Six steps to team success:
- Shared values – Examples of important team values include: the client experience, how members of the team are compensated and recognized and the method by which client portfolios are invested. These values should be established, shared and followed by team members.
- Frequent communication – A professional relationship is similar to a personal relationship, and effective communication is essential to both.
- Accountability – Once the vision and values have been established and communicated, every member must be held accountable for their role in achieving team goals.
- Clear vision – The process of creating a vision and setting goals is invaluable. Team members are more productive when working toward a specific vision.
- Fair compensation – Compensation must be fair to all parties involved in order for a team to be effective. As the team grows, those most responsible for growth must be appropriately compensated.
- Clear succession plan – A succession plan should be developed and communicated to all members of the team.