Supernova Advisor Teams

CHAPTER 6Operationalizing the Five Star Model

“From a young age, I learned to focus on the things I was good at and delegate to others what I was not good at. That's how Virgin is run. Fantastic people throughout the Virgin Group run our businesses, allowing me to think creatively and strategically.”

—Richard Branson

The Five Star Model is the delegation of duties and responsibilities for each team member. While the model has its structure, you need to be flexible, call an audible (divert from planned structure as in a football play) at times, and delegate a task to the team member most capable of getting a specific task or tasks done. The important takeaway regarding the Five Star Model is that it identifies leadership responsibilities for the team and holds a team member accountable for specific functions on the team. Each star represents a significant responsibility that a team member has accountability to lead.

It is difficult to move the team forward without first deciding on defining key roles and the overall delegation of duties and responsibilities. In small vertical teams with one senior producer, one junior producer, and one client associate, certain roles will be duplicated. Both advisors might be responsible for planning, for example. We have found that teams work best when every member of the team has a role in client‐facing activities and new client development.

The first star would be planning to ensure that every client has a financial plan. He or she is ...