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As practice management consultants, we’re often asked about running an optimal practice. The most often asked question, though, is about building a team and fostering a solid culture of teamwork.
This makes sense! Your most significant assets are those who leave the office daily. Each of your team members spends about 23% of their entire year working for you. That’s significant! In addition, it’s a huge responsibility thrust on you to make that time productive, purposeful, healthy, and fun. So, how do top advisors do it? Yep – it starts with them. And they do a great job. Let’s take a closer look:
What is a Team?
Your team is a lot bigger than most advisors think.
The Core Team
These are the people who get the job done day in and day out. While the strategy team deals with higher-level strategy, your core team delivers wealth management and client service systems. In addition to you, the common positions are:
Business manager: Who ensures business processes and systems are running smoothly and handles day-to-day issues with team members
Executive assistant: A versatile, detail-oriented assistant who can keep the team leader organized and ensures that all constituencies follow procedures
Associate advisors: Well-trained and qualified advisors who handle specific areas of your practice and may have a small group of their own clients
Articling or Apprenticing advisors: These are your advisors-in-training, junior staff members who show promise and can be molded in your image
General administration assistant: Who deals with paperwork, general client requests, and general office duties
Extended, External Team
Professional Centres of Influence (COIs): Accountants, lawyers, private bankers, and other professionals who can function as "partners" on specific client accounts
In-house specialists: Estate planning professionals, portfolio managers, and other experts who perform specific tasks for your clients. Marketing Associate: A key position that executes day-to-day marketing tasks and long-range marketing projects (coordinating the client newsletter, setting up media appointments, booking seminars, etc.)
Marketing & Communications writer/designer: Outside brand-building and positioning experts who can help you attract ideal clients and distinguish yourself from the competition through consistently delivering branded concepts and communication
Vendors: Your coach, consultants, printers, caterers, vendors, gifting experts, and other companies who you can count on to support your client acquisition, investment consulting, and client service process. Consider all the vendors who support delivering world-class experience and value to your top clients.
At first glance, this list seems quite daunting. But even more daunting is the prospect of doing all of this yourself. If you can’t find a way to delegate these tasks, that’s precisely what you’ll be doing. Doing this by yourself will have you hiding under your desk! It doesn’t have to be that way!
Keep in mind that top performers all face the same issues that you do—including harvesting big opportunities. And they all found a way to get there. Top performers recognize that becoming the Team Director is the secret to success: They treat team building as a strategic process, one that demands serious planning, a multitude of teams, and a good deal of investment.
On paper, the above sounds and looks easy. It’s not. But once you’ve accomplished the above, to everyone else, you will make it look like running a financial practice is easy peasy! The reality will be our little secret!
Related: Accountants Speak Out: Assessing Financial Advisors' Roles