Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
Our advisory firm has many new projects currently underway. We are implementing a new CRM, we have a direct mail campaign and we are moving our clients into new models. Despite the interdependent nature of these initiatives, the owner expects us to finish everything quickly while still managing client accounts. Many of us are frustrated. Clients would not understand why any of these things are important to them, and they may actually not be. Is there a way to communicate to the owner that we are working hard and do take these projects seriously but that we can’t do everything at once?
Patricia C.
Dear Patricia,
This “just do it” attitude is common when the person in charge of a project is not actually responsible for doing it. Sometimes leaders can lose touch with the day-to-day demands of their firm. In my experience, it is difficult to make an appeal to the firm owner when this happens because he or she may see your pushback as an excuse not to get things done. Instead of telling you how to communicate with the leader differently, let me share our trademarked goal achievement and change management approach. If you and your colleagues could work together to devise a plan of action for each of these initiatives, you could show the leader your progress and your willingness to work hard. I call this process S.H.I.F.T. ™
Start by Specifying the desired outcome. What will success look like when these projects are done? Take the time to write this down. Are you clear about where you are headed and exactly what you need to do? Capture any quantitative and qualitative goals with timelines and measurements.
Highlight your obstacles and categorize them. Is it just time getting in your way? Are there other distractions? Do you lack information that you need? Are conditions in the office making it more difficult than it needs to be? Write down the obstacles to your success and categorize what’s in your control, within your influence and out of your control. Focus on those within your control and within your influence as part of the planning process.
Identify the human factor. Do you have the right people working together on the project? Does everyone have the knowledge they need? Are people working together most effectively? Could the team improve somehow to make the process easier and more efficient? Are you engaging the right stakeholders? Make sure the people component is making the right impact.
Once you have taken the first three steps, find your alternatives. What out-of-the-box ideas might get these projects done? Can you leverage people and resources differently? Do you need more clarity on outcomes? Are there other options such as outsourcing or managing your time differently? List your alternatives and pick the top 3-4 that you can use.
Take disciplined action. Translate the alternatives into a clear plan. Be sure the plan includes any obstacles you need to address as well as the human factor. The who, what, when, where, and how should be clearly identified and the plan should be distributed to everyone working within the firm.
Going through this process should also help you manage communication with your firm leader. If you can show your plan – including your timeline and your ability to manage obstacles – he or she may be more supportive. Many times the person who is in charge but not that close to the process is frustrated by lack of information or an inability to see what’s happening. This will give you a way to communicate and share your plans and progress.
Good luck!
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008 she co-founded Advisors Trusted Advisor, offering dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University, teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including the Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
