7 Steps to Streamline Your Employee Experience and Help Your Advisory Firms Grow

2 min read
June 10, 2024

In the dynamic world of advisory firms, the relentless pursuit of operational efficiency and superior client service continues unabated. Recent surveys conducted by our team at Hubly reveal that many firms prioritize "team accountability" above significant concerns such as workflows for money movements, financial planning, or client onboarding. This raises questions about whether these findings reflect broader management trends in advisory firms or point to deeper systemic issues.

Fostering Team Accountability

For many employees today, the reality is not just a lack of training but the overwhelming complexity of the services their firms provide. This situation is exacerbated by the daily necessity of navigating numerous intricate technology systems. Despite the past two decades' focus on streamlining customer experiences, the needs of those responsible for delivering these services have largely been overlooked.

At Hubly, we've learned that fostering team accountability is less about imposing strict controls and more about enhancing the overall work experience for our teams. By simplifying daily tasks and making technology interfaces more intuitive, we make our teams' jobs easier and naturally integrate accountability into our operations.

We believe that business owners must prioritize building a robust employee experience. Improving this area can address persistent team accountability issues while delivering a better client experience. Firm owners and operations leaders facing these challenges must ask themselves: How can we transform our work environments into spaces that are not only efficient but also humane for our back-office teams?

This transformation doesn’t necessitate a complete overhaul of existing systems but can be achieved by enhancing tools we already use, like CRMs, focusing on making them more user-friendly and supportive of our teams' day-to-day needs. This will not only support your team but will also significantly change your own day-to-day work experience.

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A Framework for Transforming Your Work Environment

  1. Observe Current Challenges and Opportunities
    • Conduct a thorough observation of your current work environment and processes.
    • Gather employee feedback through surveys, interviews, or focus groups to identify their most significant challenges and areas for improvement.
    • Analyze this data to pinpoint inefficiencies, technology gaps, or training needs.
  2. Commit To Clear and Achievable Changes
    • Set clear and achievable goals based on feedback and observations to enhance the employee experience.
    • Examples might include reducing administrative burdens, improving technology interfaces, or enhancing workplace culture.
  3. Enhance Technological Infrastructure
    • Evaluate and upgrade technology systems to ensure they are user-friendly and alleviate workload.
    • Invest in training to ensure all employees are comfortable and proficient with the new technologies.
  4. Foster a Culture of Open Communication About Work Experience
    • Establish regular check-ins and open lines of communication for individuals to discuss their work experiences.
    • Encourage feedback on ongoing changes and create a safe space for employees to express concerns and suggestions.
  5. Provide Continuous Training and Development
    • Offer regular training sessions on operational skills and soft skills like communication, leadership, and stress management.
    • Encourage continuous professional development and career advancement opportunities for employees.
  6. Monitor Progress and Iterate
    • Regularly review the progress of the implemented changes against your set goals.
    • Be prepared to make adjustments based on what is working or not working.
  7. Lead by Example
    • Demonstrate the behaviors and work experiences you wish to cultivate in your workplace.
    • Through your actions, show commitment to the improved work environment, proving that the leadership is fully invested in these changes.

By regularly implementing these steps, advisory firm business owners can create a more engaging and supportive work environment that enhances team accountability and significantly contributes to the firm's growth and success while delivering an exceptional client experience. Alternatively, if implementing these changes seems daunting, consider hiring an operations leader whose primary focus will be improving employee and customer experiences. This investment can streamline your efforts and ensure your firm is positioned for success with your team and clients. 

Learn more about Hubly by visiting our website and discovering how we can help you and your operations leaders unleash the power of effortless financial advisory.

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About the Author

Louis, the Co-Founder and CEO of Hubly, a WealthTech company powering hundreds of financial advisory firms. He has not only unleashed the power of effortless financial advisory but has also guided his team through difficult challenges, including COVID, the Silicon Valley Bank crash, and a turbulent venture capital market. This has helped Hubly build a category defining market leading company that is helping advisors and their back-office teams find the freedom to grow their businesses while delivering top-notch client service.

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