The Elements Ironstone Blog

Current news and trending topics for sales and financial industry professionals

ENGAGEMENT: GET YOUR A$$ INTO GEAR!

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As an extension of our Q2 newsletter, here is a deeper look into the factors that influence and shape engagement:

Infrastructure

As soon as your practice adds support staff, the question of structure rears its head. At first, with only one or two people assisting you, that may seem a rather silly concern. But add enough staff, or grow to the silo (multiple advisors sharing space and in many cases staff with different client bases) or ensemble (multiple advisors with shared staff working together) models, and suddenly it becomes a very real issue. Choosing the right structure is intimately related to the next issue—roles.

Roles

The hierarchical organizational structure that defined American business for so long is rapidly falling by the wayside. Today who does what, and who is responsible for what, should have less to do with title or position than with aptitude and desire. As an advisor managing a team, you’re fortunate—you have much more latitude than, for example, a department head at a Fortune 500 company. Ironstone can show you how to make the most of this freedom.

Recruiting and Retention

Your practice won’t have the headcount to allow for any Hamsters—there’s just nowhere for them to hide. That’s the good news. The bad news is that a small staff means that every member has significant impact, and that in turn means you can’t afford to hire the wrong person. How, then, do you select people who will be easily engaged? We’ll show you the keys to an effective process.

Compensation

Engaged employees focus first on what they produce for the organization, but that doesn’t mean that compensation is irrelevant. An engaged employee is a valuable resource, and a key team member who can be just as engaged with another employer for more money is likely to depart sooner rather than later. Learn how best to balance your total compensation package to retain your team.

Non-monetary Rewards

Money matters, but there is much more than money that matters. Recognition is consistently cited as among the most effective motivators, and you should never underestimate its impact in the close-knit environment of your practice. Constructing appropriate incentive systems above and beyond base compensation that will achieve the desired result is also crucial. Our workshop will offer creative approaches to this challenge.

Self-development

One of the best ways to retain engaged team members is to provide a clear path to greater responsibility and assist your people in progressing along it. In some cases that may even mean that they one day move from support staff to being an advisor themselves. Facilitating that process instead of standing in the way will earn you tremendous loyalty.

Assessment Tools

There are a number of tools available, and Ironstone can help both you and your team members recognize where their aptitudes and preferences lie—and no, many of them won’t actually know, especially in the case of something they’ve never done before. The Myers-Briggs Type Indicator and Profiles International Assessment are examples of instruments with a tested theoretical base and extensive use, and we’ll show you how best to apply them.

Evaluation

Most companies require some form of employee evaluation. Performance reviews are often a dreaded chore for both manager and employee—which is why you may have decided to forego the process in your practice—but what if you could transform it into something of true value? Ironstone can show you how.

Coaching

Helping your team members achieve maximum value to your practice and maximum personal satisfaction won’t happen magically or overnight. It requires consistent and ongoing guidance, feedback, and communication. Our workshops will show you how to coach consistently and effectively.

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Author: Andrea Schlapia

Over 20 years of experience in the financial industry and thousands of business professionals • Founder and CEO of Ironstone, • Certified Myers-Briggs Master Practitioner, performance culture and sales communication strategist • Certified Executive Coach through Coach U • Dynamic and entertaining keynote speaker at national conferences, breakout sessions and “lunch and learn” events • Motivating and real-world tactics delivered through value-added programs for Wirehouse, Independent and Banking channels • Accolades for the highest program evaluations and continuous return-speaking requests. • Dedicated to inspiring people to achieve bottom-line results for sustainable change: Andrea works with entrepreneurs and business professionals from various fields, striving to find and fill the gaps of each practice entrusted to Ironstone's care. Email Andrea with your practice management questions: info@ironstonehq.com

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