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by Matthew Asser, The Covenant Group
Financial advisors who decide to start working independently often try to do everything required in running a business. They are their own administrative assistants, as well as the chiefs of marketing, the heads of operations and the lead salespeople.A central aspect of financial services training is learning how to delegate, how to allow someone else to manage the details so you can focus on building the business. Norm Trainor emphasizes the importance of delegation in his book The 8 Best Practices of High-Performing Salespeople. This is a three-step process: Not only do you have to delegate to other people as well as technology, it’s also vital that you develop an organization in which everyone has a role relative to their colleagues’ responsibilities.
Bringing on additional team members to fulfill specific roles and investing in technology that will enable you and your employees to be more efficient and effective are the first two steps. Then you must organize how those people and technological tools will work together to improve operations. Clearly define how each individual will collaborate with others in the company and build a hierarchy that explains workflow and responsibilities.
What processes have you developed to make sure every aspect of the business is managed and addressed? Have you defined everyone’s relationship to everyone else, and discussed their roles in terms of how they support and advance not only their own objectives, but those of their team members? Do you adjust this organizational map every time you adopt new software or bring on an additional employee?
As you define your organization, also make sure that you are communicating this structure to current and incoming employees. In particular, it is vital to clearly explain to newcomers how they fit into the existing organization and what is expected of them.
To do so, financial advisors may want to consider developing an onboarding process that helps recent hires become accustomed to the business. Randstad Canada, a recruiting company, recently issued a few tips for businesses that are bringing in additional workers.
“By properly planning and executing an onboarding program, it will help you retain the existing talent you’ve worked so hard to recruit, and pave the way towards developing motivated and engaged employees,” notes Leandra Harris, Randstad’s executive vice president of human resources.
It’s wise to assign one person who can be a mentor and guide new members through your company’s culture and policies. In past posts, I’ve explained the lengthy, time-consuming process of hiring new workers, so make sure you don’t damage the return on investment by not explaining to new and long-time employees exactly where they stand in the organization.
Matthew Asser has spent the last few decades gaining expertise in how financial services firms can optimize their operations, marketing, new products, business development and client relationship management practices. He’s well-versed in the challenges that an entrepreneur may struggle with, and as a Senior Coach and Facilitator, helps clients achieve business change through The Covenant Group’s extensive financial advisor training programs.
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Norm Trainor is the Founder and CEO of The Covenant Group, a company that specializes in educating and coaching financial advisors and entrepreneurs and providing them with business tools to enhance their performance. He can be reached at email@example.com or 1-877-903-3878 X333. Read more from the author/contributor here.
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