A majority of the financial experts begin as solo producers in warehouse environments where they get their feet wet and learn the business. Then they transition to an independent model either with a broker/dealer or as a Registered Investment Advisor.
The problem is that no one ever taught heads of businesses to become the business owners. No one ever showed them to be a financial firm leader. Leadership is more than handing out paychecks. The administration is being the entrepreneur in practice, directing the firm’s vision and mission, and mentoring the firm’s employees.
Transamerica financial advisors learn to transition from solo advisor to financial firm executive. It’s a mentality shift. It’s a mindset. When this transition is successful, the firm is thriving. You should be aware of when to bring in an advisor if the leadership is messing up.
Seven signs that show when do you need a financial advisor:
1. Compensation: The leadership is not willing to share the wealth and doesn’t offer decent salaries or benefits. The head feels that this is his firm and that most of the profits should go to him.
2. Employees: The employer only hires people less intelligent than he. The advisor may want to be the star in his firm, so he intentionally hires only those employees who will make him look like a financial genius.
3. Training: There is no employee training. Once hired, new employees get into the fire with minimal training, guidance or instruction. The leader may feel that his time is valuable and that employees will just get it eventually.
4. Mentoring: There is no mentoring of employees. For the firm to mature into a growing ongoing concern, mentoring is essential for the growth of employees’ skills. Great organizations are made up of great people. Those people always receive mentorship.
5. Mistakes: Errors are not tolerable, and the offender is humiliated. Mistakes will be evident in any firm, but the key to a large financial firm is the guidance and help one receives after errors occur. We all learn in different ways, but being bullied or taunted is sure to lead to additional mistakes.
6. Meetings: There are few, if any, company meetings. Successful firms meet regularly to discuss open cases, assets in transition, new prospects, and issues that need rectifying.
7. Vision: The firm’s vision, goals, and marketing strategies are not sharable with employees. During the company meetings, the firm leader and employees discuss the plans for growth.
Does your firm exhibit any of these tendencies? Did reading this list cause you to squirm consciously or subconsciously? If so, you must create a plan to move from failure to greatness. Issues like these are not solved overnight. The best way to make changes is to make them one at a time.
Trying to make too many changes too quickly can result in burnout, and that’s not good for anyone. Start by making a list of the changes you’d like to make and include hiring a financial advisor. Then identify which changes have top priority. Then implement one at a time.