Supernova Advisor Teams
eBook - ePub

Supernova Advisor Teams

A Pathway to Excellence

  1. English
  2. ePUB (mobile friendly)
  3. Available on iOS & Android
eBook - ePub

Supernova Advisor Teams

A Pathway to Excellence

About this book

Strengthen and unify your Financial Advisor Team

Teams are the principle building blocks of the strategy of successful organizations. The focus of your organization may be on service, quality, cost, value, speed, efficiency, performance, or any other similar goals, but teams remain the central methodology of most organizations across sectors.

Vertical teams and horizontal teams can transcend organizational silos and boundaries if properly focused and supported. Building collaborative teams can improve the client experience. In Supernova Teams: Effective Team Strategies for Financial Advisors, you'll discover the macro rationale and justification for teams, as well as the micro benefits of team formation.

•    Boost your team's effectiveness

•    Discover different leadership styles

•    Write winning team vision statements

•    Get familiar with communication strategies

From on-boarding a new team member to finding effective ways to bolster the ones you already have, this book shows you how to turn any team into a cohesive, productive unit with like-minded goals.

Trusted by 375,005 students

Access to over 1 million titles for a fair monthly price.

Study more efficiently using our study tools.

Information

Publisher
Wiley
Year
2018
Print ISBN
9781119477457
eBook ISBN
9781119477914

CHAPTER 1
Stepping Outside of Your Comfort Zone

“In the end, we only regret the chances we didn't take, the relationships we were afraid to have, and the decisions we waited too long to make.”
—Anonymous
As you embark on any change strategy from doing things the way you have always done them, you will need to start first with yourself and your attitude about change. This must happen before transformation can really take place. So let's spend some time discussing how to move forward before we move into some of the team strategies.
Let's face it, we all want to be comfortable in life. At times, factors such as managing change, reaching new levels of performance, and establishing stretch goals can be difficult, if not exhausting. After many years in this business, you want to feel you've arrived at a special place in life and can enjoy the fruits of your labor. Over time you fall into the comfort zone. Life can be repetitive and boring. You know what to expect at every turn. This leads to complacency, and for some of us it is easy to fall into a rut. You've heard the adage time and time again, “We are all creatures of habit.” There's a lot of comfort in knowing your routines and what's around the corner. But sometimes these repetitive routines can be like boundaries that hold us back and keep us inwardly focused, thus keeping us from experiencing new things. When you have a set of predetermined activities and approaches that become second nature, you are then able to minimize stress and risk. The comfort zone is a state of mental security that provides regular happiness and low anxiety. The problem is that this state—if prolonged—will keep you from feeling challenged and experiencing new things.
I (Curtis) recall growing up as a “military brat” and moving eight times. It seemed as soon as I was getting comfortable with my environment, the school, friends, surroundings, and so on, it was time to move again. This carried into my adult life with an additional seven corporate moves. I'm not knocking a stable environment and those who have lifelong childhood friends and know the neighborhood grocer. But each time I moved I had to adjust to a different environment, a new culture, and establish new relationships. This was to be my foundation of dealing with change, taking new risks, and understanding fundamentally that change won't kill you – it might even be good for you. I try to treat each move as a new adventure and as an opportunity to meet new people and explore an unfamiliar environment.
One fundamental fact about venturing into the unknown and trying new things as a financial advisor (FA) is the fear associated with reaching new heights of performance. You've been successful, a great family provider, you serve on a couple of nonprofit boards, and maybe coach your kid's sports team in your spare time. In the winter you go skiing, and during the summer you visit the lake or the beach. You've grown accustomed to this life and the pattern, and on the surface, it feels pretty good. However, something is missing. You know what it is: You could be doing more or doing better. But stepping outside your comfort zone seems risky, scary, and downright uncomfortable. Ask yourself this fundamental question and be honest: “What's the one or two biggest impediments to breaking out of your comfort zone?” If you answered me, me, and me, well then, you are well on your way to breaking out of your comfort zone. It's not your boss, your firm, family, or resources that are holding you back!

Stretching Beyond Your Comfort Zone

Our obsession with comfort can haunt us and keep us from realizing our full potential, not to mention some new and exciting adventures we might miss out on. Be careful of tried‐and‐true benchmarks or comparisons. Expressions like, “I'm outperforming everyone in my office”; “I'm number one in my district”; “I'm highly ranked in my class”; and “I'm making more than I ever have before.” Sure, be proud of your accomplishments and achievements; however, set benchmarks that stretch you beyond your comfort zone.
When we get comfortable in the “zone,” it is like a gravitational pull that moves us toward what is fun and easy, rather than toward what is difficult, challenging, and goal achieving. Remember the teacher, the coach, your parent, or maybe that drill instructor who pushed you beyond your boundaries and so‐called limitations? It wasn't easy going through it; however, you succeeded and went on to higher levels of performance. You had to first let go of the chains that bound you. For the most part, these chains were mental. Once you break through, you feel elation and accomplishment. That's a feeling that you must play back in your mind from time to time. It gives us strength.
It's not all about success; it's about the journey, and sometimes there are setbacks along the way. There are no guarantees, and sometimes we get derailed. The thrill comes when we get back up and try again and, later, overcome the obstacles that hinder our success.
Let's recall Bethany Hamilton, a surfer at 13, who lost her arm and nearly lost her life in a vicious shark attack in 2003 in Kauai. One month later she was back on her surfboard with a determined spirit and positive attitude. Two years later she won first place in the Explorer Women's Division of the NSSA National Championships.
How about another familiar name, Dr. Seuss, who wrote 46 books that sold more than 200 million copies. His first book (And to Think That I Saw It on Mulberry Street) was reportedly rejected by 28 publishers before being published. His persistence in the face of rejection paid off. Big time.
One of my favorite stories is about a person who literally ran out of his comfort zone – athlete, physician, and academic, Roger Bannister. People had been trying to break the four‐minute mile since the time of ancient Greece. Everyone believed that it was physiologically impossible for a human to run a mile in four minutes. Experts said the bone structure was inadequate and that lung capacity wouldn't allow it. Soon after Bannister broke the four‐minute mile in 1954, 37 other runners broke the four‐minute barrier. The following year, 300 runners broke the four‐minute mile barrier.
The themes in the previous examples reveal true human breakthroughs in attitude. There are many examples of people doing extraordinary things to overcome adversity and step outside their comfort zones. You can get a little inspiration by reading stories about human potential to break through life's challenges from time to time.
It takes tenacity and courage to embark on a personal change strategy or reinvention, as some say. The first has to do with attitude. A positive attitude will allow you to face the challenges of everyday life. It's your state of mind and your outlook and view on things. The second component to your change strategy is your belief in yourself and what you're doing. It's not arrogance, it's confidence. The third component is commitment. When you are committed to something, you make no excuses, the debate is over, and there is no more lengthy analysis, just action.
Today, change the words from “I'm not comfortable doing that” to “My life experiences have prepared me to accept new and exciting challenges.”

Characteristics of Successful Teams

What are the characteristics of successful teams? According to The Wisdom of Teams by Jon R. Kazenbach and Douglas K. Smith,1 and The Human Side of Enterprise by Douglas MacGregor,2 there are 11 characteristics of effective teams:
  1. There is a clear unity of purpose. There is free discussion of the objectives until members could commit themselves to them; the objectives are meaningful to each group member.
  2. The group is self‐conscious about its own operations. The group has taken time to explicitly discuss group process − how the group will function to achieve its objectives. The group has a clear, explicit, and mutually agreed‐upon approach: Mechanics, norms, expectations, rules, and so on. Frequently, it will stop to examine how well it is doing or what may be interfering with its operation. Whatever the problem may be, it gets open discussion and a solution found.
  3. The group has set clear and demanding performance goals. The team has performance goals that translate into well‐defined concrete milestones against which it measures itself. The team defines and achieves a continuous series of “small wins” along the way to larger goals.
  4. The atmosphere tends to be informal, comfortable, relaxed. There are no obvious tensions; a working atmosphere is created in which team members are involved and interested.
  5. There is a lot of discussion in which virtually everyone participates. But it remains pertinent to the purpose of the group. If discussion gets off track, someone will bring it back in short order. The members listen to each other. Every idea is given a hearing. People are not afraid of appearing foolish by putting forth a creative thought, even if it seems extreme.
  6. People are free in expressing their feelings as well as their ideas. If individual team members fear retribution, unwarranted criticism, or being cast in a negative light, or adverse impact to their compensation, they will not...

Table of contents

  1. Cover
  2. Title Page
  3. Table of Contents
  4. Foreword
  5. Preface
  6. Acknowledgments
  7. INTRODUCTION: Why Form a Team?
  8. CHAPTER 1: Stepping Outside of Your Comfort Zone
  9. CHAPTER 2: Distinct Types of Teams
  10. CHAPTER 3: Team Effectiveness
  11. CHAPTER 4: Leadership Styles/Leading the Team
  12. CHAPTER 5: Establishing a Vision, Mission Statement, Value Proposition, and Elevator Pitch
  13. CHAPTER 6: Operationalizing the Five Star Model
  14. CHAPTER 7: Team Collaboration
  15. CHAPTER 8: Shock Trauma Surgery Teams: A Compare and Contrast View
  16. CHAPTER 9: Team Contract and Agreement
  17. Chapter 10: The Key Drivers of Your Business, Forecasting Growth, and Building Your Business Plan
  18. CHAPTER 11: Recruiting, Hiring, and Retaining Good People
  19. CHAPTER 12: Onboarding and Mentoring a New Team Member
  20. CHAPTER 13: Team Dysfunction: The Elephant in the Room
  21. CHAPTER 14: The Leader/Manager Role in Building and Coaching Teams
  22. CHAPTER 15: Wealth Management in the Digital Age
  23. CHAPTER 16: Diverse Teams and Niche Markets
  24. CHAPTER 17: Team Summary
  25. Index
  26. End User License Agreement

Frequently asked questions

Yes, you can cancel anytime from the Subscription tab in your account settings on the Perlego website. Your subscription will stay active until the end of your current billing period. Learn how to cancel your subscription
No, books cannot be downloaded as external files, such as PDFs, for use outside of Perlego. However, you can download books within the Perlego app for offline reading on mobile or tablet. Learn how to download books offline
Perlego offers two plans: Essential and Complete
  • Essential is ideal for learners and professionals who enjoy exploring a wide range of subjects. Access the Essential Library with 800,000+ trusted titles and best-sellers across business, personal growth, and the humanities. Includes unlimited reading time and Standard Read Aloud voice.
  • Complete: Perfect for advanced learners and researchers needing full, unrestricted access. Unlock 1.4M+ books across hundreds of subjects, including academic and specialized titles. The Complete Plan also includes advanced features like Premium Read Aloud and Research Assistant.
Both plans are available with monthly, semester, or annual billing cycles.
We are an online textbook subscription service, where you can get access to an entire online library for less than the price of a single book per month. With over 1 million books across 990+ topics, we’ve got you covered! Learn about our mission
Look out for the read-aloud symbol on your next book to see if you can listen to it. The read-aloud tool reads text aloud for you, highlighting the text as it is being read. You can pause it, speed it up and slow it down. Learn more about Read Aloud
Yes! You can use the Perlego app on both iOS and Android devices to read anytime, anywhere — even offline. Perfect for commutes or when you’re on the go.
Please note we cannot support devices running on iOS 13 and Android 7 or earlier. Learn more about using the app
Yes, you can access Supernova Advisor Teams by Curtis C. Brown, Jr.,Robert D. Knapp in PDF and/or ePUB format, as well as other popular books in Personal Development & Personal Finance. We have over one million books available in our catalogue for you to explore.