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Team building and management are essential for business growth. Bangalore MFD Priya Sunder of PeakAlpha shared some interesting insights on systems and processes that can create a strong team for MFDs at the MFRT (Mutual Fund Round Table) 2022.
Here are the key takeaways from the session.
Track performance matrices
- Daily reports: Daily reports on routine activities give a sense of the overall work day. The idea is not to micro-manage but to spot trends. For instance, if client acquisition declines in a particular month, these reports help to identify problem areas.
- Weekly conversations: Weekly one-on-one conversations make it easier to track the progress of monthly deliverables. It is also an opportunity to identify and fix teething issues like complexities in calculations, transactional troubles and interpersonal issues with fellow teammates.
- Monthly business meet: Meeting all departments (operations, customer service, etc.) maintains the synergies between them.
- Half-yearly review: This involves reviewing team performance over the last two quarters and making course corrections so that the next two quarters lead to a productive year-end.
- Annual appraisal: Salary hikes and bonuses are a function of quantitative and qualitative parameters. Here performance is reviewed across all KRAs (Key Responsibility Areas).
Some must haves
- Keep an eye on client communication: Appoint a teammate to check grammatical errors and inconsistency in recommendation before sending any communication to clients.
- Training module: There should be a comprehensive training module for every new member. These training programs are helpful to teach new things and improve existing skills. It also keeps the team abreast of the latest happenings.
- Certifications: It is worthwhile for the team to have certifications like CFP, CFA or NISM Investment Adviser
- Flat revenue structure: It makes sense to have a flat revenue structure for MFD/RIA employees to dissuade any possibilities of mis-selling.
Be there for the team
- Encourage leadership: Motivate team members to take leadership role. This could possibly give you more time to open new business verticals.
- Work hard play harder: The work set-up should equally focus on professional and personal gratification. Encourage team members to attend professional conferences and organise adequate team outings. This boosts their morale.
- Bring them to the spotlight: Motivate team members to contribute articles to various publications and address seminars. Also, recognise and reward every achievement. This is instrumental in creating a happy and loyal team.
- Be flexible: There could be some days when certain team members are low on productivity. They could be going through a rough patch. Be flexible and empathic. Allow them time to bounce back stronger.
