Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
We are struggling with some generational divide issues. I am on the younger side and COO in our firm. It’s been one of my goals to get the younger advisors involved in decision-making and committee work. We have a number of work streams for different initiatives and I have two of our under-30 staff members running them.
I’m running into a problem in that when the less-experienced team members present their ideas, the long-time staff dismisses them as “been there-done that” almost before the idea is fully vetted. It’s very demoralizing for the people who are working hard to make change happen. I’ve been in the meetings myself and often ask if we could just hear people out, put aside our biases, pretend we are working with a blank sheet of paper and so on. But my admonitions fall flat.
I keep thinking I should bring the long-term team into a room and tell them their behavior is appalling and unfair. But I don’t want to portray the younger team as having complained to me. One of the longest tenured advisors told me, “Everyone under 30 wants things handed to them on a silver platter” – so I don’t want to play into this inaccurate view. Our staff, on the whole, works very hard and does great work for our clients. Some of the ideas created by our newer team members are exciting and all are in the best interest of our clients. But they involve change and I realize most people, especially advisors who have been doing this for a long time, avoid change.
What else can I do to create a more collaborative and supportive environment? It is my role to fix this.
B.C.
Dear B.C.,
Perception becomes reality. Your longer term team members have some preconceived ideas about their younger colleagues. I don’t agree that it is completely on you to fix this. After all you don’t control other people. However, you can create an environment that allows someone to change their perception and their behavior. So a few questions:
- Are the roles you have created for these work streams and committees clear? If they are just the results of brainstorming or efforts to create a more inclusive environment, but they have no real authority, decision-making or agreement from other team members about how the group will work, you are leaving these younger people to the fate of “influence.” If you want them to get things done, give them the authority to do it.
- When the younger team members present ideas, are you helping them to present effectively? Just because an idea and the content are good, it doesn’t mean the delivery is effective. Remember my “know your audience” (KYA) component. They are presenting to a group that probably resists change, is set in their ways and has a certain perception of how things should be. Whatever they are proposing for change has to take these facts into account. The presentation should respect and reflect the audience’s views. If you want them to influence change, they have to present their ideas in an influential manner. If you help them to do this well, it could be the greatest gift you give them professionally.
- Are there opportunities for more effective partnering between the less tenured and the more tenured staff members? It sounds like you have created a structure where the less tenured are meeting and brainstorming and then presenting ideas to the more tenured. Is there a way to get them working together long before the final recommendations are made? Could you partner them up so it is more personal and they get to know one another during the process? Could the less tenured use the longer-term staff as sounding boards to poke holes in their ideas in order to make them better? In other words, can you co-opt the older team members earlier in the process so they believe the end result is actually their idea and they then are more likely to support it?
There are so many perceptions and in my view misconceptions between the generations. Yes, use of and comfort with technology is a defining issue since the “digital natives” (those 35 and under) have grown up with technology while those older than 35 have had to learn how to use it effectively. But, when it comes to values, interests, intelligence, education, client-focus, investment knowledge, communication style and the like, people are largely the same no matter what their age. You can have someone who is a quiet and reflective listener at 28 or at 62 years of age. You can have someone who enjoys new ideas and “rocking the boat” at 57 or 31. You can meet a person at 25 or one who is 45 who selected this career because they truly enjoy changing lives and helping people meet their goals.
Look for ways to help your entire team understand these principles and respect and honor both the sameness and the connection, and the differences that might arise from different life experiences.
Dear Bev,
We are implementing a new planning approach in our firm and finding it difficult to get existing clients to take advantage of going through the process. Why wouldn’t an investor want to do learn more when we are offering it for free?
A.B.
Dear A.B.,
Are people mostly logical? Does everyone do what is actually in their best interest all of the time? Do most people want to take on yet “another thing to do” in overly booked and too busy lives? The answers are no, no and no.
Think about this from the perspective of the client. They already have an advisor who is working well, have filled out your risk questionnaire or answered your questions earlier in the process and now you are presenting another new step for them to take. There is no incentive or need from where they sit to take this step.
I’m not saying the planning process would not be useful and beneficial for them. I’m saying you need to consider their perspective. Are you giving them enough of the “why this is valuable to you” part of the story? Are you showing them the output and outcome and how it could help them with their financial planning and life planning? Are you laying out exactly (a) how long the process will take them, (b) how you will follow up and © what they can expect as next steps?
Most people don’t like to add more to their lives – they are looking for ways to minimize steps and remove responsibilities. If you want them to do something new, make it crystal clear why it is to their advantage to do so.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008, she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
