An efficient financial advisory team works as a cohesive unit to achieve the common goals of the practice. Individual team members usually have different skill sets, talents, experience and qualifications, which can be selectively deployed to increase team productivity.

But often, some team members do not necessarily spend their time doing what they do best, says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto. In such cases, it may be necessary to realign their roles and responsibilities.

For example, Ferguson says, some team members might be good at client service while others are better at research. To maximize the productivity of each team member, you should allocate responsibilities based on “who’s good at what,” she advises. “There should be no overlap.”

Here are some tips on making the most of the differences between team members:

> Assess your team
Typically, team members do not spend 100% of their time in roles in which they excel. They are often required to perform other tasks that are only indirectly related to their roles.

For example, as a financial advisor, you might also perform administrative tasks such as completing paperwork and maintaining client files.

You should ask yourself: Is that the most effective use of my time?

Ferguson recommends determining the strengths and weaknesses of each team member. Then, determine what each team member is best at within the context of the roles of the entire team. Your focus should be on developing the strengths of individual team members to maximize their performance and productivity, rather than trying to improve upon their weaknesses.

> Reallocate responsibilities
In order to maximize performance, re-assign responsibilities based on individual team-members’ strengths, Ferguson says.

This step would require you to strip away some activities from some team members and reallocate them to others. It also would eliminate some overlaps in responsibilities.

> Make team members accountable
You cannot manage all the responsibilities of running the practice yourself, Ferguson says. You must allow team members to take responsibility for the functions they are good at.

By delegating responsibilities to them in areas in which they have proven capabilities, Ferguson says, you can free up your own time to focus on what you do best. At the same time, team members will feel more involved and will take responsibility for driving their own success.

> Cultivate a team culture
Encourage team members to respect each other’s differences and their contributions to the practice. Try to foster an environment that facilitates collaboration and the full participation of each member.

The thread that binds the team is the achievement of a common goal, Ferguson says. So, get their unanimous buy-in so that they can all function as a cohesive unit with a shared objective.