As a financial advisor who employs a team, you are also a manager, with responsibilities as an employer. Among those responsibilities is to provide performance reviews for your team members. These reviews allow you to provide feedback on how well team members are doing their jobs and, ultimately, develop a more effective practice. This is an area in which you must take a proactive approach, says Lisa Patry, a partner and consultant with Advisor Pathways in Ottawa.
Because financial advisory practices often operate independently, the firms’ head offices don’t necessarily require documented performance appraisals, according to Patry, who was an advisor for 20 years prior to her current role at Advisor Pathways.
However, checking in with your staff occasionally is imperative to ensuring everyone is working together to provide the best service to your clients. These assessments also can be used as reference material when junior team members are looking to move on to advanced positions within your team or the firm.
Use these three tips to guide your performance-review discussion:
1. Highlight the employee’s strengths
This step is undoubtedly the easier part of the discussion, but that doesn’t make it insignificant. Being able to go through a list of your team member’s best professional attributes is important to any review, even if you like to motivate your team through informal compliments throughout the year. A formal acknowledgement of your team member’s positive attributes can carry more weight in a formal setting.
2. Provide constructive criticism
Pointing out aspects of the employee’s performance that can be improved is an important part of this process. However, the key to keeping the review on track is to avoid being too negative about these shortcomings. Instead, put a positive spin on any criticism by providing options that can help the employee improve, Patry says. Your team member is more likely to embrace the fact that a certain amount of change to their routine is required.
For example, you have given your administrative assistant the task of updating your social-media accounts, but you feel she logs on too often during the day, distracting her from other important tasks. During the meeting, thank her for her work on this matter but suggest she follow a schedule of checking in twice a day, so it’s easier to balance her responsibilities.
3. Discuss goals
Take some time with each person to discuss how he or she would like to progress in his or her career. You can tell your team member about your goals for your practice, and your team member can talk about any of his or her ambitions.
For example, an associate advisor might be interested in seeking a new designation. Ask if there is any way you can help her achieve her goal.
Showing your interest and offering support demonstrates that you respect and value this person’s contributions to your business, Patry says.