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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear Bev,
I’m on a small team, there are six of us. The partners are a married couple, and both are easy to talk to, and supportive of our team. Sometimes when there are tough decisions to make (especially when something is going to cost money) they will defer to each other. The wife says “Ask Joe” and the husband says “Ask Lisa.” It sounds crazy, but they can do this back and forth with one another five or six times without reaching an answer.
I’ve recently been promoted to a COO role on the team. The other three team members have been asking me to prioritize fixing this dynamic between “Joe” and “Lisa.” However, I don’t believe it is my place to do this. More importantly, they have been married for 32 years, and I don’t anticipate them changing their behavior.
Rather than confront them and tell them this approach is ineffective, is there some way I could get them to see the ping-pong game they ask us to play is frustrating and leads nowhere?
Anonymous
Dear Chief Operating Officer,
Human behavior is far and away the most challenging aspect of any team — large or small. Add in family dynamics, and there is often plenty of “crazy” to go around. I agree completely with you that you can’t confront something like this. Showing them their behavior and letting them know how it impacts the team would likely be unproductive. They have had many, many years to hone this approach, and one conversation with you (even if they had a major “a-hah!” experience) is not going to change them.
I’m wondering if you could take a different approach. It’s the beginning of a new year, which many see as a chance to review what has been done and talk about ways to make things more efficient and effective. Perhaps you could open a general conversation about the decision-making process within the firm.
Now that you are in a COO role, is there a way you could be a final arbitrator on things? Or are there certain decisions, including spending money up to limits, where you could be the one to decide what should be done? I think rather than hit the problem they create via their style head-on, you would have more success changing the established pattern by talking more generally about how best to make decisions, who should make them, timelines for making decisions and so on.
You might find this would actually take pressure off of them, and they would be relieved to have a different approach. The back and forth likely causes each of them stress as well. After all, most likely they just don’t want to be the one credited or blamed if the decision leads to an undesirable outcome.
Use this chance to step back with them, consider what changes could be made, and put yourself in the process so you have more control over what gets decided — and when.
Dear Bev,
We have moved to more of a planning platform over the last couple of years. We’ve hired two really strong CFPs®, and we have a unique onboarding and intake process for new clients. The firm is really pushing us to continue the planning conversations each and every time we meet with clients. But clients’ lives don’t generally change so often that ongoing (one or two times per year) planning conversations are necessary.
During many of my end-of-the-year meetings I actually had clients get annoyed that I was asking about life changes, more planning and what other aspects they wanted to look at. We have put estate plans in place with our partner attorney, we do ongoing tax planning, we have set up different accounts such as 529s or donor-advised funds. It seems strange to me to be digging for something happening when many of my clients are in their 50s and 60s and not much goes on with their lives.
We were previously an investment-focused practice, so most of my clients want to know what we think about the economic conditions and how they will impact the market. When I write up my meeting notes, sometimes one of the senior partners will comment about how I am defaulting to investments rather than planning, but I believe I should go where the client wants to go.
Is there something I should be covering I am not? Do I steer a client conversation back to planning even when they ask me about my opinion on the markets? I want to be a team player and culture-carrier, and supportive of our efforts. However, I believe the client comes first.
K.V.
Dear K.V.,
There are many ways to think about a conversation about planning. Even if your clients don’t have a lot going on in their lives that would move a previously agreed upon plan significantly, they are likely doing things they want to talk about and could have financial implications. Consider questions like the following:
- Do they travel?
- Do they have enough insurance?
- Do they like/want/need annuities for longer-term planning?
- Do you know their parents and the parents’ financial situation?
- Have you met with each of their kids?
- Do you know anything about their extended family and what their siblings or cousins do for a living?
- Do you know what changes are happening at their job?
- Do you know what charities they favor?
- Do they have hobbies they might want to fund differently?
These are some examples that often don’t get covered in an overall plan but are part of the day-to-day lives of the people you work with. While none of these areas might be earth-shattering from a financial planning perspective, asking the questions and getting the client to talk and share is always valuable. Everything we do in life has some sort of financial component associated with it, so these conversations could very well lead to some way you can help them save, invest or manage their money differently.
I agree with you also on going where a client wants to go in a conversation, but you do want to be watchful. If your personal comfort zone is talking about investments, and that’s historically what you have done with clients, the conversation could naturally go there with a little bit of push and guidance from you. I’m not saying you would even do this on purpose — it’s probably more subconscious than direct on your part. I suggest you prepare a number of planning-oriented questions for your next meetings. Perhaps if the conversation started going in a different direction from the outset, you wouldn’t find yourself talking as much about the economic or market conditions as a default.
However, I wouldn’t avoid these conversations completely. Clients clearly value your insights and have worked with you enough to understand you have a lot of knowledge. Share your observations and thoughts, but do it with intention and thoughtfulness. Overall, be balanced in your approach so clients are getting a well-rounded experience!
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023, 2024 and 2025. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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