November 18, 2021
When you think of a high-performing team, what comes to mind? Do you envision your favourite sports team, a company you admire, or perhaps an advisory team within your firm that has been ranked first in the country? High-performing teams are groups of individuals with different skills and experiences who work together at an elevated level towards a common goal. They come in all shapes and sizes, from as small as three, to eight people or more. But no matter the size, they all share similar characteristics that help them achieve superior results.
Wealth advisory teams have become a mainstay in the financial services industry. Research shows that advisors within teams have 8.8% annual revenue growth compared to 6.9% for individual advisors. There is a depth of potential within a team which, when leveraged correctly, contributes to the entire team’s success. Here is a look at some key elements to help you form your winning team.
Set the culture
The foundation of every high-performing team is its culture. This is the unique element that allows you to be creative and set an identity. This can be accomplished in three steps:
Define roles and responsibilities
It’s crucial to define the roles and responsibilities of your team members. When doing so, be sure to lean into everyone’s strengths. Some individuals are more analytical, while others are great with clients. Give them roles that empower them to be the best they can be, such as client service or financial analysis. This is extremely important as it allows your team to be as efficient as possible.
You also want to ensure that every step of the customer journey has an assigned team member, from discovery to implementation. By doing so, you increase transparency and accountability within the team. Keep this structure as your team grows. By delegating certain tasks and responsibilities accordingly, you can focus on your business.
Be an engaged leader
Finally, lead! High-performing teams have engaging leaders. While being a leader may not be what you signed up for, all advisors have the natural ability to lead. Leverage your skillset, experience and integrate some best practices to ensure your team is achieving expectations. This starts by instilling trust and respect within the team through:
High-performing teams have a lot of elements that make them successful. Consistent performance is not achieved through luck, but rather by preparation, hard work and timely execution. These practice management tips are not the only things to consider when building a high-performing team. Remember a high-performance culture is a journey, not a destination. Leverage your team’s strengths, and when all working together, they will provide exceptional results.
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This document is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Market conditions may change which may impact the information contained in this document. All charts and illustrations in this document are for illustrative purposes only. They are not intended to predict or project investment results. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.
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Published November 11, 2021