Teams are the principal building blocks of the strategy of successful organizations. The focus of your organization may be on service, quality, cost, value, speed, efficiency, performance, or any other similar goals, but teams remain the central methodology of most organizations in the private, non-profit, as well as government sectors.
The fact remains that when a team becomes more aligned, a commonality of direction emerges, and the individual energies harmonize. This way there is a shared vision as well as an understanding of how to complement each other’s’ efforts. This is where the real leverage occurs.
Vertical teams and horizontal teams can transcend organizational silos and boundaries if properly focused and supported. Building collaborative teams can improve the client experience.
The Financial Services Industry has become very challenging for a host of reasons. The role of the Financial Advisor has become increasingly more challenging because of several factors.
• Price and margin compression and an inability to raise prices requires a larger number of assets to increase productivity.
• The sole practitioner has limited scale to provide a high level of service, be knowledgeable or an expert on a range of strategies and products that clients need.
• Clients are demanding an above average experience in a relationship which puts pressure on Advisor service models.
• The regulatory environment requires Advisors to do a deeper dive in understanding client relationships as well as their goals and objectives.
In this new reality advisors must build, lead, and manage their business through team dynamics. This goes beyond just an assembly of individuals thrown together because they like each other or have similar business strategies. More emphasis will need to be placed on creating the right team scenarios, coaching them, and providing the best opportunities for leverage and success. Supernova has decided to take team training and development to the next level by offering additional training for teams to improve productivity.
By Curtis Brown
