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FEATURE STORY
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Staying
Sane: Helping Your Reps Survive this Tumultuous Market
By Susan Konig
The sub-prime mortgage lending crisis and resulting market tumult
(the likes of which some analysts say we haven't seen since the Great
Depression)-combined with record high oil prices and recurrent rumblings
of recession-isn't just taking its toll on investors: A nearly constant
flow of bad economic news from the media is shaking up advisors, too.
Many reps have described recent months as the most stressful of their
entire careers. And, industry-based behavioral experts caution, that if
left unchecked, this stress can lead to depression, anxiety,
burn-out-even substance abuse. So, we asked some of them how you-the
branch manager-might help your reps ward off such problems before they
have a chance to take root.
First off, keeping the lines of communication between you and your reps
wide open is critical in times like these, says Dr. Alden Cass, a
licensed clinical psychologist and performance coach who heads
Manhattan-based Catalyst Strategies Group, a coaching service for
financial-services professionals, and who recently co-authored a book
about stress and burnout in the financial-advisory business titled
Bullish Thinking: The Advisor's Guide to Surviving and Thriving on
Wall Street (John Wiley & Sons, 2008).
"Too often, reps view a manager's closed door to mean that he/she
doesn't have the time for their problems," explains Cass. Consequently,
they'll often try to solve them on their own, which can lead to advisor
burnout, client litigation-a whole slew of problems. To prevent this, he
says, "BOMs must stress that they're always available to their advisors,
and ready to put their 'therapist' cap on."
Such "communication," says Cass, should extend beyond market-related
problems to home-based issues as well. "Half the battle in averting the
problems rough markets can fuel is in knowing your advisors. When you
sit down with them to discuss a business plan," he says, "find out about
their personal lives-and any life changes or challenges they're facing.
Are they married, do they have kids, are they expecting a child, etc.?
These issues can affect production as much as any business growth or
marketing strategy."
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(continuation
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It is also critical, he says, to pay close attention to their office
behavior, so you can spot changes that may signal deeper trouble. "Is a
rep having explosive outbursts where he typically wouldn't in the past?
Are you receiving complaints from his clients? Do you see changes in the
times he typically gets to or leaves the office? Is he taking off more
time than usual? Does he look sick or hung-over?" It's important not to
turn a blind eye to these things, he says.
What each advisor internalizes is likely very different, adds Tom Kane,
a former financial consultant, branch manager and regional sales manager
who is president of Investment Business Solutions, LLC, a
wealth-management consulting firm in Fairfax Station, Va. "For example,
one rep may be worried about losing his job, while another may be
worried about paying the bills." Some may be working longer hours in an
effort to calm their clients and generate the same level of production
they had in good times, which might be causing friction at home, he
says. "They might feel they have to let their sales assistant go, or
make a move they would rather not, but feel they need to for the signing
bonus." You need to know what the underlying concerns are before you can
help, he says.
Of course, these days, it can be difficult for BOMs to find the time to
do a lot of hand holding considering all of their other
responsibilities. "I know that with miles of regulatory red tape and
shaky bottom lines to deal with, managers have more responsibility now
than ever," says Cass. But, if there are behavioral fires to put out,
some of these compliance issues can be delegated to an operations
manager, he adds.
If your typical conversation with your reps tends to be somewhat
superficial in nature, when they're having serious problems they may
think you don't care enough to hear them out, Cass says. "It's critical
to dispel that notion. Sit down with several reps each month to see not
just what their numbers look like, but how their lives are." Offer them
guidance in dealing with clients in these very emotionally trying times,
he says.
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(continuation
of article)
If a BOM feels he's in over his head, it may be necessary to call
someone in-like a business psychologist or coach-to help, Cass says. But
most firms also have an employee assistance program in their benefits
packages, Kane notes. "I've recommended this to a number of employees,
and was pleasantly surprised to see how many actually sought help," he
says. Keep these resources in mind, he says. "While it can be a hard
subject to broach, you might be surprised by the positive results."
In addition, depending on the size of your office and your budget,
consider engaging a consultant or speaker for a meeting to address
coping with stress and change, Kane adds. "Perhaps you can get a
wholesaler to sponsor the speaker." And there are plenty of good books
on the topic too, he says. "Read up so you can help your team implement
some of the more salient strategies. And, make the material available to
your reps as well."
The bottom line, says Cass: BOMs must be "proactive"- rather than
reactive. "The outcome of the latter is almost never good. It's much
easier to put out a brushfire now than to battle a raging forest fire
down the line."
For further information, you can contact Dr. Alden Cass at:
acass@catsg.com and Tom Kane at: tomkane@solutionsllc.biz.
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