Advice to a new branch manager

I have been acting as sort of a part-time assistant manager for the past couple of years while still maintaining a client base. However, our company does not permit branch managers to have their own clients, so I have arranged to transfer my book to another advisor in the office. I am excited by my new role, but anxious as well. The realities are starting to hit home. I no longer will be just helping out someone else when asked; I now will be responsible for ensuring that our branch is meeting its targets and that the advisors are doing the right things in the right way and growing their businesses.

Do you have any advice or encouragement for me?

Coach says: first of all, congratulations on your new role! Having spent part of my career as a branch manager, I honestly can say that it can be one of the most psychologically rewarding things you can do in our industry. Knowing that you have created an environment in which advisors can flourish and helping them to meet their personal objectives are extremely gratifying goals.

However, as you have pointed out, now you have responsibilities that extend well beyond your personal activities and, whether you feel able to influence what goes on in your branch or not, you ultimately will be held accountable for everything that happens (or fails to) in your branch. Your anxiety, therefore, is understandable and, in my view, healthy because it will motivate you to be thoughtful and to take action when you think it is required.

This last point about “taking action” is an important one because the harsh reality, based on my experience, is that you will probably be given a period of grace by your firm to grasp what is working to their expectations and what isn’t in your branch. Then, despite the fact that you might still feel too overwhelmed by your new role to know what to question, it probably won’t be long before it will no longer be acceptable to say that you didn’t know what was going on or that you weren’t personally involved in the decision-making.

As a new manager, you also are vulnerable to being caught off guard early in your new role by any dysfunctional structure or inefficient processes that you inherit. This is particularly true because you were promoted from within and it is easy to make assumptions about the branch based on your previous role, feel loyal to the outgoing branch manager’s decisions or fail to see the big picture as you require in your role as a leader.

So, my first bit of advice is to start immediately to question everything that currently holds your branch together. The purpose is not to be overly judgmental or to imply that every aspect of what goes on in your branch is wrong and should be changed. In fact, I am guessing that there are many things that work very well and need to be preserved or used as a foundation for enhancements. Only by critical review, however, can you sort out what needs to be kept and what should go.

A classic methodology often used by newly appointed CEOs is to declare to everyone that you are launching something like a “100-day plan to investigate, analyze and implement the critical elements to move the branch forward.” This gives your investigation a timeline and structure. Planning your initial steps and taking charge early in your role portrays confidence and will result in greater co-operation from others within the branch who also want a great environment within which to work. Those who fear losing the “status quo” also will be exposed early on in this process.

Here are some steps you can take to prepare yourself to meet your new responsibilities:

– Step 1: Confirm values and mission

Ideally, your branch’s values and mission statements have been developed by the previous manager and you will be familiar with them. If so, confirm that they accurately reflect your personal philosophies and objectives. If not, prepare your own initial draft versions, which you can modify as you gather more information and input from the other stakeholders. You want your mission and value statements to motivate people to behave in a way that moves your branch – and everyone in it – forward.

– Step 2: Analyze the risks

With an understanding of what you’re trying to achieve, ask yourself: “What could go wrong? How could I let people down? What would the consequences be?”

Conducting a risk analysis will highlight potential problems and their impact. This process also will identify the current state of people and processes within your branch. If possible, spend time in honest conversation with the outgoing manager to gain an understanding of problems that have already occurred and how they were dealt with, as well as learn about any looming issues. Don’t forget to look outside the branch for risks that might present themselves, such as changes in government legislation, market volatility, increased compliance requirements and changes in compensation for advisors.

– Step 3: Understand key stakeholders

Conduct a stakeholder analysis to identify the people whose views of the branch matter most. Try to have meaningful, candid connections with these people early on about their experience within your branch and their opinion on issues that most concern them. Don’t limit your investigation to just those in your branch office. Ask head-office personnel, product manufacturers’ representatives and, ideally, a number of high-value clients for their views.

– Step 4: learn how things work

If your branch is large, it probably already has lots going on operationally, so you need to understand how the existing resources – people, processes and management structure – help or hinder the ability to deliver what your advisors, their clients and your support team expect. Look at roles and responsibilities, workflow, information and budget management. Look for evidence that procedures are being followed – and that they’re working.

– Step 5: Reality check

Compare your risk analysis with the information that you’ve gathered about how the branch works. Look for inconsistencies and gaps, such as:

– staff members with excessive workloads;

– high staff turnover or incidence of illness;

– outcomes that seem too good to be true;

– bottlenecks that cause service delays;

– inefficient workflow.

– step 6: Never stop asking

Continually scan for new issues to keep them from escalating into major problems. Schedule regular meetings with your support team and the advisors to discuss issues, trends and risks. Describe what matters you expect to be kept informed about and, without practicing micromanagement, ask for regular updates on these matters.

And, finally, I am a big proponent of MBWA (management by wandering around), a term popularized by Tom Peters in his mega-bestselling management book, In Search of Excellence. MBWA is an effective way of gathering information from your colleagues on a rolling basis, including getting feedback on processes, workloads and expectations. Periodically visiting informally with everyone in your branch builds trust, with the result that people are more likely to report problems to you before they get too serious. More important, MBWA provides you with opportunities to congratulate and thank people for their contribution to the vitality of your branch.

Assuming full responsibility for your branch can be enormously challenging. However, it also can bring tremendous reward – both emotional and financial. Through disciplined planning from your first day on the job, you will improve the likelihood of enjoying both significantly.

George Hartman is managing partner with Elite Advisors Canada Inc. in Toronto. Send questions and comments to ghartman@eliteadvisors.ca.

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