How to Turn Your Team into Great Managers
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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How do I instill strong management skills in my next-level management team?
I have grown my RIA to close to $6 billion, and we have 67 team members. While I am a visionary and a good leader, I lack management skills. I worked with a consultant and created a next layer including a CFO, a COO, a CCO, and a CAO. I hired excellent technicians, but I am now seeing they are not great managers. All have several people reporting directly to them and more underneath them. The next layer is already coming to me to make decisions, to overrule decisions that have been made and to generally coach this relatively new team (I put them all in place starting in June of 2022 and finished by March of this year).
I hired these people because I don’t believe I am an excellent manager. How do I coach them to become managers and take leadership roles? I am not someone with a huge ego, and I don’t pretend to know all the answers. Right now, I have none of the answers.