About 40% of advisor firms will remain virtual even beyond the pandemic, according to research done by our consulting firm. Given this development, many firm owners are asking us how they can be a great manager in the new virtual reality.
While there isn't a "one-size-fits-all" answer, it's critical for advisory firm owners to understand how to manage their people effectively if they want to grow their businesses.
Even with technology advances and new realities tied to working from home, financial advice is still a people-oriented industry. As a result, if you want to grow, you must take special care of the people you lead.
Contrary to popular belief, being a good manager isn't about having a specific personality type. Instead, it's about consistent actions.
Here are the actions you need to take to be a great manager, retain your staff and grow your business, even when operating virtually.
Build Trust
The best managers focus on developing trust with their employees. The hard thing about trust, though, is oftentimes it is experienced through feelings. Therefore, how do you create a feeling of trust?
While it may feel counterintuitive, you build trust by focusing on yourself, not everyone else.
Amateur managers will look outward at their team and say, "They aren't doing what I want them to do." But mature managers will look at themselves and their own actions. They do this to fully understand what example is being set for their teams.
Whether you are interacting with employees or clients, you'll build more trust, and your team will feel more trust, when you show — rather than tell — them how to act.
