Making Your Team A Top Level Organization Is The Foundation For Optimal Client Service

Monday, June 18, 2012 09:43
Making Your Team A Top Level Organization Is The Foundation For Optimal Client Service

Tags: Advisor businesses | marketing | practice management

Advisory teams often face the same dysfunctional hurdles as family clients with significant wealth. They find it difficult to make decisions together, they don’t keep staff up to date on where the team is in accomplishing its goals, and they don’t make full use of the talent that’s available to them from team members.

These are the things that can erode family wealth over time. They’re also the things that can keep your business from reaching its potential.

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When you think about what that means for your future, you not only immediately go to the bottom line asset value when it comes time to sell your business, you also think about the satisfaction you’ve gotten from seeing it grow.
Families can be their own worst enemies in trying to make their wealth last from generation to generation. Advisors may set themselves up to not reach their dreams in much the same way.
To have a healthy organization, whether it’s a family trying to manage significant levels of wealth or an advisor trying to develop an optimal business where everyone is rewarded by its success, there have to be trust, meaningful communication, nurturing of the culture, and accountability to the entire organization.
There has to be agreement and solidarity among the management team—or in family leadership in the case of a family client. Relationships of trust form the glue that enables such solidarity. And it has to be a level of trust that can entertain disagreement in a way that makes your entire organization grow.
Just because someone has a different idea than yours doesn’t mean their idea is a bad one. It could, in fact, be the source of the new life your business may need. It also empowers all members of your team.
Catching dysfunctional threats to these essential components is also key. Catching them early can prevent loss of wealth or possible distruction—either of the advisory team or of the client family wealth.
If we look at the issues we face in trying to work together internally to provide optimal wealth management service, we will develop a deeper understanding of what our clients really need from us.


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