I wonder where mine is. Where? Seriously? Where's mine? You know what I mean? Now there's podcast episodes. It's like, where's the money? You know, where's my viore sponsorship? What am I doing [00:38:00]
Stacy Havener: wrong here? Oh my gosh, that's so good. We'll be back in a moment after a word from our premier brand partner, Ultimis Fund Solutions.
Adam Cox: When we first launched our internal fund of funds as a limited partnership, it was a great option for us to be able to provide a hundred of our accredited and qualified purchaser clients with access to a diversified portfolio of hedge fund strategies. However, Fast forward to 2016, our firm had grown to manage over four billion and serve over a thousand clients of various sizes, accreditations, and tax situations.
Adam Cox: We still firmly believe that high quality hedge fund exposure is important to client portfolios. It provides stability. To client portfolios and generates a return stream that was not available in public and equity and fixed income markets. Unfortunately, the 3C1 structure with its slot limitations, high minimums, and K1 reporting was no [00:39:00] longer ideal solution for our growing and complex client base.
Adam Cox: We looked at various alternative options with third party hedge fund managers, liquid hedge mutual funds, but also discovered that we had an opportunity to register our fund with the SEC, preserve its extensive track record, and solve all of the issues that the 3C1 structure was creating for our business and clients.
Adam Cox: That's when we teamed up with Ultimis to begin the process of registering our legacy fund. But the SEC and converting it to a tender offer fund.
Stacy Havener: We'll hear more later in the show. Now, back to the program.
Stacy Havener: Hey, can I ask you, this is a question for our listeners that I wanted to ask you. And it came up with one of our clients literally yesterday. If introverts.[00:40:00]
Stacy Havener: Into the world of podcasting, and maybe they don't want to host their own show, but they want to be a guest. So this came up with a client this week, actually, who wants to start, you know, being a guest on podcasts. And I thought, Oh, I'm going to have Adam on. I'm going to ask him, like you've interviewed a ton of people.
Stacy Havener: What advice would you have for somebody? Now, let me give you a little bit of a persona here. We're talking like a fund manager who's maybe like. Really comfortable talking about markets and charts and data and stats. What advice would you give them if they wanted to start podcasting? Like being a guest, being a guest.
Adam Cox: That's a really good question. I would say, first thing, you have to care. There's a lot of guests that will come on and be like, all right, what are we talking about? And you know, as a host, like the anxiety level goes, oof, right? Because it's not, now I feel like I'm on stage. I have to perform and you really don't care.
Adam Cox: So [00:41:00] I think it starts with caring. Part of that is knowing who the audience is of the show that you're going to be on. And speaking to that group of people, so I don't think it does any good this conversation, for instance, I don't think it would do any good for me to talk about things your audience is not going to find benefit in, like, I don't need to hear myself talk.
Adam Cox: Like, that's the last thing I want to hear on a Friday, right? I just, I don't need it. So as a guest, I think it's important to find out the, what makes the audience who they are and what they might want to hear. And now it's okay for you to bring different perspectives or to challenge the norm for the show, but just go in knowing that you're going to do that and have that dialogue with Thank you.
Adam Cox: The person hosting you. So it feels like it's a co created story. Yeah. I think that's my favorite guests are the ones that are really vested in what I'm trying to do and what I'm trying to build [00:42:00] and want to add to that. I
Stacy Havener: love that. What great advice. Fabulous. Okay. So I had a question that I wanted to ask to take us into my last little Proust questionnaire thing, which was about what has surprised you on your journey, but then you shared your three aha moments.
Stacy Havener: So now I'm kind of like, is there more? Like, do you have something that's really okay. Then I want to hear it. Okay.
Adam Cox: There is more. And so this is Adam's going to be real. Like, yeah, I'm here for it. The thing that surprised me most on this journey Was how difficult it was. So I mentioned earlier, I joined a highly successful division in a bank and I had very different ideas of what the future of that division should be.
Adam Cox: And so rightfully so I had a lot of people who knew I was about to move their cheese. And they were very skeptical of me and I had to [00:43:00] kill a division. I had to sell another one off and there were times on this journey that I didn't think I could do it. I took this job when I was 34 years old and I had never managed a single person in my life, not at a fast food restaurant, not any nowhere.
Adam Cox: I have always been accountable to just me. And so now all of a sudden I have this team of roughly 40 people looking at me like, I don't like this guy and I did not know how difficult that was going to be. And there were many, many days during the first four years. That I didn't want to come to work the, I would go to bed crying, I would wake up crying.
Adam Cox: I couldn't only by the grace of God and my wife, was I able to put one foot in front of the other and get in, in, in there and do the work. [00:44:00] And had I known what was in store for me doubt, I would have taken the job. Wow. But now the flip side of that coin is the thing that makes me most proud professionally.
Adam Cox: Is the fact that we did that I found a group of core believers who were all very young and hungry and wanted to change this business with me. And we set about to do the work and their partnership and their help allowed us all to happen. And now that we're achieving the results that we're achieving is so much sweeter because of the work that we put in, but I will tell you those were some very, very dark days and the stuff that we get to do now is so much more fun.
Adam Cox: We had to go through that.
Stacy Havener: Yeah, thank you for sharing that. That is a very real, very real combo right there. And, you know, I think I can't [00:45:00] imagine it actually, because if you've never managed someone, you've certainly never had to fire people. You've certainly never had to sell off divisions and tell people their job's gone.
Stacy Havener: And I can't imagine as a sensitive person, how that hits you from a Who even am I sort of, you know, deep philosophical level. So it's amazing that you worked through that. I think a lot of founders will relate to it in a different way because you were going into a very established place where you had people who were reporting to you and you had these moments that you described of, you know, going to bed in tears and that's very much sort of a founder feeling.
Stacy Havener: Where you realize like I have all these people that are relying on me to You know, build something and create something and it's kind of, you feel it all on your shoulders and that's [00:46:00] heavy. That's super heavy.
Adam Cox: Yeah, it is. I was talking to somebody earlier this week and she just joined our team and I was describing our philosophy and the way we do things and she said, I didn't know I was joining another startup and I said, you did, but it's 170 year old startup.
Adam Cox: Oh, I love that.
Stacy Havener: Oh, that's such a good place to transition. That's like amazing. That was great. You have to write that down. That was really good. That's a good vibe to use. I love that. Okay. So let's take a deep breath. That was a lot. I love that you shared that. I think a lot of people will relate to that, Adam.
Stacy Havener: Thank you. Yeah, you're welcome. Okay, so I have a little version of Proust's questionnaire that I like to do at the end. It's not fast, it's not like rapid fire, but they're, you know. How you doing? Keep it moving. Yeah, keep it moving, but I want to hear like your comments too. You're not like, you know, a person that's going to belabor the point.
Stacy Havener: Okay. No. [00:47:00] So let's start with this one. What book inspires you does not have to be a business book, by the way, it is. Okay,
Adam Cox: that's fine too. Bluish and strategy throwback. I have it on my
Stacy Havener: shelf and I have not read, but I will read, but why do you love it?
Adam Cox: So I love to be, it really helped galvanize the work that I wanted to do here.
Adam Cox: Basic premise is, and this is something we felt in our business is the trust business is a red ocean. I have 120 trust companies in. In and around Sioux Falls, South Dakota, along with 44 banks, insurance companies, brokerages, RIAs, everybody's here. Red ocean. So the premise is find places where other people aren't and go there.
Adam Cox: And for me confronting what we were as a business and how competitive that was and how tough that was going to be to keep up financially. [00:48:00] We had to find new places to go. And that book really, really helped me frame that up. I
Stacy Havener: love that. Okay. I'm totally reading that. That is coming off the bookshelf.
Stacy Havener: When we. Get off of this podcast. All right, next one. What place inspires you? What's your happy place? You ever heard
Adam Cox: of Miraval? Yes. Yeah. Health Spa down in Arizona. Yes. Yeah. My wife and I have been down there five times, I think. Oh my gosh. It's a scene. Uh, so she and I are both plant based and it's this total incredible health spa.
Adam Cox: You can work out classes all day, sit by the pool, go to the spa, all of it. It's incredible. The people watching is elite and Diane, my wife, she's even more introverted than I am. So like we barely speak, we just like watch. Life down there. Like take
Stacy Havener: it in. Take it in. That's so cool. It's incredible. I love that.
Stacy Havener: Okay. Great recommendation. [00:49:00] Mirror of all and it's a
Adam Cox: Scottsdale. Yep. Uh, well, no, outside of Tucson, not a sponsor,
Stacy Havener: should be a sponsor. Yeah, really? You should call them. Let's go. Okay. All right. Here we go. This is a fun one. Yeah. So I don't know where, I don't know the names of any stadiums out there, but whatever your big stadium is, um, you're going, this is the story I'm painting for you're going.
Stacy Havener: And it's. Filled with your fans, the fans of the podcast, you, the whole thing. And you're going to come out and you're going to do like a inspiring talk, kind of like we did today. What is your walkout anthem? What song do they play as you take the stage? Hmm.
Adam Cox: That's such a great question. I spend more time in my head.
Adam Cox: Inside of a soundtrack than any other human being, I think my guy over my shoulder here, Chris Stapleton, probably this song outlaw state of mind, the guitar at the beginning of that just hits you in the soul. So [00:50:00] good. That would be it. He's
Stacy Havener: pretty amazing. I think I read somewhere. Is this true that he actually started his career as a writer?
Stacy Havener: Not as a performer like he's written songs for other artists. Is that
Adam Cox: correct? I believe that is correct. Although I can't imagine life without him as an artist.
Stacy Havener: No, I can't either. I don't want to live there. But it's so interesting that he, you know, his journey started with like Not his voice, but his words, and now it's his voice.
Stacy Havener: Fascinating. Got a lot to unpack there. Okay. What profession, other than your own, would you like to attempt?
Adam Cox: Well, I think it would have been distressed debt investment banking. I mean, not to go circular on the bet, but probably would have been that. Yeah. Yeah. Yeah.
Stacy Havener: I mean, that makes sense. It's a very logical answer.
Stacy Havener: Yep. Okay. How about this one then? What profession would you not
Adam Cox: like to do? I don't know. I feel like I'd give the word profession a bad name. But I would [00:51:00] not like to be a politician. Why? Oh, I just couldn't do it. Just all the, the politicking, the vote gathering, the side room deals and chat. I'm such a straightforward, transparent dude that I just, I got no time for it.
Adam Cox: Yeah. Zero time for it.
Stacy Havener: Fabulous answer. Okay. And last, but certainly not least. What do you want people to say about you after you've retired or left the industry?
Adam Cox: You changed the way wealth management services are delivered. Personal
Stacy Havener: mission statement. That's it. What else is there? That's why personal mission statements matter, because they give you that grounding, foundational...
Stacy Havener: Why? Yeah, it's everything. So good. It has been so much fun. I could talk to you forever. Likewise. If people want to follow along and if they want to listen to your podcast, what are the best ways for them to do that?
Adam Cox: So you can go on our bank's website. So the first national bank in Sioux Falls, uh, you can find it there.
Adam Cox: Probably the easiest way to connect with me [00:52:00] and find the show and everything is through LinkedIn. So just find me on LinkedIn. There's one dude with my face on there with my name. So follow along. I am always looking for comments and suggestions and how to get better. I value being highly coachable. And so if people connect, yeah, reach out, say hello.
Stacy Havener: So good. Yeah. What a joy. Thank you for being here, Adam. I know I have learned a lot. I'm inspired and I know our guests will be too. Really appreciate
Adam Cox: you. Thanks so much for having me. This was awesome.
Stacy Havener: If you know a fund manager or a founder in the investment world with a great story, drop a note to Stacey at Stacey Havener dot com and tell me about it till next.
Stacy Havener: Next time I'm Stacey Havener. Thanks for listening. And now a final word from our premier brand partner, Ultimis Fund Solutions.
Adam Cox: The conversion of Omric Berg's LP into an integral fund [00:53:00] empowered them to grow the fund from 90 million to over 200 million and expand the reach from 100 investors to nearly 700 new investors.
Adam Cox: And continues to grow today by pursuing the conversion. It was able to lower minimums to 25, 000 welcome accredited investors. In addition to qualified purchasers, the entire conversion process was highly efficient because Homer Berg chose to partner with ultimates and other partners with a proven track record in this type of structure to structure product transition.
Adam Cox: The headlines are often too focused on new interval funds from pedigreed providers, this new fund from this cool big firm, et cetera. Maximizing a fund's potential through a conversion can be a powerful too, as we see in the story of Hallmark Berg. Traditional investment management and alternative investment management Are converging more retail investors are demanding access to non correlated strategies in illiquid asset classes to complement or supplement public markets exposure.
Adam Cox: Interval and tender offer funds offer [00:54:00] managers a flexible wrapper that combines many of the benefits of both 1940 Act and private fund structures. Interest in these products has increased significantly in the past decade, and we anticipate the volume of new launches and structure conversions to continue well into the future.
Adam Cox: This podcast is for
Stacy Havener: informational purposes only and should not be relied upon as a basis for investment decisions. The information is not an offer, solicitation or recommendation of any of the funds, services or products, or to adopt any investment strategy. Investment values may fluctuate and past performance is not a guide to future performance.
Stacy Havener: All
Adam Cox: opinions expressed by guests on the show are solely their own opinion and do not necessarily reflect those at their [00:55:00] firm.
Stacy Havener: Manager's appearance on the show does not constitute an endorsement by Stacey Havener or Havener
Adam Cox: Capital Partners.
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