The Fact:
53 per cent of financial advisors have a formal process to review team performance.
The Implications:
Eighty per cent of advisors have at least one full time assistant and the average team size for that group is almost two full time assistants. As the size of the average team grows, formalized processes to manage and motivate those individuals become increasingly important. Advisors will look for support to help them review performance and help their teams improve.
The Idea:
Once you have established and clarified roles, responsibilities and priorities, you should ensure that you have a process in place to review performance. While this is an exercise that most financial advisors (or people, for that matter) try to avoid, it is an important part of your team’s development and can, in fact, be highly motivating.
Performance reviews should include three key components.
- Evaluate performance. Focus on success in meeting specific, measurable mandates, attention to detail, timeliness and accuracy of work, initiative and joint accountability (ability to work well with others).
- Set competency objectives. Identify gaps in technical knowledge and map out a plan to close those gaps. This might include training in customer service, sales, time management or software.
- Set personal development objectives. Ensure that team members are given the opportunity to advance in areas that important to their future. This might include working toward a professional designation or taking business courses.
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.