CHAPTER 7Managing People

Managing people is an integral part of being a high‐performing professional in the financial services industry. It is impossible for advisors to deliver desired results to clients without the help of a capable team of people. To be a good advisor means to lead a team of people in servicing the client, including coordinating their efforts, setting their priorities, monitoring the results, prioritizing resources, and helping them when they need help. This, in essence, is a definition of management. Not being able to manage your team will limit your effectiveness as a professional. The same is true for those who become leaders in the operations and administration of the business. Management is an integral part of every position of responsibility.

Much time has been devoted to the myth that if you want to be a good advisor, you should let others manage and focus your time on clients. In fact, there are articles suggesting that advisors should not be involved in management at all and instead should hire full‐time managers. While I am a huge fan of specialization and professional managers, management responsibilities can be delegated but should never be abandoned. On a good soccer team, strikers will come back to play defense when needed. On a good basketball team, the best shooter should run back hard to defend the team's basket. Letting others play defense while you watch will quickly get you kicked off the team.

Management is part of practicing—particularly ...

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