| 16 July 2009
It may be time for you to change your mindset about your employees for truth be told, to be successful, you really need “partners”, not employees. Now let me explain further.
One of the biggest problems that growing financial advisors face is finding the right employees: someone who fits your culture, is motivated, smart, and a self-starter. But I think the most overlooked quality is finding someone who shares your vision and your dream for the firm you want to build, which may not necessarily be the firm you have now.
So, how do you do that? First of all, take the time to sit down and figure out exactly what this person is going to do and then the skill set that will go along with that position. Secondly, if you believe you have found this person, before you hire them, sit down with them and articulate your vision for the firm. Now of course, this implies you have a vision for your firm and you have mapped it out (see my white paper on “Why that Crystal Ball is Never Going to Work or Why You Need a Strategic Plan). If you can’t articulate the position you’re hiring for, how can they possibly understand what you’re looking for in a new employee.
Before you hire them officially, ask them write one or two paragraphs on how they believe they fit into that vision or dream. While they may not be able to articulate specifics about what they’ll be doing, they should be able to produce a simple outline of what you’re shooting for and how they can play an important role. They should be excited about becoming a member of your team, enthusiastic about the future of your company and the role they will play in it.
To me, this exercise will tell you many things:
- Are they really interested in the position?
- Are they excited about your vision and being a part of it?
- Do they have a good (albeit early) grasp of your vision and the importance of their role to its success?
- Are they of above-average intelligence?
Again, handled properly, this exercise is very valuable because you are looking for partners, not employees - partners who share your vision and your strategy for the growth of your firm, as well as the quality of life you are trying to build for you and your family!
Now that you’ve found this dynamic employee, PAY THEM WELL! Why would you cut corners here? These people are crucial to you meeting your goals. Find a star and then price them out of the market so they will never want to leave you. Have a clear career path for them i.e., you might be a small shop and the new person is the “jack of all trades” at this point but as you grow, they may become your Chief Operating Officer and manage other employees.
Tie their compensation to the performance of the firm say a base salary plus bonus based on the assets under management. Give them a stake in the business so they know what they’re working for and it’s not just a job! Help them understand that the better they do their job, the more money everyone will be making.
Offer them a flex schedule if this is important to them. Don’t just have them in the office for the sake of “face time”. After all, you’ve just gone through this protracted process to find the right person, you’ve vested them in the future of the firm, now trust them. Trust them to do their job even if it’s from home occasionally or from 10:00 a.m. to 6:00 p.m. if that works better for them. If this person’s position dictates they work a specific time frame for example, the person who answers the phones, offer other benefits such as additional training, seminars or some preplanned “flex” time for them such as time to attend a class at the nearby university.
Meet with your employees on a regular basis and give them feedback on how they’re performing. When they’re ready for additional responsibility, GIVE IT TO THEM. What a happy day for you when all you do each day is meet with and service your existing clients and meet with prospects. This is the goal for you so push them to help you reach this goal and by all means, when they’re ready, hand it over happily and then get out of the way! You’ve given them the tools and the motivation, now let them run.
If you’ve successfully articulated your dream and your vision, this process will be very natural and will flow seamlessly. After all, since they have a stake in the success, they will be pushing you to give them more and more since they want you singularly focused on activities that grow the firm! It’s a win-win….jump on board!
Call me or email me with any questions or if I can help you articulate your vision and hire folks to live it with you!
