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,
How do we help our clients who are working parents (especially the working mothers) de-stress and manage their time better? You’ve written about putting one’s cute kids on camera and we’re very acceptable of most anything our advisors need to do in order to feel supported in these strange times when it comes to internal meetings.
However, it is starting to seep into client meetings and scheduling. A couple of our female advisors, who had no problem meeting for dinner or after hours in regular times, are balking at evening online meetings.
Many of our clients are older and they no longer have little kids running around. They are irritated at the unavailability of our advisors. I’ve received a couple of complaints via email about this.
It is an awkward position for me, as a male leader of the firm, because I respect how much pressure is on these younger female advisors and they are excellent at what they do. But I cannot have clients complaining that we’re not being attentive to them. I can’t switch advisors; that wouldn’t be fair to anyone.
What are firms doing to support their staff’s need to deal with family issues and still support their clients’ needs for flexibility and attention on their terms?
I.P.
Dear I.P.,
There are no easy answers, and every firm is navigating differently. It sounds like you and your firm need to set expectations with clients about what’s reasonable and possible for your advisors. It isn’t just the mothers. I know of a few advisors who are fathers who are struggling with time management and balancing family and client commitments. While most firms are, on balance, very supportive, clients may not always be so conciliatory. In fairness, for their fee they likely expect the same level of attention they’ve grown used to.
But that doesn’t mean you have to do everything that clients are asking in the way, and at the time, they are demanding. There are two sides to the equation. Consider both to determining the best next steps.
From the client viewpoint:
- Have you sent out a communication to clients to set expectations about timing for meetings and follow-ups?
- Have you given them enough options for meeting times so they feel there is enough to choose from?
- Have you considered different ways to communicate so the in-person meeting isn’t the only delivery mechanism for updates and insights about their plan and portfolio?
- Have you spoken with each client to ascertain their needs and concerns proactively instead of waiting for an upset email to arrive?
For your advisors:
- Have you looked into supporting your female advisors by suggesting childcare or meals delivered during the evenings so they could be freed up for client meetings?
- Have you raised the concerns of clients and helped your advisors to brainstorm ways of responding that are comfortable for them?
- Have you helped them with proactive communication to clients to set expectations about what’s reasonable for them?
- Have you considered not replacing the advisor entirely, but adding another team member or two for support?
I’m interested in whether other firms are dealing with this issue and how they are managing it. Readers, as always, please share your ideas and insights.
Dear Bev,
Spring is coming, vaccines are circulating and the economy seems ready to bounce back. There could be ramifications in the stock market and not all of the news or future projections look good. But it seems like there could be a cause to be positive.
What could I plan with my team that would acknowledge the possible turning of the tide and help us cement our bond early in 2021? We’re not yet back in the office entirely. It would still need to be virtual, but what ideas might work for strengthening our resolve?
S.M.
Dear S.M.,
No matter what’s happening, in good times and difficult ones, there is always the opportunity to do something to strengthen your team and find ways to bond together more effectively. I like your perspective that it is a bit more positive and that this is a good time to do it, but teambuilding works in all seasons.
One of my clients has my firm manage sessions every single month just to have a chance to gather the team and have the atmosphere be more “light” and fun.
One of the best activities we recently did was to have everyone think in advance about a colleague (we assigned names) and come prepared to share what they valued about that colleague and the contribution they make to the firm. Everyone took it very seriously and prepared. People on the receiving end of the compliments were asked to say only, “Thank you.” Sometimes taking a compliment is hard; we want to explain why we don’t deserve it.
Another way you could manage would be to do a visioning exercise. Once we return to in-person normalcy, what does each team member want to do? Go back to the movies – what sort of movie, or what specific movie? Take the whole family out to dinner at a nice restaurant? What kind of food and what restaurant? Go on a trip? Where and with whom? Let people share their expectations and plans for what they will do next. Others can ask questions and gain more insight and learn about one another.
You can use the time to do a planning exercise, track goals and talk about the rest of the year’s activities. But I advocate for something that is time away from the work and a chance to focus on one another.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. The firm also founded and manages the Advisors Sales Academy. She is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. 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. 
