Metamorphous Of A Team
The best teams are often built over time and typically go through a series of different stages before they are solidified. Even if some of the individuals on a team know one another, or have referred business, it is often a different dynamic when professionals begin working together. At the onset, in the “Emerging Team” stage, members should be open-minded as they begin working more closely on accounts in a collective attempt at developing a good foundation and synergy. This phase is very analogous to dating, as a trial period to determine if the relationship has potential to grow and develop into something more.
Once members are ready for commitment, the team then evolves into the “Established Team” stage when a central vision and mission is created and shared by the collective group. Often, we see a transformation of loosely aligned individuals begin to come together to work as one entity, from business development to strategic planning to ongoing client management.
As the team begins to resemble a small business, they evolve into the “Advanced Team” stage, where everything is done as one. The team has one voice and a solid support system, as well as a long-term business plan. All team members know their roles and responsibilities and work together to achieve their end goal. To keep the team moving forward, they have plans for recruiting, marketing, succession and a client service model.
Relationships take work. Championship teams, in any context, are not built overnight. It’s important that as you go through the process of building a team, the lines of communication are kept open. The constant flow of communication will help to eliminate conflicts and ensure that everyone is on the same page. Set-up and maintain weekly meetings to allow for open communication between all team members. This weekly activity is a team building experience where everyone can contribute and help the team continue to grow. Part of the meeting should include time to discuss goals for the team in the form of metrics. These metrics can be built around bringing in new clients or by bringing in more products to the same clients.
Picking Your Team
When building your team, look for people who complement your skills and expertise and who share the same philosophy as you. If you have a limited selection of partners to choose from, it’s important to choose people who will provide as much value to you as you will to them. Start by creating a plan that details your strategy and shows where all team members fit now along with how roles may evolve over time.
To begin creating your team, take a look at the circle of people you already know and slowly bring in those who seem to be a good match. It’s important to set-up a trial period to avoid an awkward, and sometimes relationship-crushing, separation if philosophies do not match up.
If you can, invest in a team coach as they can provide tools and assessments to better understand the strengths of a team and the personality traits of team members. Work with a coach who knows the financial planning industry and understands the complexity that comes with creating a solid team; this person can help you better position members accordingly.
If this isn’t realistic for your budget, find well-reviewed or recommended books and research team-building – there is certainly no shortage of resources on the topic. Educating yourself on the do’s and don’ts learned by others will go a long way in helping you stay the course and avoiding common mistakes and pitfalls.
Conclusion
Building a strong, successful team takes time, effort and determination, but the struggle is worth the benefits. Advisors who work as a team their peers and provide higher client satisfaction while achieving greater profit returns -- both for themselves and their firms. When the final whistle blows, everybody wins!
Bell Jimenez, CFP, is a managing director at MetLife Solutions Group.