The Fact: Forty two per cent of financial advisors have established specific and measurable mandates for team members. That number jumps to 57% for top producing financial advisors.

The Implications: Even advisors who have created written job descriptions for staff can fall short by failing to ensure that accountabilities are measurable. For example, it is less effective to make it the job of an assistant to ensure a high level of client communication, then to indicate the number of meetings per client and a goal number of meetings per week. The most effective teams will clearly define expectations.

The Idea: The final step in that process is to quantify the expectations for each associated responsibility. You can quantify goals such as a number of meetings or calls that should be set each week. Or, you can set specific objectives for projects that should be completed in a given year. Either way, take each individual responsibility and define, as clearly as possible, your expectations. With that process complete you can monitor performance more objectively.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.AdvocisStore.ca and click on the Business Success Kit.