More than ever, advisors need great people who can deliver and support a great client experience. In fact, it may be the single biggest reason for your success in increasing revenue, gaining new assets and achieving a work-life balance.
In nearly 20 years of working with advisors, it has been my experience that the advisors who view human capital as an investment rather than a cost tend to experience more success and grow their business at a faster rate.
Get a Good ROI on Your Human Capital Investment
So how can you get a successful return on your human capital investment? By ensuring each member of your staff is actively contributing to one or more of these three goals:
- Improve Client Service and enhance the client experience.
- Increase Efficiency of the entire practice.
- Free Up Time to focus on activities that either grow the business or provide more work-life balance
Whenever you add a new team member, clearly communicate this person’s specific responsibilities and how these duties will help you achieve your firm’s goals. Not only will your team understand what is expected of them, they will take greater pride in their work knowing everything they do contributes to the big picture.
What Your Peers Are Reading
Once you have your team in place, compensate them based on your expected output—better service, a more efficient office and more time for what you need to do. Connect compensation, specifically a bonus structure, to invoke more of the performance you want from employees.
One Minus Five Equals Success