Without Role Clarity among its members, even an elite wealth management team will struggle with Accountability. When team members do not understand their role, team performance and Results may suffer. Role Clarity, Accountability and Results are inextricably linked: Role Clarity drives Accountability, and together these two factors lead to Results. In my practice of leading advisor teams, I refer to this as the “Results Equation.” The concept is relatively simple and intuitive, which is part of why it is both practical and powerful. But achieving the desired outcome of the Results Equation requires planning, communication and feedback. Here’s how my teams and I approach the process.
The Results Equation begins with Role Clarity, which can best be achieved by first asking each team member to respond to a basic question: What do you do every day? Ask team members to jot down their answer to this question and then match their response to how you answered the question on their behalf. Do the daily functions that they perform line up with the value proposition of their role as you perceive it? A visual representation of this can be very helpful—I tend to use a pie chart.
If the team member’s view of their role is aligned to your expectations, you can move on to the second component of the equation. But if misalignment exists, it is critical that you work with each team member to refine their role and bring it to full clarity.
The second component of the Results Equation is Accountability, and it is all about laying the groundwork for measurement. Put another way, Accountability creates a framework of mutual understanding for how team members know when their job performance has met (or not!) your expectations. In the absence of measurable goals and expectations, it is difficult to drive Accountability because team members will frequently resort to measuring their effort and not the outcome. Often, Accountability is strengthened with the support of written, critical few objectives (CFOs). Here are some examples:
Jane Doe Critical Few Objectives (CFOs):
CFO No. 1: Administration
- Manage team schedules
- Manage office supplies
- Manage business expenses/ reimbursements
Key Result—Daily operations run smoothly eliminating lost productivity time
CFO No. 2: CRM
- Manage opportunities calendar and spreadsheets
- Schedule prospect calls
- Input data into CRM
Key Result—weekly meeting notes, pipeline distribution to our team and hitting our new business goals
CFO No. 3: Operations
- Ensure administrative tasks (Staples, FedEx accounts, building access, etc.) are completed for Day 1 of new teams
- Ensure client online invites are initiated
- Manage client risk ratings
Key Result—eliminate errors/incidents in new hire transition
CFO No. 4: Licensing
- Manage appointments
- Ensure policy’s financial representative and broker/dealer changes are completed
- Ensure DTTC feed is enabled
Key Result—advisors are appointed within two weeks of transition, linked to client’s policies, and DTCC feed is established to show funds added to their total assets under supervision
The final component of the equation, Results, represents the ultimate expression of performance and serves as the payoff of both Role Clarity and Accountability for both you and your team members. When expectations are clearly established, there is no ambiguity when it is time to discuss performance and compensation. Clear and measurable expectations help to make Results quantitative and fact-based and will keep performance discussions simple and constructive.
As noted previously, the intuitive nature of the Results Equation makes it easy to follow. But it is a mistake to think it will happen by itself. Here are the three steps to make the Results Equation actionable
- Role Clarity—Go through the Role Clarity exercise using written words and the time allocation pie chart to provide a clear visual. Give every team member the opportunity to work independently on this and, when ready, schedule a team meeting where everyone can share the Results of their Role Clarity exercise. Do not declare the exercise complete until the entire team has provided input to each individual and role expectations have been adjusted based on team feedback.
- Accountability—Once the Role Clarity work is complete, establish each member’s CFOs with corresponding, measurable objectives to ensure you have a mechanism to drive Accountability.
- Results—Measure! This is where the rubber meets the road. What gets measured, gets done. Pay for Results, not for effort.
Stay with this approach and you will break through the next plateau. As important, your team members will recognize and appreciate the interest you are taking in helping them grow, develop and achieve. Establishing Role Clarity in conjunction with Accountability will propel your team members and your business to the next level!
Michael Parker is divisional director, Northeast at Rockefeller Capital Management
