As their assets grow, many advisors hire assistants to help manage their businesses more effectively. Their challenge is that the entrepreneurial instincts that served them so well throughout their careers sometimes make it difficult to manage people on a day to day basis.

“Senior advisors are very entrepreneurial but they’re often poor team leaders,” says Rosemary Smyth, a Victoria-based business coach for financial advisors. “They tend to want to do everything themselves which frequently leads to micro-managing.”

Advisors dislike delegating because they think they can do a better job themselves, adds Clay Gillespie, managing director of Rogers Group Financial in Vancouver.

“You can’t do everything well, so it’s wise to find people whose strengths are your weaknesses,” he says.

Gillespie’s advice: hire good people and trust them to perform to the best of their ability. “You want employees to take charge of situations so you don’t have to. Give them enough latitude to grow and let them make mistakes, provided they don’t repeat them.”

Here are some additional ways to get the most from your team:

> Be clear
Clarify roles, responsibilities and expectations for each team member. Do it up front and be very specific, says Smyth. For instance, if someone is having a client event, are all team members expected to stay late to help out and do they understand those expectations?

> Articulate your vision
What are your short- and long-term goals for the business? Do you want to add a certain number of clients or assets in the coming year? Are you planning to move the business in a new direction, such as going to a fee-based structure? Will people in junior positions be given the opportunity to move into more senior roles?

Make sure all team members understand your goals and keep the big picture in mind so you can monitor progress over time.

> Create strong team processes
Systems are everything, says Gillespie. “Everyone needs to understand those processes and you must be consistent about them. Otherwise, you just react to events as they happen and things fall through the cracks.”

Smyth says team processes should cover the following:

  • Decision-making: how are decisions made and who makes them?
  • Conflict resolution: for instance, if two people want holidays at the same time, which one gets the requested time off?
  • Accountability: when you know you’ll be held accountable, you’re more likely to perform tasks on time and do them well, says Smyth.
  • Systems: this covers such things as how client meetings are run, what goes out to new clients, etc.
  • Communication: this governs issues about how people work together, handle meetings, debrief, etc.

“Some people put boundaries around communication, such as not reading emails on weekends,” says Smyth. “That information needs to be communicated so people know what to expect.”

> Rewards and recognition
To find and retain great employees you need to provide proper compensation.

“You want people to participate in the excitement of growing the business,” says Gillespie. “And the more you allow employees to do, the more you need to recognize and reward them.”

> Leadership
Strong leaders empower and encourage team members, providing feedback on their successes as well as mistakes.

They are also willing to learn, grow and adapt to changes in a rapidly evolving industry.

“To be an effective leader, you must have trust and respect for your team members, which inspires them to trust and respect you,” says Smyth.