Regardless of the financial services industry channel in which advisors ply their trade, all look to their middle managers — such as a branch manager or regional sales director — as a mentor of sorts.
In fact, the advisors surveyed for this year’s Report Card series cited accessibility and expertise as traits that make a good branch manager. And, they said, in order to fill the role of a coach or mentor successfully, mid-level managers should make themselves as approachable as possible and have an astute understanding of the financial advisory business.
“It’s very important,” says an advisor in Alberta with Edmonton-based Servus Credit Union Ltd. , “to have a coach and a leader who has an open door and is approachable.”
Adds an advisor in British Columbia with Vancouver-based Canaccord Financial Ltd. : “They should be easily available, and you should be able to [bounce] ideas off them.”
Along with accessibility, advisors say, having in-depth knowledge of the regulatory changes in the industry is another important quality that mid-level managers should possess. Says an advisor in Ontario with Markham, Ont.-based Worldsource Financial Management Inc. : “In today’s environment, it’s important for branch managers to be on top of things, especially with the regulators.”
Meanwhile, there is one significant factor that can help mid-level managers connect with advisors and develop successful coaching relationships: having experience on the front lines. “Most of our branch managers as well as our regional vice presidents, including myself, all came from the field of advisors,” says Mike Cunneen, senior vice president of London, Ont.-based Freedom 55 Financial‘s tax and estates planning group: “So, I think there’s a strong connection.”
A Freedom 55 advisor in Ontario can attest to the experience level of that firm’s middle managers: “They meet with me often, provide sales skills and are great at coaching.”
Furthermore, an advisor in Ontario with Toronto-based Canadian Imperial Bank of Commerce has seen the value of such expertise first-hand: “[My branch manager] used to be a successful advisor in the industry, so he is knowledgeable and willing to solve client issues directly.”
In fact, in order to earn the respect of advisors, middle managers must have the knowledge and expertise to deal with the issues faced by advisors, says Merril Mascarenhas, management consultant and managing partner with Arcus Consulting Group in Toronto. It’s not surprising, then, that mid-level managers who also have an active book of business are also seen as great coaches because they are able to relate directly to how advisors conduct their businesses.
“[My branch manager] is a producing manager,” says a CIBC advisor in Ontario, “so he understands how it feels to be a struggling investment advisor.”
Says an advisor in Quebec with Toronto-based Richardson GMP Ltd. of the firm’s middle managers: “They are acting advisors, too, so they walk in our shoes and can see things from both standpoints.”
However, not all advisors view having a producing branch manager as an asset to their businesses. In fact, an advisor in Ontario with Toronto-based Macquarie Private Wealth Inc. says that having an active book of business distracts a branch manager from his or her managerial duties: “We have a producing branch manager, so there’s role-sharing issues — and this doesn’t allow him to focus on issues 100%.”
The best way to handle both roles successfully, says Mascarenhas, is by focusing on the client’s needs: “When the client’s interests are clearly defined, the probability of conflict between managerial duties and maintaining a book of business is likely to diminish.” IE