Phillip Enochs

Set very objective goals and make sure to attain them within very specific timeframes.

 

Philip is a strategic business development expert. He has experience in strategic planning and execution, acquisitions and divestitures, mutual funds, and sales team management. He is also an experienced communicator, and has a proven track-record on results-driven leadership, and profit-focused strategies. Philip holds a Bachelor of Science degree in accounting, from Indiana University, Bloomington, IN and graduated with high honors. He also holds a Master of Business Administration, Finance and Marketing from Northwestern University, Chicago, IL. Phil started his career at Arthur Andersen, where he worked as a Staff Auditor between 1990 and 1992. He then moved on to Hewitt Associate in Lincolnshire, IL, where he worked as a manager, consulting with clients on 401 (K) investment policies development, and monitoring and establishing relationships with clients. In the year 2001, he joined Russell Investments, and rose through the ranks to become head of the company’s Chicago office in 2006. His entry position in this company was that of Client executive, and was responsible for client relationships, including the company’s largest client relationship of $3 billion defined contribution plan. As the head of the Chicago office, Philip was responsible for managing 14 associates, cutting across index and consulting, institutional sales, index, service, and prospects. In his position as the head of the company’s Chicago office, he served more than 70 clients, or $15 billion of the company’s managed assets. He then moved on to BMO Global Asset Management, where he held several roles, before he rose to become the head of Global Asset Management. At BMO, he started as the director for defined contribution services and held this role for a year until 2011. He then rose to the role of managing director, in charge of U.S Sales and Services. At this role, he was responsible for sales, and under his tenure, team resources grew from 10 in 2011 to more than 70 in 2018. At his role as the President of BMO Asset Management Corp, he oversaw significant growth and was responsible for managing over $50 billion in assets. He was also responsible for more than 225 teams in the U.S.

Where did the idea for your career come from?

As a young boy, I was fascinated by people in Finance, such as Warren Buffet. This drove to an undergraduate degree in accounting. The rest, as they say, is history.

What does your typical day look like and how do you make it productive?

My typical day involves lots of meetings with our research teams to get an idea of the latest opportunities in the market. To make my day productive, I ensure that every meeting I hold adheres to its starting and ending time. This eliminates unnecessary time wastage.

How do you bring ideas to life?

I bring ideas to life through consultation. If I have a good idea, I engage with fellow professionals and if it makes sense, we implement it.

What’s one trend that excites you?

I am excited by the rise of cryptocurrencies and the prospects of asset tokenization. It could unlock asset value in ways never seen before.

What is one habit of yours that makes you more productive as an entrepreneur?

I work out every morning before going to work. It keeps me energized for the day. I noticed that whenever I fail to work out, I am usually not as productive.

What advice would you give your younger self?

It pays to focus on one thing and excel in it. Find something and dedicate all your time to it.

Tell us something that’s true that almost nobody agrees with you on.

I always tell my friends that in the future, blockchain technology could completely alter the stock markets, but they don’t believe it. However, in the last two to three years, tokenized assets have grown in number. It’s a pointer into the future of finance.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

I always set very objective goals and make sure to attain them within very specific timeframes. I recommend that everyone do the same.

What is one strategy that has helped you grow your business?

I always focus on a growth strategy that is pegged on the latest technologies. It has helped me and my team, stay a step ahead of the competition.

What is one failure you had as an entrepreneur, and how did you overcome it?

I once tried a hand in a restaurant business. It failed terribly due to mismanagement by my business partner, who was also the active manager. I brushed it off and moved on, but I learned never to enter into partnerships with people who we don’t share a common vision.

What is one business idea that you’re willing to give away to our readers?

I would advise them to try applying A.I in financial analysis. There is a gap in the market, and a huge potential for gains.

What is the best $100 you recently spent? What and why?

I recently spent $100 on a charity for needy children and it felt good. I have a thing for helping the less fortunate in society.

What is one piece of software or a web service that helps you be productive?

I use Ms. Excel a lot for analysis. It’s detailed and very easy to use.

What is the one book that you recommend our community should read and why?

I would recommend Good to Great: Why some companies make the leap and others don’t by James C. Collins. It has lots of valuable insights on how to grow a company.

What is your favorite quote?

If you really look closely, most overnight successes took a long time by Steve Jobs. It reminds me to keep working hard at my goals, and that nothing comes easy.

Key Learnings:

• Time management
• Hard work
• Teamwork