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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear Bev,
I cannot take the lack of proactivity, accountability and follow-through in our firm for one more minute. We have a lot of talent ages, ranging from mid 20s to late 60s. We have 19 people who know what they need to do and do it well, but they are implementers. They do what they are told. They have “ideas” and no follow-through.
I run the firm. I am tired of people coming into my office with their latest and greatest on what we need to do for our clients, how we need to work together differently, and how great it would be “if we did…” Fill in the blank.
For a long time, I would get excited too – “Great idea!” I would say, or “I love it and support it!” But then nothing would happen. Nothing. Absolutely nothing. It was as if no one ever even had a conversation.
It’s not like things are bad. Our client satisfaction scores rate in the high 90s, and we rarely lose a client unless they die. In addition, our team has worked together for quite a few years now (the newest member has been here 11 months, but she’s young). We’re not broken, but I’m still all for improvement.
I grew this firm trying new things and stepping out of the box to innovate, but I’m tired. I’m 64 years old, and I am happy to run the firm and groom my successors. I don’t want more added to my plate.
The next time someone comes in with the grandiose idea, do I just tell them to leave me alone? I’m not even angry about it all – I’m just tired.
L.H.
Dear L.H.,
The short answer to your direct question is that you certainly could tell people to leave you alone. If you aren’t angry right now, it might be sending the wrong message. I assume from the way you describe them coming in often to share ideas that you have, heretofore, operated with a bit of an open-door policy and an open attitude.
I’m not saying you can’t shift now and take a different approach. However, you might scare them and have them wondering what has happened if you haven’t addressed these concerns with them before this point. I see this dynamic a lot: The “nice” leader will listen and believe all is well, but then nothing happens. Over time, the nice person becomes increasingly frustrated by the lack of anything happening. From there they may go into frustration mode or even shut-down mode, and the team doesn’t know what has happened or why there is a problem! It doesn’t solve anything, and it creates more problems, so I don’t suggest doing this right away.
You have two main options here, in my view:
1. You could call an all-hands meeting and outline the pattern that you have seen. You have to be very careful to stick to facts: X number of people have come in, and they have discussed these ideas with me. I have been excited about these ideas, and this is exactly what has been implemented as a result. (Provide examples)
Then turn it to your team and ask them, “What obstacles are you facing that prevent you from implementing the great ideas you are bringing to me?” Then – and this is very important – stop talking and allow them to share. There could be things they don’t know how to do, or maybe an idea costs money and they don’t know how to put together a business plan for it. Perhaps they don’t take your “I love it!” statement as encouragement to go do it. I suspect there are things here you aren’t aware of and you need to learn about!
2. The other option is to get more involved and engaged in implementing. I realize you are tired. I respect that you don’t want to take more on, but your team might need guidance and leadership here. If there was even one idea you really liked, perhaps you could bring the person/people in who suggested it and talk with them about how to go about implementing.
You could be involved in creating a plan and have them report to you on how they are doing with the steps and what needs to happen. This way you are mentoring for accountability rather than expecting it.
Before you take the approach of telling them you just don’t want to hear from them, consider doing one or both of these things. I suspect there is more going on with your team and they’d like your guidance and support. Please don’t choose to ignore them entirely – yet.
Dear Bev,
I’m an older advisor working for what was a really great firm. I used to come to work excited and enthused and looking to make a difference. Our original founder and leader has retired, and we now have someone new in the seat who is all about surrounding himself with “yes” people who won’t confront or question him.
I have learned to keep my mouth shut and think about my retirement. I was hoping to work for five to seven more years, but now I am thinking I want to start winding down over the next 12 months. When my colleagues ask me why I am retiring so young (I will be 63 years old), I want to tell the truth. However, I don’t really trust anyone around me anymore, and I don’t think there is any upside to speaking out about what I am seeing. Am I copping out by taking this approach?
E.P.
Dear E.P.,
I coach, consult, train and mentor for a living, and I answer people’s questions with the best advice I can possibly give in this column. But let me be clear: I never judge, and I never tell someone to do something that fundamentally goes against what they are comfortable with or can handle.
No, I would not say you are taking the easy way out by making this choice. I’m a fixer and a change agent. However, I have – painfully – learned one thing, in particular. Even if you can see what’s happening and could find the words to share your insights, if you have a leader that only wants to listen to an echo chamber, you aren’t going to get heard, no matter what you do.
You have made a decision to leave. It sounds like it was a painful decision and you wanted a much longer runway to work with your clients. However, you don’t want to be part of what’s happening at the firm any longer. If you want to share insights on your way out next year, go ahead and do that. But if you aren’t comfortable talking now while you still have another year or so to work there, keep your observations to yourself.
Others may be experiencing the same thing and may want your validation, but give it only if you know and trust them and you are comfortable. Those conversations are best done over coffee or lunch, out of the office, with a small circle of colleagues you trust. If you don’t have anyone you trust, keep things to yourself.
Spend your time and focus on thinking about what’s next for you in retirement. Think about things you will really enjoy doing. Make your plan. Enjoy your clients and do your best to shut off everything around you. It’s not easy, but if you keep coming back to what you care about, you will find your focus in the right place.
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. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023 and 2024. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She 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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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.