The Blueprint for High-Performing Teams: Six Components of Extraordinary Success in Financial Advisory Firms

In our ClientWise team coaching program for financial advisory firms, we define a true team as a group of people fully committed to the mutually defined and extraordinary success of the group as a unit, holding themselves mutually accountable for the achievement of that success and the methods by which it is achieved.

Success in financial advisory firms hinges on the skills of individual contributors and on the ability of teams to work cohesively, creatively, and effectively.

A high-performing team is one of the most valuable assets any organization can have, yet achieving this level of collaboration requires intentional effort and alignment.

What makes a team truly exceptional? 

This article explores these six components and offers practical steps for aligning your team with a shared vision of extraordinary success.

Inspiration from Captain David Marquet

The principles discussed throughout these six components align closely with Captain David Marquet's philosophy in his book, Turn the Ship Around. His emphasis on distributed leadership and empowering teams to design and own their processes underscores the value of collaboration and shared accountability in achieving extraordinary success.

The Six Components of a True Team

A true team is not just a group of people working together; it’s a cohesive unit with a shared commitment to a clear vision that all team members embrace. The six components of a true team provide the foundation for building trust, accountability, and long-term success:

1. A Group: A team is a group of individuals united by a common purpose. Unlike a workgroup, which may consist of individuals working independently toward separate, individual goals, a true team operates with interconnected roles and a shared vision. For example, a financial advisory team might align around a common purpose of delivering exceptional client service while collectively achieving business growth. Reflecting on what binds your team together—shared objectives, trust, values, and mutual reliance—ensures you function as a cohesive unit rather than merely a collection of individuals. 

2. Fully Committed: True teams require full commitment from every member, but this commitment may differ depending on each person’s role or ownership level within the team. For example, entrepreneurs may demonstrate their commitment through strategic leadership and long-term planning, while service advisors might focus their efforts on client relationships and operational excellence. Regardless of the role, the team should clearly and collectively define what full commitment means for each member, ensuring alignment and mutual understanding. Collaboration falters without this level of commitment, and the team’s potential is diminished.

3. Mutually Defined Success: In traditional structures, those at the top often define success, with team leaders seeking “buy-in” from others to achieve their goals and vision. However, a more modern approach eliminates the need for buy-in. When a team co-creates what mutually defined success looks like, every member has ownership in the vision, ensuring alignment and a more substantial commitment to achieving extraordinary outcomes. This collaborative approach minimizes misunderstandings about priorities, objectives, and achievement metrics, creating a foundation where everyone wins.

4. Extraordinary Success: Great teams aim higher than mediocrity; they strive for extraordinary results that set them apart in their field. In a financial advisory context, this might mean achieving a 95% client retention rate, serving four generations of families, or establishing a reputation as the go-to firm for specialized services. This commitment to excellence inspires innovation, resilience, and a focus on exceeding expectations.

5. Mutual Accountability (Total Team Leadership™): At ClientWise, Total Team Leadership™ is defined as a leader and team who engage in the exchange of leadership among themselves in a way that evokes meaningful contributions from every team member, showcases individual strengths and fosters consistent, effective group decision-making. Accountability is not centralized with one leader; it’s shared across the team. Each member takes responsibility for outcomes, speaks honestly about their efforts and abilities, especially in meeting team deadlines, and supports others in achieving collective goals, fostering an environment of shared leadership and ownership.

6. Accountability for Methods: Teams must take responsibility for results and for how those results are achieved. By co-creating processes and methods, such as how team meetings are run, performance reviews are conducted, or clients are advised, they ensure alignment and consistency. This collaborative approach must be built by the team, fostering ownership and adaptability.

Actionable Idea: Hold a team discussion to evaluate how well your group aligns with these six components. Identify areas of strength and opportunities for improvement and use this information to guide growth.

Why These Components Matter

Building a true team that embodies these six components is more than an exercise in organizational development; it’s a strategic imperative. When your team operates with clarity, accountability, and a commitment to extraordinary outcomes, you create an environment where innovation thrives, trust deepens, and long-term success becomes achievable. Use these components as a blueprint to fully realize your team’s potential.

Coaching Questions to Strengthen Your Team

Every team member should be able to voice their perspective and contribute to shaping the team’s future. These questions are intended to be discussion topics that encourage reflection and candid dialogue. Avoid the temptation to gloss over these questions, assuming everything works perfectly. Instead, use this opportunity to explore new ways of achieving exceptional growth. The book Radical Candor emphasizes that honest and open conversations are key to fostering trust and driving improvement.

The most effective teams continually seek to improve by identifying fresh approaches and challenging the status quo. Use these questions to spark meaningful dialogue and uncover actionable insights that can strengthen your team:

1. Ask your team: What binds us together, beyond our goals and objectives? How do these shared bonds influence how we work together?

2. How aligned are we on a mutually defined vision of success, and where do we see opportunities to refine or strengthen that alignment?

3. What specific actions can we take to enhance accountability for our results and the methods we use to achieve them?

4. What does full commitment to our team’s success look like for each member, and how can we support one another in achieving it?

5. What bold, innovative steps can we take to achieve extraordinary outcomes that set us apart in our field and inspire us as a team?

Approach these discussions with openness, curiosity, and a commitment to growth, ensuring that every voice is heard and valued as part of the process. Investing in this collaborative process will enhance trust and communication among team members, yielding more extraordinary results within the team and your financial advisory firm.

We’ve successfully helped financial advisory firms transform their teams into high-performing units that deliver exceptional results. If this resonates with you, let’s have a larger conversation about how we can support your team’s growth. Click here to book a meeting with one of our relationship management team members.

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.