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 is thriving. We are continuing to break our own records each quarter for investment performance, new assets and client satisfaction. Our environment is mostly collegial although people are working so hard that many days it is like crickets in our office because everyone is just head down doing what needs to be done. Most people know their roles well and do their jobs at high levels of performance.
I say “most people” because we have one team member who is in a supporting role but deals directly with clients. She has a laissez-faire attitude. She will respond, but in her own timing. She makes mistakes and never, ever apologizes for them. Clients have complained about her but our owner takes an attitude where he prefers not to have conflict so he will ask her nicely to change but if she doesn’t change, there is no penalty.
I have read many of the things you write. I understand there are different ways to deal with people. But I am continually frustrated because I have tried taking her to coffee to chat (she cancelled on me three times), asking her if anything is wrong, reminding her of her accountabilities and generally trying to send follow-ups to everyone in the firm to make sure we are on top of everything. My role is to be in charge of all support functions so although, technically, she does not report to me we are a flat organization and she is under my umbrella in that her actions affect everything the rest of us do.
Is there anything I am missing and that I could do that would help get her back on track?
T.T.
Dear T.T.,
Are you sure you have the right person in the right role? In many cases when you have a person who repeatedly makes mistakes, doesn’t take ownership of them, but is aware of the responsibilities they have and avoids addressing the problem, it isn’t so much that the person doesn’t want to do things differently. It is that they can’t.
This goes back to something I write and teach about often – behavioral style. Much as we might be loath to admit it, we are all wired a certain way and there are things that come naturally easy to us and things that we struggle to do well. The more aligned a person can be with a role that suits their natural style, the more successful and effective they will be. Asking someone to do tasks they are ill-equipped to do, either because of natural style or lack of knowledge or training, is frustrating all around!
Review her job description with her in detail:
- First ascertain if what is listed is actually what she is doing. I recommend doing a review of all jobs once per year to make sure what is written is still consistent with what is being done on a daily basis.
- If there are changes, or updates, discuss these and make sure you are in agreement with her perceptions.
- Then, have an honest discussion about what she is doing that is working well, what’s not working well and why. Ask about the “top three” – what are the top three things going really well in the job and the top three obstacles she is facing? There is something magical about giving people a number – their minds will search to find a way to fill in all three! This could give you some insights into what part of the jobs she is struggling with.
- Talk with her about what she perceives to be her strengths and weaknesses and how she might improve in areas that are obstacles for her.
- Agree on some specific next steps that will work for both of you.
Because she does not report to you, do this with the rest of the support team under your umbrella. It is actually a good practice to get into and then she won’t feel singled out or like she doesn’t have to respond to you because you are not technically the “boss.” Tell your advisory firm leader you are doing this and make sure you get his buy-in and support.
Dear Bev,
Is it really necessary for a financial advisor to be active on social media? The limitations we have due to compliance are significant and there already are not enough hours in the day to do what needs to be done. How is posting to my Facebook page (if I had one) or to LinkedIn going to attract local business owners in need of financial planning? I don’t see how it works and I don’t believe it is important for me to spend time and money (on an expert) to learn to do this.
A.E.
Dear A.E.,
I believe you asked, and then answered, your own question. I am always happy to provide insights and answer questions but I don’t ever see it as my place to tell you to do something you fundamentally don’t believe in and don’t want to do.
Is there a place for social media? I believe absolutely there is. The number one thing someone (and not just millennials) is going to do is Google your name or firm name to see who you are, what you believe, and whether they like your online presence. There are plenty of 30s, 40s, 50s, 60s and probably even older prospects who would take this first step. If you do not have an online presence that tells them something – it will be interpreted as you don’t care enough to develop one. Or if they can’t find information about you and they can find it on another advisor, they may decide they like the sounds of that advisor better, just because they have learned something about them.
Does this mean you have to engage in an active, daily, ongoing, hours of time sort of effort? Not in my view.
First of all, the most common platform for doing business is LinkedIn (LI). Focus your energy there. Make sure you have a brand and have a point of view that you can periodically post about or provide articles or links on. Next, find people on LinkedIn that you would like to get to know. Send them a personalize note (please not one of those canned “I thought we should connect” notes that I get several of every day!), but a thoughtful, personal note saying why you are reaching out and why you’d like to know more about them.
Look at relevant LI groups – maybe there is one on business owners, and maybe even one with members in your geographic area.
Update your website if you’ve not done so in a while. Have interesting information in the form of blogs or news articles or links to other resources. Talk about who you are, what you do and what you believe. Simply having a site is not enough, having a compelling site makes the difference.
And if you truly believe you do not have time to even do the LI postings I’ve suggested, hire this out. There are many firms, for a pretty nominal fee each month, that will post for you and help you to stay present even if you don’t have the time to do so yourself.
Don’t disregard the potential power in social media, but balance it with starting out with a smaller effort that keeps you in your comfort zone.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. The firm also founded and manages the Advisors Sales Academy. She is currently an adjunct professor at Suffolk University teaching undergraduate students Entrepreneurship. 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.
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