Wealth management is a constantly evolving landscape. Financial professionals are always looking for ways to incorporate new value adds to their services, pushing wealth tech to grow and change as they work to meet those needs. 

But when change is happening in your organization, it can’t come from the bottom up. Whether it’s new technology, a merger/acquisition, or another large-scale project, you need your leaders to take charge and give your teams direction.

In today’s blog, we’re continuing our series on change management by exploring the way wealth management leadership within your organization can affect change and create positive momentum.

If you’re an executive, let this be your guide for mobilizing your team into an effective position for growth in 2023 and beyond.

5 Ways Wealth Management Leadership Can Affect Change

Ready to lead your team to success? These are the top five ways you can affect change within your wealth management organization.

1. Set your vision

First and foremost, it’s up to you to provide a clear vision and direction for your organization during times of change – whether that change is good or bad, planned or unplanned.

Take some time to reflect on the goals you have for the company during this time, as well as the reasoning behind the changes to come. If it’s helpful, write down your thoughts to refer back to as needed. Most importantly, focus on communication and transparency. 

2. Motivate your team

When it comes to motivating your team, sharing your thought processes can help your team understand the “why” behind growing pains and keep their eyes on the finish line. Before you sit down with your team to share the news, be sure to know what you want to say and how you want to say it – and be open to any questions your team may have.

Change of any kind can be difficult and can cause anxiety and resistance among employees. The best leaders inspire and motivate their teams to embrace the changes and work toward new goals.

A great way to approach motivating each member of the team is to make the goals relevant to each individual. Consider how the coming changes will affect each role within your organization, and let them know preemptively about what they can expect moving forward. 

As we’ve recently explored, there are five key steps to approach your new business plan internally:

  • Awareness
  • Desire
  • Knowledge
  • Ability 
  • Reinforcement

You can also ​​listen to Senior Vice President Greg Starr talk about leading change management initiatives for dozens of financial organizations on our CRM Unlocked podcast. 

3. Communicate

If it feels like a lot of these tips revolve around communication – that’s on purpose. Communication is key to progress and affecting change as a wealth management technology provider. Effective leaders are skilled communicators and can keep the team informed about the changes and the progress being made. 

For example, during the change, give feedback and address concerns or questions that may arise – and take those concerns seriously. Your team shows up each day to help bring your vision into reality, but to do so successfully, everyone needs to be on the same page. 

It’s also good to remember that transitory times require flexibility. A pivot will be necessary at some point. Be upfront and communicate about it with transparency if you want it to go well. 

4. Make decisions confidently

When a pivot is required, what should you do? What technique can you use for sound evaluation to make the best decisions possible? If two people on your steering committee have different ideas, how do you help bridge the gap? 

Ultimately, you have to be the one to decide. Once you make a choice, take a moment to reconcile team members with different opinions and get everyone moving in the same direction.

5. Be accountable to your project

Effective leaders take accountability for the changes being made and the outcomes of those changes. Evaluate the effectiveness of the change process and make adjustments as necessary to ensure success.

It may be worthwhile to put a plan in place for monitoring the project after its completion. What went well? What would you do differently if you could go back in time? The answers to these questions can help you lead better the next time your organization is facing change.

Regardless of the outcome, you have to continue leading and be the one to drive your organization forward. 

Build Better Outcomes with Blueprint

Effective change management requires strong leadership to guide your organization through the process, motivate and inspire employees, communicate effectively, make informed decisions, and be accountable for the outcomes. 

Here at Skience, we’re providing leaders with the tools they need for success. Connect with a Skientist to get a custom Blueprint for your firm and take a step forward in effective change management today.