The following is Part II of this blog post, and is a real-life example, pulled from the ClientWise files (with client approval). To protect the anonymity and confidentiality of the process, the names have been changed.
Revealed: Indisputable Evidence
The power of the ClientWise Team Insights 3-6-0 team assessment is that it goes beyond anecdotal evidence. In the case of Sam Nicholas and his team, the data was indisputable. Across all spectrums of input—i.e. partners, staff, clients, prospective clients, and vendors—feedback pointed to the irrefutable reality that one of the partners (Partner #4) had significant issues regarding his leadership, management and communication.
A Frank, Candid, and Moderated Discussion
Once this issue came to light, the ClientWise moderator led a discussion that brought forward all feedback. The resulting debate was heated at times, yet every stakeholder had the opportunity to speak his or her mind. The outcome of this intense examination and frank conversation was that Partner #4 was asked to leave the partnership. Within days, the team had negotiated an exit strategy, break-up agreement and transition period whereby Partner #4 would leave the team within a 45-day time frame.
Once this partnership issue was resolved, it freed up the team to look directly at a list of 14 additional issues that were likely to affect the team in its push for greater growth. Over subsequent coaching sessions: 1) the team was able to re-define the roles and responsibilities across the practice in order to make them more defined and streamlined, 2) recommitted to improving their internal communication skills to resolve conflict in a non-argumentative manner, 3) and instituted a measurement of the partners’ success that was not AUM-based, and instead more aligned with measuring meeting activity with Leads, Prospects, Advocates and Clients. The partners’ understanding that the ultimate driver of growth is activity drove this fundamental change; more specifically, real meetings with real people.
Results
One year later, Sam reports that there is much good news to recount:
Of course, not every financial advisory team will experience the same dramatic results as what was experienced by Sam’s team. Yet his experience demonstrates the effectiveness of this process in getting to the bottom of team issues that are challenging and difficult to penetrate.
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