By Antoinette Rodriguez, MBA
One of the biggest business growth impediments experienced by independent and wirehouse financial advisors is their inability to see past doing everything themselves. Additionally, even if they have staff, advisors sometimes struggle with hiring, delegation, training and/or motivation of employees. Management skills are a crucial part of growing your practice to the next level and providing your own work/life balance. Here are 6 qualities of successful financial advisor managers:
- Match job to talents: Even before you hire staff, you should have a detailed job description aligned with talents you feel would help new hires succeed. Preparation prior to interviews is a large part of success.
- Hire to talents: It's an uphill battle to hire people who don't have the talents, passion or skills to do the job you expect them to.
- Train Staff: Not just in the investment business, but also in sales, marketing and customer relationship management.
- Delegate to staff: Can you do the job better yourself? Quite possibly. However, you cannot scale your practice on your efforts alone. There are just so many hours in the day.
- Motivate staff: Many advisors think that staff is motivated mainly by money. While income is a base motivator, that alone won't get you loyal, excited to do their job-type staff over the long run. Focus on non-monetary rewards as well.
- Trust staff: In order to delegate, you have to trust. In order to trust, you have to train. In order to leverage talents, you have to hire right in the first place. See where I'm going with this?