Practice Management
Tactical complement: Aligning roles and responsibilities
By identifying their areas of specialty, financial professionals can potentially find their counterpoint for an effective team.
Practice Management
Create capacity
We have found that the single greatest challenge in leading and managing people is to ensure that they're all focusing on the three to five things that will have the greatest impact on their practices, their clientele, and their teams. The larger and more complex your practice is, the more challenging this likely becomes. We have seen that size often breeds complexity and that complexity diffuses focus. The ultimate goal for any team, in our view, is to have members spending 60% to 70% of their week on the three to five things that only they can and should do.
Step 1: Have each member of your team list what they believe to be their three to five critical objectives.
Step 2: Have them list any obstacles standing in their way and possible solutions.
Step 3: Meet with them to review their three to five objectives and make modifications where appropriate.
Step 4: Work together to finalize individual action plans.
Individual capacity list
(Each team member completes this task.)
THREE TO FIVE THINGS THAT ONLY I CAN AND SHOULD DO (JUST BECAUSE YOU CAN DO IT, DOESN'T MEAN YOU SHOULD) |
CURRENT HOURS PER WEEK* |
IDEAL HOURS PER WEEK |
|---|---|---|
1 |
|
|
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
*Each member of the team should strive to spend 60% to 75% of his/her week doing these three to five things.
What are the obstacles and potential solutions?
Individual obstacles and potential solutions (Each team member answers this question.)
OBSTACLES |
POTENTIAL SOLUTIONS |
WHEN |
|---|---|---|
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
Final individual action plan (Team leader and member consensus.)
OBSTACLES |
FINALIZED SOLUTIONS |
DUE DATE |
|---|---|---|
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
Team capacity list
(The entire team collectively answers this question.)
Now we want to look at your entire practice through the same lens through which we looked at each individual team member. In your next couple of team meetings, collectively brainstorm the following:
Step 1: Collaborate to list the team's three to five critical objectives.
Step 2: List the obstacles preventing this focus.
Step 3: Create a list of potential solutions to these obstacles.
Step 4: Collaborate to finalize the team's action plan to focus the team on these three to five critical objectives.
THREE TO FIVE THINGS THAT ONLY I CAN AND SHOULD DO (JUST BECAUSE YOU CAN DO IT, DOESN'T MEAN YOU SHOULD) |
CURRENT HOURS PER WEEK* |
IDEAL HOURS PER WEEK |
|---|---|---|
1 |
|
|
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
*The team should strive to spend 60% to 75% of its week doing these three to five things.
What are the obstacles and potential solutions?
Team obstacles and potential solutions (The team collectively answers this question.)
OBSTACLES |
POTENTIAL SOLUTIONS |
WHEN |
|---|---|---|
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
Final team action plan (The team collectively answers this question.)
OBSTACLES |
FINALIZED SOLUTIONS |
DUE DATE |
|---|---|---|
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
Resources and toolkits
Related insights
Practice Management
Critical team meetings
Invesco Global Consulting shares an overview and schedule for important team meetings designed to help your practice thrive.
Practice Management
Maximize your team
Managing a practice is all about teamwork. Learn how to create an efficient and effective team in our program, Constructing and Managing a Synergistic Team.
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