When I worked alongside the Chief Operations Officer (COO) of a $3B AUM fee-only RIA based in San Francisco, CA one of the most critical junctures of defining success for a new hire was the onboarding process. When left to chance, that’s exactly what you’ll get a “chance set of expectations, realities and responses” if you don’t set the way forward in advance.
In my experience, this firm was one of the more organized from the three others I had worked for in my corporate experience. Everyone from wealth managers to support professionals, were onboarded and had a similar training process. The process, adapted for each hire, made sure that everyone had what they needed to be successful from the onset.
In particular, when the firm welcomed a new Operations Manager to handle a team of 9 Portfolio Administrators in 2017, laying a strong foundation of objectives and expectations was key. As I coordinated training curriculum and best next steps, the priorities we covered were instrumental to having this new member onboarded well and given the full support of the extended team.
In my experience, this is where larger wealth management firms fail. We toss our new hires in an inferno of existing issues, expecting them to ‘put out fires’ when they haven’t been given the right tools to ‘extinguish the flames’. Our methods at Atlas Park come from a practical understanding of RIA operations and the ‘in the trenches’ experience only gained from actually walking the operations tightrope.
A thorough strategy and execution plan on these priorities could be the reason your new hire stays with the firm for a longer period of time. The last thing you need is being forced to repeat this full process in 6 months (or less), simply because the priorities and expectations you communicated were unrealistic. Prior to any execution plan, understanding the concerns, ideas and goals of key stakeholders, so a win-win solution and plan is agreed to up front.
Here are 7 areas senior leadership should be clear on when navigating and setting the course for a new hire. At Atlas Park, we take our clients through a detailed framework to ensure that new hires, in particular an Operations Manager, have what they need to be successful. Remember, this individual is being tasked with making sure the wheels across the organization stay on the road, the operations team is well supported and relieving senior leadership from activities they’d much rather delegate. It’s a critical hire that should be given every level of support and education needed.
- Clarifying Roles and Responsibilities:
- Define the core responsibilities of the Operations Manager role.
- Discuss how these responsibilities align with the overall goals and vision of the company.
- Ensure clarity on cross-functional collaborations and reporting structures.
- Establishing Key Performance Indicators (KPIs):
- Identify measurable KPIs that reflect success in the Operations Manager position.
- Link KPIs to broader company objectives and growth targets.
- Discuss realistic timelines for achieving key milestones.
- Outlining Professional Development Opportunities:
- Highlight avenues for skill development and continuous learning.
- Discuss mentorship programs and opportunities for the new hire to grow within the organization.
- Emphasize the importance of ongoing training to adapt to evolving industry trends.
- Building Strong Communication Channels:
- Clear lines of communication between the Operations Manager and senior partners.
- Preferred communication methods and frequency of updates.
- Emphasize the importance of open, transparent, and collaborative communication.
- Cultivating a Positive Company Culture:
- Communicate the company’s values and culture
- Team-building activities to integrate the new hire into the company culture.
- Fostering a positive work environment and employee morale.
- Addressing Challenges Proactively:
- Anticipate potential challenges the new Operations Manager might face.
- Develop strategies to overcome these challenges and support the new hire.
- Emphasize a proactive approach to problem-solving and continuous improvement.
- Creating a Welcoming Onboarding Experience:
- Outline the onboarding process
- Provide necessary resources and tools to facilitate a smooth transition.
- Maintain a structured onboarding schedule for the initial weeks.
By addressing these points, you can ensure that the onboarding process for your new Operations Manager is not only seamless but sets the stage for long-term success within your organization. You’ll stand out as a firm that has taken the time to make sure all of their ducks are in a row in setting up new hires for success. You will also reduce the risk of the need to constantly hire staff, spending money, time and resources to do so.
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Hello! I’m Cameo. CEO/Founder of Atlas Park Consulting.
We rescue financial services companies and wealth management firms from operational chaos around time, teams and tech!
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