We are in a volatile moment. But character is revealed in hard times, and when volatility hits you can either be a leader or a manager.
Being a leader not only will get you through the crisis, it will make you stronger on the other side.
It may seem counterintuitive, but RIA owners can lead their teams by focusing on themselves first. The simple truth is that if you don’t take care of yourself, you can’t care for others.
Think of the process like a bulls-eye where you start at the center and extend outward. By caring for yourself, you can better care for your team, and they can then better care for your clients. It all extends outward in a positive wave.
Here’s how to be a better leader and think about what you’re experiencing as we move through this crisis to the other side.
First, understand the crisis and determine how to respond. A systematic crisis is one you can anticipate will happen with some sort of frequency, so you can create a plan to address it when it occurs.
For example, you buy car insurance because car accidents happen on occasion. You know employees will sometimes move on, so you have a process in place for how to replace them when that happens.
These situations are small crises, and ones you can address with a proactive mindset.
A non-systematic crisis is one you can’t anticipate or adequately prepare for before it happens; you must be reactive in the moment.
Some examples of non-systematic crises might include having your child’s school close unexpectedly and you must work from home. You must maintain your productivity, and also help them manage screen time, help with homework, and take care of their basic needs while you continue to do your job.
Many advisors are dealing with this exact situation right now (and so am I).