03 Jul 2019

Top 4 Tips to Manage Your Team Effectively

1. Careful selection process

When recruiting new advisors into your team, ensure that your potential candidate matches the dynamics of your team. You should have an expectation of the ideal team you want to run. 

“Do you want to run a professional team or a sales team?”

For a professional team, there should be proper work processes in place and your advisors should not work according to their convenience or mood.  So, for a candidate who is looking to work part-time based on their own availability may not be suitable for a professional team.

2. Having a productive environment

To create a productive environment, there should be a target list for advisors to follow. Having a target list is like a GPS for your advisors. Examples of what a target list can have include who to call, the number of appointments they have to pack in a week. As a result, they will have a clear idea of what to do in a week and leading to consistent performance for each advisor.

Leaders can also consider having fixed calling sessions, where advisors come together to make phone calls and fix appointments. Ideally, advisors should pack their following week by Friday.

3. Quarterly goal setting

In a team, there will be people of different personalities and attitudes. For example, a personality test commonly used by advisors is DISC assessment. Advisors with personality types “D” and “I” are usually higher in energy and will put their best efforts at the end of the year. They are usually less consistent compared to advisors with personality type “S” and “C”.

I am sure most of you are familiar with the term “Final Sprint” when advisors did not hit sales targets at the start of the year and start working very hard at the end of the year. However, it is important to promote consistent sales results throughout the year to increase efficiency.

How to ensure consistency throughout the year?

Making quarterly and monthly goals can help to get your team motivated. Having goals as a team, it brings the team together and encourages them to communicate problems and results. Also, makes it easier to track those who are underperforming.

4. Segmenting team members

We can segment team members into four tiers:

Tier 1 → Advocates: Closest inner circle who are driving business with you, visions are inline you and drive the same advocacy as you.

Tier 2 → Good followers: They will agree with you when you implement something new. 80% of your team should comprise Tier 1 and Tier 2 advisors.

Tier 3 →  Plain followers: They do not give you trouble, but they are also not the most enthusiastic. However, they might find the motivation to do well one day. We should keep this group of people to a minimum of 20%.

Tier 4 → Liabilities: They often cause trouble and do the opposite of whatever you instructed. You should have a chat with these advisors or quarantine them.

That’s all for today! Stay tuned for articles so that you will be updated on the latest financial advisory strategies. Alternatively, contact our Growth Consultants to find out more about our upcoming masterclasses and programmes.

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