Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Being part of a football coaching staff fascinates me.
Over the course of the past several years, I’ve had the pleasure to watch football from a unique perspective, since my son works in the front office of the Cleveland Browns.
Think about it. The head coach has a group of coordinators, who in turn work with a group of position coaches, all with one goal in mind – to win on Sunday. To keep that network of more than a dozen coaches and 53 players all moving in the same direction requires coordination.
As you move up market and work with more sophisticated clients, you will discover that they have an array of advisors. They work with attorneys, accountants, estate planners, insurance agents and possibly other financial advisors. This requires a high level of coordination. As your clients climb that complexity scale, it is essential that you become the head coach, carefully coordinating those advisors and developing a process for long-term success.
But what does that mean? I hear the phrase “build a process” all the time. Simply put, you want to create a simple and effective system for communication and execution so that the high-net-worth (HNW) individuals and families you are serving understand that their finances are in safe hands.
No one wants to deal with multiple channels, advisors or headaches when it comes to their money. Clients want simplicity and a single point of contact. They want everyone to call the shots from the same playbook, delivering an efficient message every time.
Here’s three ways to get started:
-
Establish clear communication channels: Much like a successful football team relies on efficient communication between players and coaches, your advisory team should have streamlined channels for information flow. Utilize digital tools, regular meetings and clear reporting structures to ensure everyone is coordinated. A transparent and regular communication system is the backbone of success.
-
Defined roles and responsibilities: Within your advisory team, it's crucial to define clear roles and responsibilities for each member. This not only avoids redundancy but ensures that every advisor plays to their strengths. Whether it's legal expertise, financial planning or estate management, a well-defined playbook outlining who does what contributes to a cohesive and efficient strategy.
-
Technology: In the world of football, advanced analytics and technology play a crucial role in enhancing performance. Similarly, in the realm of financial advising, leveraging technology can significantly improve coordination. A great client relationship management platform will streamline communications. Technology not only facilitates smoother interactions but also allows for real-time updates, enabling your team to adapt quickly to changing financial landscapes.
Being a head coach requires the combination of a great playbook and process. Establishing clear communication, defining roles and embracing technology are proven, winning strategies. Clients want to know that their team will support them no matter what happens.
Paul Saganey CFP®, president and founder, Integrated Partners, is the co-author of Optimizing the Financial Lives of Clients: Harness the Power of an Accounting Firm’s Elite Wealth Management Practice
A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out our podcasts.
Read more articles by Paul Saganey
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
