4 Team Communication Steps to Build Trust and a Collaborative Culture

Effective communication is the cornerstone of every high-performing team. Research shows that companies with effective communication practices are 4.5x more likely to retain the best employees and achieve on average 21% higher profitability than their counterparts who don’t (Gallup, 2023). For financial advisory teams, this directly translates into improved client experiences, higher retention rates, and increased referrals.

As Scott Underwood, CEO of Socium Advisors notes, “when team members are happy, communicating effectively, and collaborating, clients enjoy a way better experience, make more referrals, and engage our team in a far more positive way."

It’s clear that effective communication benefits everyone—clients, team members, and the business as a whole. But as teams grow and add more layers of interaction (e.g., team huddles, 1:1s, department meetings, professional development sessions, and all-hands meetings), ensuring that communication remains productive and impactful can at times feel a bit overwhelming.

To simplify the process, let’s take a closer look at ClientWise’s four-step approach to analyze your team’s communication, identify gaps, and implement changes that strengthen trust and collaboration. Ultimately, these changes are designed to ripple outward; creating a culture where communication flows effortlessly, team members feel empowered, and clients come to appreciate an exceptional experience.

STEP 1: ANALYZE CURRENT COMMUNICATION CHANNELS

Before you undertake any changes, first take a step back and assess the current state of your team’s communication. After all, how are you going to fix what you don’t fully understand. Research shows that 74% of employees feel they are missing out on important updates, and 85% report frustration due to ineffective communication tools (Dynamic Signal, 2022). Sound familiar?

Start by asking yourself (and your team) a few key questions:

• What tools are we using for communication? Is it email, Slack, Microsoft Teams, or some combination? Are your tools effective, or are messages getting lost in the noise?

• How productive are our meetings? Do they foster collaboration, or are they just another item to check off the list?
• Do team members feel heard and understood? Are all voices being included, or do some dominate while others remain silent?

Action Plan:

1. Gather Feedback: Send out a survey or hold focus groups to understand how team members perceive current communication practices. Ask for candid input about clarity, timeliness, and frustrations.
2. Audit Tools: Look at how your tools are being used. Are there redundancies or tools that no one seems to use effectively?
3. Analyze Patterns: Sit in on a variety of meetings and observe where communication breaks down or becomes inefficient. Remember, McKinsey research reveals that 56% of meeting time is unproductive, so this step alone can uncover significant opportunities for improvement.

STEP 2: IDENTIFY GAPS AND OPPORTUNITIES

Once you’ve assessed the current state of your communications, it’s time to dig deeper into the gaps. These disconnects might show up as:

• Information Overload: Team members feel bombarded by emails or messages and don’t know what’s truly important.
• Lack of Clarity: Instructions or updates are vague and open to interpretation.
• Engagement Issues: Some team members zone out during meetings or hesitate to contribute.

According to Gartner, 70% of employees feel overwhelmed by the volume of communication they receive daily, and 28% of the time poor communication is a leading cause of project failure.

Action Plan:

1. Pinpoint Gaps: Identify recurring issues, such as silos between departments, inconsistent updates, or unclear handoffs between team members.

2. Spot Opportunities: Look for small but impactful changes. Could consolidating tools or setting standard response times solve some issues?

3. Prioritize: Focus on addressing the gaps that will have the greatest impact on trust, collaboration, and client outcomes.

STEP 3: BUILD A SHARED COMMUNICATION FRAMEWORK

Now that you know what’s working and what isn’t, it’s time to establish a framework for how your team will communicate moving forward. Think of this as something like a set of ‘kindergarten rules’ for adults—respect, listen, and say please and thank you—but elevated to meet the needs of a high-performing, successful team.

Action Plan:

1. Establish Core Values: Collaboratively define the values which will guide your communication. For example, your firm’s core values might include:

   1. Transparency – Information is shared openly and proactively.
   2. Timeliness – Responses are expected to be prompt, keeping projects on track.
   3. Respect – Every voice is heard and valued.
2. Set Clear Expectations: Define when and how specific tools or channels should be used. For example, you might choose to use email for long-form updates, instant messaging for quick questions, and meetings for decision-making.
3. Leverage Strengths: High-performing teams know each other’s strengths. Equip your team to understand and lean on each other’s communication styles. Gallup data shows that strengths-based teams are 12.5% more productive, which underscores the importance of this step.

STEP 4: STRENGTHEN COMMUNICATION THROUGH PRACTICE

Effective communication isn’t a one-and-done undertaking. It’s a muscle that needs to be regularly exercised. Organizations with strong communication cultures experience 25% higher engagement and 18% higher client retention rates (Deloitte, 2023).

Action Plan:

1. Provide Training: Offer workshops or coaching on active listening, conflict resolution, and running effective meetings. LinkedIn Learning found that companies investing in communication training see 24% higher satisfaction among teams.
2. Facilitate Regular Check-Ins: Schedule team huddles, 1:1s, and ‘state of the team’ meetings to maintain alignment and clarity.
3. Create Feedback Loops: Ask team members to share what’s working and what isn’t. Regular feedback fosters trust and continuous improvement.
4. Celebrate Successes: Publicly recognize excellent communication practices to reinforce positive habits.

Proven Practices for Enhancing Communication

Drawing from research by McKinsey, SHRM, and other experts, we encourage you to also explore and consider the following additional strategies:

• Agendas and Outcomes: Every meeting should have a clear agenda and defined outcomes. This keeps conversations on track and productive.
• Streamline Tools: Avoid overloading your team with too many platforms. Consolidating tools can improve efficiency and reduce confusion.
• Visual Dashboards: Tools like Asana or Trello can help track tasks and keep everyone aligned.

Client Experience Starts with Communication

Always remember that the ultimate goal of improving team communication is to deliver the best possible client experience. When communication flows seamlessly, team members feel aligned and empowered. This creates a ripple effect: clients notice the trust, confidence, and collaboration, which in turn deepens their loyalty and inspires referrals. As Scott Underwood astutely points out, “clients notice when teams are aligned and collaborative. It builds trust and inspires confidence, which translates into more referrals and deeper engagement."

Improving team communication isn’t just about fixing problems. It’s about creating a culture where trust, collaboration, and alignment thrive. By analyzing your current state, identifying gaps, building a shared framework, and committing to ongoing improvement, you’ll strengthen your team’s communication muscle. And when your team communicates well, everyone benefits—your business, your team, and most importantly, your clients.

So take the time to strengthen your communication practices. The results will ripple outward in ways you could never have possibly imagined!

Questions for Advisors

1. How would you categorize the current level of engagement, communication and collaboration within your team? What steps can you take to create measurable improvement?
2. What communication enhancements can you implement to help team members feel more supported in taking risks, questioning decisions and exploring alternative approaches and methodologies?
3. Think about the personality and behavioral styles of each member of your team? What motivates them and what causes stress? How can you and other team members most effectively communicate with them to maximize their engagement and performance?

About ClientWise LLC

ClientWise is the premier business and executive coaching firm working exclusively with financial professionals. We specialize in helping clients optimize growth and maximize revenue by engaging as a knowledgeable partner in accomplishing specific and significant business results. Our full-service coaching program empowers financial advisors, wholesalers, managers and executives to enhance performance through customized, action-oriented solutions based on each client’s specific vision and situation.

Our certified coaches are members of the International Coach Federation (ICF). They adhere to ICF’s strict code of ethics and have the experience and insight to work with you on the unique challenges and opportunities you face each day.

Drawing from an in-depth knowledge of the financial industry, ClientWise’s mission is to professionally develop industry leaders and consistently raise the bar for industry service, commitment and integrity. Simply put, our singular focus is to help you get clear, get focused, and get results.