Transitioning from an Individual to a Team Client-Facing Structure

beverly flaxingtonBeverly 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,

We have a great advisory team that works together very well with a lot of mutual respect and support. We’re implementing a new process whereby we are focused on planning for succession and thereby assigning advisors to work with one another, including a junior advisor and a couple of support people. I call this “pods” because we are moving from a siloed approach to more of a team structure. I believe the objective and the decision to do this both make sense.

But one area where we need help is in collaboration and being honest with one another.

For example, last week the “pod” I am in had a difficult meeting with a client whose spouse is dealing with early dementia. While she (the spouse) is still able to have an educated opinion, they both want to revisit their wills, estate plans and portfolio allocation,s assuming she might have to go into assisted living at some point. It’s a terribly sad situation. I have enjoyed both husband and wife so much and watching her decline has been difficult for me personally.