The Power of Co-Creating Goals: 4 Strategies to Help Move Beyond the Numbers

As an advisor, much of your day revolves around numbers—setting financial goals, managing portfolios, and ensuring the financial well-being of your clients. Although crucial aspects of the profession, another somewhat overlooked dimension is equally important: the human element.

Building a motivated, engaged, and cohesive team in today's dynamic workplace requires more than merely co-creating goals and setting financial targets; it encompasses personal and professional growth, career advancement, and fostering a vibrant organizational culture that leads to a more fulfilling and successful business. Strive to involve your team members in goal-setting beyond just monetary achievements—tapping into their intrinsic motivations and aspirations using the following four strategies as a starting point:

1. Foster Career Growth & Advancement: Encourage each team member to articulate their career aspirations. By co-creating career advancement goals, you'll help empower team members to visualize their professional trajectory within the organization and foster a greater sense of ownership and commitment. Whether aiming for a promotion, transitioning to a new role, or acquiring specialized certifications, aligning personal career goals with organizational objectives increases engagement and retention.
2. Facilitate Continuous Learning & Skill Development: In today's rapidly evolving financial landscape, the importance of continuous learning simply can't be overstated. Co-creating goals prioritizing skill development will help team members stay ahead of industry trends and remain adaptable to changing market conditions. When you invest in learning and development, from mastering new technologies to honing analytical skills and deepening subject matter expertise, you promote and cultivate a culture of innovation and agility.
3. Build Personal Brand & Visibility: In an industry where reputation is sacrosanct, a solid personal brand that differentiates and distinguishes your business from the competition can propel growth. Co-creating goals related to thought leadership, networking, and professional visibility empowers team members to showcase their expertise and expand their influence and reputation. Encourage them to publish thought-provoking articles, speak at industry conferences, and leverage social media platforms. Building a personal brand will enhance their credibility and open new opportunities.
4. Invest in Culture: Culture is the glue that holds your organization together, shaping its values and norms and creating a sense of belonging. Co-creating goals that nurture a positive workplace culture encourages greater collaboration, creativity, and heightened employee satisfaction. Think about new ways to promote diversity and inclusion, create mentorship programs, and organize regular team-building activities. Any investments you make to strengthen your firm's culture will similarly strengthen personal bonds and enhance the overall performance of your team.

You'll notice that each of the above areas requires co-creating related goals. You must be willing to embrace a genuinely collaborative and inclusive approach—not merely convincing team members to agree with your approach but actively soliciting their input as to the things that will make their work more rewarding and fulfilling. Consider employing the following fundamental principles and best practices of an effective co-creation process in your day-to-day team interactions:

• Open Communication: Foster a culture of open communication where team members feel comfortable expressing their aspirations, concerns, and ideas.
• Active Listening: Take the time to actively listen to team members' perspectives and incorporate their input into the goal-setting process.
• Alignment with Organizational Values: Ensure that co-created goals align with the organization's mission, values, and strategic objectives.
• Flexibility and Adaptability: Recognize that goals may evolve over time and be flexible in adjusting them to accommodate changing circumstances.
• Regular Feedback and Evaluation: Provide regular feedback and performance reviews to track progress toward goals and identify areas for improvement.

Elite advisors understand that continued growth, success, and sustainability aren't solely a matter of AUM, revenue, and profitability. This is a people business. The happiness and satisfaction of your team are just as crucial to the firm's future success as the happiness and satisfaction of your clients. By embracing a more holistic approach to your goal-setting—focusing on fulfillment as much as financials—you'll set up a stronger foundation for the future.

Coaching Questions from this Blog

• Besides the numbers, what goals have you co-developed with each team member related to their career with your firm?
• What leadership goals have you created in partnership with the owners of your firm?
• What are the top 3-5 organizational goals your team has set for your firm this year besides the numbers?
• How will you invite each team member to help one another collaborate to co-create individual and organizational goals beyond the numbers?