What Dean Smith Can Teach Us About Wealth Management
The crowd roars as the final buzzer sounds. Another victory for the Carolina Tar Heels. At the helm stands Dean Smith — calm, collected and already thinking about tomorrow’s practice. What made Smith one of basketball’s most revered coaches wasn’t just his 879 wins or his two national championships. It was the relationship he built with each player: a bond rooted in unwavering trust, authentic communication and a shared commitment to long-term success.
Now, imagine your financial future as that championship game, with high stakes, complex decisions and moments of volatility. The question isn’t just who’s coaching from the sidelines but rather what kind of relationship you’ve built with that coach when the pressure is on.
The Foundation: Trust That Goes Both Ways
When Michael Jordan stepped onto the court as a freshman in that 1982 NCAA championship game, he carried absolute conviction that his coach had prepared him for this moment. With his team trailing by one point with only 32 seconds left on the clock, Smith called a time-out. But here’s what made it special: instead of panicking, Smith trusted his young player completely. His message in the huddle was confident: “I’d much rather be in our shoes than theirs. Isn’t this fantastic? We get to determine who wins this game.”
That mutual trust allowed a 19-year-old freshman to knock down the championship-winning shot with 17 seconds remaining.
The best client-advisor relationships mirror this dynamic perfectly. It’s not enough for you to trust your advisor’s expertise. Your advisor must trust you to stay committed to the plan when markets get volatile. This kind of trust isn’t built through impressive credentials or smooth presentations. It’s forged when your advisor tells you what you need to hear, keeps you focused on your goals and remains calm during your moments of panic.
Do you have an advisor who helps you see the bigger picture when emotions run high? Someone who understands your personal definition of financial success and builds strategies around what truly matters to you?
The Communication Game: More Than X’s and O’s
Smith pioneered the “point to the passer” gesture (when a player scored, they acknowledged whoever gave them the assist). Smith understood that great relationships are built on recognizing each person’s contribution and making everyone feel heard.
But Smith’s commitment to understanding his players went far deeper than basketball fundamentals. Former NBA player Kenny Smith tells a story that perfectly illustrates this principle. When Makhtar N’Diaye, a player from Senegal, was struggling in practice, Assistant Coach Bill Guthridge grew frustrated and threw him out. When Dean Smith approached N’Diaye afterward, asking if everything was alright, N’Diaye wouldn’t make eye contact.
“Mak, look at me when I’m talking to you,” Smith said. When N’Diaye continued to look away, Smith repeated more firmly, “Mak, look at me as I talk to you.”
Finally, N’Diaye explained: “Coach, in my culture, to look an adult in the eye is a sign of disrespect.”
Smith’s response was simple: “Oh, okay,” and he walked away. But what happened next revealed his true character. The following week, N’Diaye received a call from his mother in Senegal: “Mak, there’s this man here in Africa who says he’s your assistant coach. He’s been here for a week saying he’s learning our culture.” Smith had sent Bill Guthridge to Africa to learn N’Diaye’s culture so that he could never make that mistake again.
This story captures the essence of exceptional relationship building. Smith didn’t just acknowledge the cultural difference — he invested in understanding it completely. He recognized that effective communication isn’t about imposing your style on others; it’s about adapting your approach to meeting people where they are.
The best advisor relationships aren’t one-sided lectures about market conditions. They’re ongoing conversations where both parties contribute to success. Your advisor brings technical expertise and market knowledge, but you bring something equally valuable: clarity about what financial independence means to you.
Is it having the freedom to make your own choices? Creating a legacy for your family? Supporting causes you care about? Just like Smith’s players felt comfortable bringing concerns to him, you should feel comfortable sharing your priorities and fears with your advisor. When this communication flows freely, you understand the purpose behind every investment decision.
Playing for Each Other: The Team Approach
Smith’s teams were legendary for their unselfishness. Players passed up good shots to find teammates with great shots. They celebrated each other’s successes and supported each other through struggles. This wasn’t just good basketball — it was a reflection of the culture Smith created.
The best client-advisor relationships operate the same way. Your advisor shouldn’t be trying to impress you with complex strategies or chasing performance for bragging rights. Instead, they should be focused entirely on your success, even when that means recommending the steady, fundamental approach that serves your interests best.
During market turbulence, some advisors get caught up in trying to time markets or chase the latest trends. But the best ones stay focused on what their clients actually need to achieve their goals. They understand that consistency often beats brilliance and that your success is their success.
This is what it means to play for each other. Your advisor wins when you win — not when they outperform some benchmark that has nothing to do with your personal situation.
The Long Game: Building Something That Lasts
Smith’s greatest achievement wasn’t his win-loss record. It was the lasting impact he had on his players’ lives. Decades after graduation, former players credit him with teaching them how to handle pressure, make good decisions and stay committed to their values.
The finest advisor relationships share this transformative quality, extending far beyond portfolio management to encompass life coaching and family guidance. When markets get turbulent and headlines scream disaster, you have someone in your corner who knows your complete situation and can help you navigate the noise.
When you understand why your portfolio is constructed the way it is — and why it’s doing what it’s doing during both good and challenging times — it removes the anxiety and gives you the confidence to stick with your plan.
Time to Evaluate Your Coaching Staff
Here’s the key question: when financial pressure mounts, do you have complete confidence in both your strategy and your advisor’s guidance? Take a moment to think about your current relationship, and ask yourself these questions:
- Does my advisor truly understand what financial security means to me?
- Do my advisor and I communicate regularly about my changing needs and concerns?
- Is my advisor focused on helping me reach my goals or impressing me with market predictions?
- When volatility hits, do I feel supported and informed or anxious and alone?
The right advisor-client relationship should feel like a partnership where both parties are committed to your long-term success. Like Smith’s players, you should feel prepared for whatever the market throws at you, because you trust your coach and understand your game plan.
The Carolina Way Applied to Your Financial Life
Just like Smith’s players knew they could count on their coach in crucial moments, you should have complete confidence in your advisor when financial decisions matter most. The right advisor becomes more than a service provider; they become your financial coach, helping you execute your personal playbook through every season of your life.
The scoreboard in wealth management isn’t measured in daily market movements or quarterly performance reports. It’s measured in decades, goals achieved and the peace of mind that comes from knowing you’re on track for what matters most to you.
Just as Dean Smith’s legacy lives on through generations of players who carry his lessons into their own lives, the impact of an exceptional advisor relationship can influence your family for generations to come.
The true championship of wealth management starts with building the right relationship — one built on mutual trust, open communication and a shared commitment to your success. That’s when you know you have the right coach in your corner.
