The Importance of People Centered Leadership in the Financial Industry

Our leaders are too involved in understanding/unraveling complex regulatory issues to spend time leading…

In many parts of the world financial regulators are placing more and more constraints on the industry. From improving record keeping in terms of recording advisor/client conversations to alerting the industry about the need to understand client behavior over and above tolerance to risk; and many other change requirements in between. Add to this a far savvier client base and leadership may well find itself with no time to support advisors or even navigate the business through these complicated seasons.

But – the financial landscape is shifting – it’s all about communication and understanding advisor and client behavior. Today’s leaders are crafting a new and innovative direction for the financial industry.

Jackson was looking for something different in the financial industry; something edgier, something to raise his passion for the business

At this current interview he was asked to complete a behavioral discovery process (profile) customized for financial services. When completed the interview panel openly shared the outcomes in their behavioral reports with Jackson and the interview process began.Leadership in the Financial Industry

No reference was made to his credentials, his previous experiences, his challenges. All of that information could be found in his resume. The questions the panelists asked were customized to his behavioral style and pointed to his hopes of his future, how he would expect the leadership to serve him in terms of fulfilling his expectations for his career path.

They clearly knew from his behavioral report that he was strategic, driven and would undoubtedly have plans for his career path.

Jackson found himself fully engaged in what was now a conversation focused on what they as a business could do for him rather than what he could do for them.

As the interview process drew to a close the panel asked Jackson to comment on the way they had conducted the discussion. He responded that it was very different and he found himself responding to their questions by opening up areas of his life, his future plans, his preferred style of communication and so much more than he had ever intended.

The panel concluded by telling Jackson that this approach mirrored the way the company provided financial advice to their clients.  This approach was all about understanding the client’s hopes, dreams, plans for their future in terms of their finances and then lining up advice and support that worked in partnership with them to achieve these goals.   This approach set a platform to ask revealing questions to uncover and deliver real insight into the advisor/client relationship.

The leadership of the company did not believe in containing creativity and initiative with their advisors; they believed in harnessing behaviors and talents and matching them with clients so that relationships could be formed that not only lasted but also provided well targeted advice that delivered outcomes, built trust and formed strong client/advisor partnerships.  They also saw this approach as one that would deliver the advisors vision for future and thus ensure they retain high quality staff.

Not surprisingly Jackson chose to work for this company.  The leadership had crafted a meaningful vision; one he knew lined up with his own personal passions.  Six months later and Jackson has fully embraced this style of working with clients. His clients see completing a profile as a useful “icebreaker” and feedback has demonstrated their support for the process and their belief that the advice they are being given genuinely focuses on their personal strategies for their future and how best to create wealth to deliver these plans.

Learn more about adopting a people centered leadership approach – click here.

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