As a successful financial adviser, you soon may find yourself leading a team, or adding more staff. Such responsibility comes with expectations that you'll be a good leader and an effective decision maker. While increased responsibility can be daunting — even overwhelming — there are actions that you can take to prepare yourself to perform well in your new role.
Here are seven things you need to prepare to be a leader:
1. A personal ethos: You need to define this for yourself. It's an ancient Greek word that means the continuum of your behavior, core values and decision-making process. Great financial advisers have a well-defined ethos; there is an alignment, consistency and balance in how they work with clients, staff and team members.
2. Simplicity: Simple is preferable to complex when operating in a dynamic environment. Work to reduce complicated practices and procedures to their essential elements so that issues are easily understood by those who will be responsible for implementation. Your ability to do so will result in a more unified effort.
(Related read: The financial services industry needs real leaders)
3. Be agile and adaptive: Develop and cross-train your staff and team to be prepared to step in and fill one another's roles as needed. An adaptable team will function more cohesively and with greater common purpose and resolve.
4. Detail: Vision and strategy are only as good as the ability to implement details efficiently, effectively and in a timely manner. Proper balance of both the broad plan and its details is essential to success.
5. Enthusiasm: Demonstrate enthusiasm toward those in your charge, and their goals and objectives. The more frequently you express enthusiasm and optimism, the greater the probability that you will be viewed and respected as an authentic leader.
6. Courage: Develop a comfort with being held accountable, and having the courage to “step out front” to blaze new trails or to confront an injustice. Respect established processes and your chain of command, but also be willing to challenge the status quo in order to improve outcomes and achieve new heights of excellence.
(More: 7 signs clients look for in trusted advisers)
7. Inspiration: Most of Wall Street is fueled by negative motivation — power, ego and greed. Recognize the power of inspiring those in your charge. There's a significant difference between inspiration and motivation, and that difference will yield better and more-lasting results.
As you take on greater responsibility, you will do well to prepare in advance for your new leadership role. Take stock of what will be expected of you and the skills you will need to hone. Then, define your ethos and develop a process for analyzing, strategizing, formalizing, implementing and monitoring your new business plan.
Steve Branham is a retired rear admiral in the Coast Guard and one of the co-founders of 3ethos, whose research and training programs are focused on the intersection between leadership, stewardship and governance.
