We have all heard our kids or our siblings tell us “you are NOT the boss of me”. The recent return of litigation (TRO) against departing brokers because their old firms have left The Protocol for Broker Recruiting focuses on the “ownership” of the clients. The firms claim they own the clients … really? Shouldn’t we resolve this dispute by asking the clients? We will examine why this simple solution is more nuanced.
Boss is usually a title given to us or it is one we bestow on ourselves. Both have a short life span that can only be extended by earning the boss title. Earning it is a combination of trust, humility and results. Trust is an essential element of every interpersonal relationship. Trust is doing what you say. Sounds simple but we all know it is very difficult. Humility is RARE – it is difficult to admit that you don’t know or that you are wrong. And the final necessity of a good boss is they achieve measurable results. Results for the people they work with and corporate results.
Money is power and bosses often control the purse strings. Parents can state “as long as you live under our roof and eat our food you have to follow our rules”. Maslow had this nailed in 1954. Dan Pink’s book Drive addressed that there are other powerful items that trump money. Autonomy, Mastery and Purpose! Money$ your days are numbered.
The power of personal relationships is often the deciding factor on who we want to be around. Relationships are the final arbiter when employees or clients are considering leaving. Mistakenly corporations undervalue the power of relationships. Good wealth managers excel in this area and their deep relationships with their clients are proven when they change firms and over 85% of the clients move to the advisor’s new firm. The saber rattling of big firms and their TRO’s are a nuisance that will slow things down but will ultimately fail because relationships will win the day. Big firm legal tactics can scare the over 56% of advisors who are considering moving but the segment that is being hurt the most is clients. Who is the boss of the clients?
So you want to be the boss of me? Put your ego down and earn it. The questions on the test are hidden in this blog.