Build an Advisory Team: What is Common Intent And Why is it Important?

A commonality amongst all teams is the need for a leader who exhibits CEO-like behaviors.  What ClientWise has discovered in our team-focused coaching approach is that, oftentimes, even those financial advisors with the best production aren’t necessarily in possession of the traits held by the most successful leaders. These traits need to be crafted and honed over time.” Amongst common behaviors is:

 “I engage with and inspire others toward creating a compelling common intent.”

Common intent, also called common purpose, is an essential characteristic of high performing teams. It gives teams an identity that is beyond that of one individual, including the leader, and is based on a jointly determined ambition that is significant in size, aspirational in scope, and possible to achieve. Taking the following actions will help generate common intent amongst your team.

Engage and inspire your team by encouraging their involvement in the discussion of how to serve your clients and your organization.  Find a purpose that is broader than the team itself, and work with your team members to determine the emotional component to it. This will give them a sense of inclusion and investment in the outcome of their work; simultaneously, it will give you some insight into your team members’ level of understanding and knowledge base. 

Co-create roles in partnership with your advisory team members: This will give your team members a greater sense of involvement and encourage accountability for what they do. Allowing them partial ownership of the process will generate greater follow-through on their day-to-day tasks and commitment to the greater goals related to their roles. It will also alleviate the leader of some of the initial responsibility of determining the intricate detail of their roles and how they engage with one another to accomplish their tasks. This frees up your time to focus on areas of the business that require your unique skill set and ability. 

Don’t let common intent stop within the walls of the office:  The greatest benefit of common intent is that, when truly achieved, it comes across to your clients as a united vision, that offers with it the comfort and security needed to hand over one of the most sensitive aspects of their lives to you. Your team members provide additional touch-points for your clients. Bring them into the fold enough to understand the needs and expectations of your clients, so that you can confidentially share that responsibility and make them a partner in your client engagement process. 
 

Leverage what makes you different from your team members: Having common intent does not absolve you from embracing the differences. Take age as an example: In an industry that threatens massive change in coming years with the shift in wealth transfer from the Baby Boomer Generation, 51% of teams surveyed have no succession plan for their businesses, let alone for their clients. Having a team of younger advisors automatically puts you at an advantage, because they can become part of your succession plan for both, but only if you engage them through common intent. Start bringing younger team members along to meetings with clients whose children may want to work with someone closer to their age and perspective. In addition to helping those younger team members better understand your current clients, it provides a natural point of transition to discuss succession planning for those clients’ heirs.

As evidence, there are enormous benefits to “engaging and inspiring others toward creating a compelling common intent.”  It impacts your dedication as a team, your ability to achieve success, and the experience your clients have as a result. We will continue to take an in depth look at the 50 key CEO Behaviors in the weeks to come. For more about these, or any other aspect of our Lone Ranger to Leader Program™, visit: http://www.clientwise.com/loneranger.

Coaching Questions from this article:

1. How involved are your team members with your business goals and does this increase their dedication in their individual roles?
2. Are you able to rely on your team members to run your team if you aren’t there? If not, how are you engaging in common intent to achieve this?
3. How is the involvement of and engagement with your team members impacting the future success of your business?