In the competitive world of finance, the role of a team manager can be a challenging one. Client expectations are shifting, competition is fierce, and market fluctuations demand constant adaptation. Meet Matt, a forward-thinking manager in the finance sector. His challenge? To inspire and energize a team of financial advisors who are not performing at their best and to establish clear target goals. Matt's journey offers valuable insights into effective team management and motivation strategies that can make a significant impact in the finance industry.

Let’s begin 

Understanding the Challenge: Managing and Motivating Financial Advisors

Managing a team of financial advisors is no small task. The finance sector is known for its dynamic nature, where market conditions can change rapidly, and clients' financial goals and needs vary widely. Matt, like many managers in his position, faced the challenge of keeping his team motivated and ensuring that their performance remained consistently high.

The Financial Advisory Landscape: A Data Snapshot

Before delving into Matt's strategies, let's take a look at some key data points that highlight the challenges and opportunities in the financial advisory industry:

• The global assets under management (AUM) reached $112.08 trillion in 2021, reflecting the immense scale of the industry.

• Despite the growth in AUM, financial advisors face challenges in client acquisition. On average, it takes financial advisors up to 3 months to onboard a new client.

• Client retention is equally critical. Research indicates that a 5% increase in client retention can lead to a 25% to 95% increase in profits.

Matt's approach to this challenge was characterized by a balanced blend of educational growth and strategic methods. One of the strategies he adopted was the Taylor Method, a well-known framework in the finance industry. However, Matt's success was not solely attributed to this method, It was about creating a holistic learning environment that empowered his team members to excel.

Embracing a Holistic Approach: The Key to Financial Team Management

Matt's strategy was not about imposing a single methodology on his team but rather creating a learning environment where various methods, including the Taylor Method, were part of a bigger picture. He emphasized the importance of helping the team understand the 'why' behind their actions.

This holistic approach recognizes that financial advisors are not just implementers of strategies but also trusted advisors to their clients. Understanding the underlying principles of financial planning and investment strategies is crucial for building trust and delivering value to clients.

Step 1: Tailoring to Individual Strengths: Leveraging Unique Abilities

Recognizing the uniqueness of each team member was a cornerstone of Matt's strategy. He understood that his Junior Advisor Sarah excelled in client interactions, while John had a natural knack for analytics. Instead of assigning tasks uniformly, Matt tailored roles to play to these individual strengths. This not only made the work more engaging for his team but also significantly improved their effectiveness.

Data-Driven Success: The Impact of Role Tailoring

Let's examine the impact of role tailoring:

• Teams that tailor roles to individual strengths experience a 25% increase in productivity compared to those with uniform role assignments.

• Tailored roles lead to higher job satisfaction, with the majority of employees reporting greater job fulfillment.

Step 2: Cultivating Collaboration and Learning: The Power of Teamwork

In the finance industry, teamwork is not just beneficial; it's essential. Matt encouraged open discussions and knowledge-sharing sessions among his team members. This collaborative approach helped the team see things from another advisor’s experience, which, in turn, enhanced their advisory skills.

Collaboration and Performance: A Data Perspective

Here's how collaboration impacts financial advisory teams:

• Teams that prioritize collaboration are more likely to achieve their revenue goals.

• Cross-functional collaboration leads to higher project success rates.

Step 3: Data-Driven Insights: Making Informed Decisions

While experience and intuition are valuable, Matt stressed the importance of data in decision-making. He introduced analytical tools as educational resources, helping the team interpret data to guide client advice and investment strategies.

The Power of Data: Transforming Financial Advisory

Consider these data-driven insights:

• Financial advisors who leverage data analytics tools are 62% more likely to outperform their peers in terms of AUM growth.

• Majority of the clients expect their financial advisors to use data and technology to personalize recommendations.

Case Study: How Matt's Team Improved Sales with Taylor Method Training

Background:

Matt's team at a finance firm was not doing great in sales. Matt decided to try something new to help them improve, so he chose the Taylor Method training for his team.

What They Did:

Better Ways to Find Clients (The Approach)

• • After the training, the team found opportunities for new leads through powerful referral language and networking concepts that build stronger relationships.

  • Matt said, We started to see our organic relationships increase and advisors got more ‘at bats,’ resulting in more closes. 

Talking to Clients More Effectively (The Fact Find)

• • The team began utilizing the Taylor Method fact finding process, which allowed them to capture the entire financial picture, which was instrumental to focusing on “solving problems” vs “selling products”, one of the main principles of the Taylor Method.

  • Sarah, one of the advisors, said, We began to talk in a way that our clients could easily understand. It made a big difference.

Finding Sales Opportunities (The Opportunity)

• • The team got better at addressing every gap the client had, even if it was a service they didn’t provide.

  • John, a team analyst, discovered,  Every bit of information from clients helped us see more chances to help them, and they appreciated us highlighting every gap in their planning

Making Sales Smoothly (The Close):

• • Understanding their clients better made it easier for the team to complete sales. They were now offering solutions that really fit what the clients needed.

  • Matt noted, "Closing deals was not a matter of “IF”, but “when, and how much.

Results:

• Sales Doubled: In six months, the team's sales were twice what they used to be. They also built better relationships with their clients.

• Team Got Better and Happier: The training made the team more excited about their work. They worked better together and shared ideas.

Matt's Thoughts: "It was great to see my team get better and enjoy their work more. The Taylor Method helped us not just in sales, but also in how we think about our work."

Choosing the Taylor Method was a good move for Matt and his team. It helped them sell more and understand their clients better. This story shows how the right training can really help a team do better.

Are you ready to transform your sales team into a group of Achievers?

Taylor Method strategies didn't just transform a team's performance, it transformed careers. 

Here are some real-life testimonials:

Joining Eszylfie Taylor's Coaching Workshop completely changed the trajectory of my practice. I generated over $55,000 in commissions during the 4 week program and am en route to my best year ever. 

Eulette Edwards

Eszylfie Taylor's Workshop helped me cut my closing time in half and get more prospects organically through his referral language. The Taylor Method is the perfect way for a new agent like myself to refine their process through the 4 pillars.

Caylin Parker

David Hausdorff rose from being ranked in the Top 500 to reaching the Top 11 at his company in just 90 days.

Johnathan Burgess saw a remarkable 13x improvement in life insurance production in less than two months.

Andrew Mortenson experienced a 6x increase in overall production in less than six months, achieving Top of the Table status for the first time in his nine-year career.

Anthony Navarro, a junior salesman and Taylor Method student, quadrupled his average case size and tripled year 1 production in just three months.  

Matt's journey illustrates that effective team management in finance is not about rigidly adhering to one method. It's about equipping the team with diverse strategies and knowledge, allowing them to adapt and excel in various situations. While the Taylor Method is a valuable tool, their holistic growth and adaptability truly drive success.

Final Thoughts: A Blueprint for Success in Financial Advisory Teams

For managers like Matt, blending continuous learning with strategic application is key. This approach sets a standard where education and methods like the Taylor Method coexist, providing a comprehensive approach to financial advisory services. This strategy is not just about achieving targets; it's about setting new benchmarks in client service and team development in the finance industry.

Whether you're just starting out or are a seasoned veteran with over 20 years in the industry, our program is tailored to fit your needs. Choose from our two self-serve plans, allowing you to learn at your own pace, or opt for a more hands-on experience with our Virtual Workshops. These workshops, led by Eszylfie Taylor, offer a unique opportunity to receive coaching in a small group setting, ideal for producers who seek direct guidance.

Don't miss this chance to elevate your career – sign up today and start transforming your advisory skills with the Taylor Method. With the additional insights and strategies discussed in this extended article, you'll be well-equipped to effectively manage and motivate your team of financial advisors in the dynamic world of finance.