Good teamwork often produces the best results. So how can paraplanners develop a good working relationship with their advisers? LIBF’s Richard Cooper delves into some of the fundamentals of relationship building.
Relationship building is an extremely important skill for anyone: adviser or paraplanner.
Whether you’re working with someone who sits next to you, or a colleague on the other side of the world, you need to build successful relationships. It’s important to work as a team – and agreeing how to work together is a great place to start.
The quality of our relationship-building skills also influences how we negotiate, deliver client-focused reports and meet agreed deadlines.
So what are the fundamental aspects of successful working partnerships? And how can you – as a paraplanner – develop your relationships with advisers?
Respect
Mutual respect should underpin all working relationships. It’s fundamental to gaining trust and will help both parties share ideas and opinions openly. This should be a given, but sadly sometimes extra effort is needed.
You can gain respect by:
- treating one another as equals – even in relationships where individuals have different levels of organisational seniority, colleagues should treat each other equally
- agreeing to share your knowledge – offer advisers the benefit of your experience and agree that you can make alternative suggestions and recommendations for the client that may be of benefit to them, and encourage the adviser to do the same
- being honest about time frames and what you can deliver – don’t over promise
- being upfront with your adviser if you face constraints on time or resources – and have the confidence to suggest an alternative solution.
Understanding
Knowing what motivates your advisers and drives them to achieve their goals can really benefit a working relationship. You can develop understanding by, for example:
- arranging an introductory meeting when you start working with an adviser for the first time to establish what you can expect from one another in the working relationship
- establishing shared objectives when embarking on a new client or new piece of work to allow you to work towards a common goal
- using active listening skills during meetings and discussions with advisers, that is, listening intently to what they’re saying and making it clear throughout that you’ve heard and understood
- agree what’s required and confirm this with the adviser.
External working relationships
For many paraplanners, it’s becoming increasingly important to develop relationships with people who don’t work in the same location. These might be colleagues who are based in another part of the country or, if you’re an outsourced paraplanner, advisers in other firms.
In these situations, face-to-face contact is often limited, or simply not possible, so it can take a little longer to build relationships.
Where possible, try to arrange at least one face-to-face meeting at the beginning of the relationship to establish rapport. Even if this is on video call, it’s still really key to building the relationship.
Without visual cues, it is easier to misunderstand someone when you’re communicating by phone or email. Ensure you maintain a straightforward communication style and avoid making comments that could be misinterpreted.
Check understanding and any agreed actions at the end of phone calls. Make it clear in emails that you’re available if further information is required.
Maintain regular contact to keep the relationship on track. A short ‘how are things?’ email – or quick courtesy call to keep an adviser up to date – can work wonders.
Always apply the same levels of professionalism that you would to internal relationships. Your conduct reflects your organisation as well as you.
Addressing differences
It’s inevitable that, at some point, you will encounter challenges in your working relationships. When difficulties do arise, you need to address them openly, promptly and professionally to ensure the relationship continues to develop.
Failing to address problems can lead to more serious issues, so you should:
- have an open conversation with the person concerned, even if this feels awkward
- outline your concerns concisely, supporting your points with examples
- stress your commitment to the relationship and your wish to find a solution that works for you both
- listen carefully to your colleague’s point of view and take their comments on board
- clarify any actions you or your colleague might need to take to help the relationship get back on track
- avoid the temptation to badmouth an adviser or approach the issue with their manager before you have discussed it with them personally
- if you’re unsure whether speaking to the adviser or their manager directly is the right thing to do, take the advice of someone you trust in the organisation – such as another manager or director.
Improving existing relationships
You can strengthen your existing working relationships by:
- establishing a set of values or ‘ground rules’ for yourself and applying them to every working relationship you develop
- adopting a consistent approach to achieve the same degree of trust, respect and understanding with every person you work with
- asking the people you work most closely with to provide you with feedback on your working relationships – highlighting anything they might like you to do differently
- agreeing on steps you can take to improve the relationship, if necessary
- identifying someone in your professional network with strong relationship-building skills and asking them to mentor or coach you on how to improve your approach.
A successful relationship is built on trust, respect and understanding, and requires ongoing investment from both parties.
I’ve worked closely with paraplanners as a financial adviser for many years and always found relationships work best when I’ve followed these ground rules. They allow paraplanners to question and challenge financial advisers – and to fully use their skills in building recommendations.
That enables all of us to provide a better service to the customer and, ultimately, leads to a happier working life for everyone.
