A key success factor for financial institutions is the ability to successfully capture and transfer institutional knowledge. Institutionalizing the knowledge of experienced employees is essential to Accelerating Advisor Success. Capturing information is the easier part of this equation. Using this knowledge to drive results is more difficult.
In order to leverage the information and knowledge, once it has been gathered, lies in your ability to organize it so it can be accessed and used effectively. It is important to ensure the information and knowledge are routed to the right people at the right time.
Knowledge collection efforts will likely pull information from a variety of sources such as presentations, papers and one-to-one discussions. To make it more accessible, certain content will need to be transformed into other formats like video, audio, online learning and business execution systems. Leveraging a business execution platform, such as SuccessPro, to deliver this content improves quality, scalability and consistency of the content available as well as the associated usage reporting.
Ensuring that the knowledge is consumed by the people who need it most will drive advisor success. Use the data from the assessments your advisors have taken and identify specific opportunities to leverage your content and support resources. By focusing on identified advisors needs, you will ensure that your resources are being used wisely.
Financial institutions spend considerable time and resources developing knowledge and increasing advisor capabilities. Most of that knowledge ends up living in the heads of individuals where it is most at risk of being lost. The knowledge that gets translated into best practice processes, procedures and content become an integral part of the financial institution’s ability to help their advisors build better businesses.
► Enabling inexperienced but motivated employees to consult with and coach experienced and sophisticated advisors can be difficult. Flatten the learning curve by articulating consistent best practices rather than relying on a single employee’s ideas that may not be aligned with the financial institution’s best practices.
► The key to institutionalizing knowledge is to establish an operating rhythm that leverages the best practices that produce consistent results across the financial institution. Your financial institution has a finite amount of resources it can use to make advisors successful. The more you integrate best practices and knowledge into your systems and processes, the more value you can create for your advisors and firm.
► SuccessPro is a powerful platform that provides the ability to effectively capture, store and deliver this valuable institutional knowledge.
Capturing and transferring institutional knowledge creates a framework that helps leaders and coaches deliver timely and relevant content to advisors who are looking for greater value from their partnership with your institution.
A big part of managing institutional knowledge is the participation of leaders and coaches. There are many ways financial institutions define the role of leaders and coaches. Too often, the span of responsibilities is broad – encompassing staffing, recruiting, retention, and day-to-day supervision – that there is little time devoted to true coaching and knowledge transfer.
Your firm probably has had many discussions about the most effective approaches to managing these responsibilities. Most financial institutions have found ways to provide resources so that leaders can delegate at least some of the work associated with the deliverables they own.
Like the advisor assessment we discussed earlier, determining the Skill, Will and Time constraints of your leaders/coaches will be critical to your success. Focus support on the biggest gaps in these areas to optimize use of finite resources.
Finally, you can create widespread organizational impact by establishing an accountability process for your whole advisor management team where, at least monthly, front-line leaders review:
- Number of coaching sessions held with advisors
- Number of goals achieved
- Number of activities completed
- Overdue milestones