Poonam Patel, Paraplanning Manager, Quilter Cheviot believes empathy is the key quality needed in a great team leader and trust is essential for effectively managing a team.
“Without a doubt, empathy is top of the list. You can have all the technical skills in the world, but if you can’t connect with people then you won’t bring the best out of them. I think empathy builds trust and trust builds great teams.
“I believe in empowering people and creating space for people to bring their strengths to the table.
“At the same time, every member of the team has to feel they can come to you if they need any kind of support. You need to create a culture where every individual feels that they’re valued and heard.
“How we communicate within the team is key as well,” she says. “That includes regular check-ins and meetings, we have a team meeting every Monday, one to one appraisals, honest conversations and genuine interest in how people are doing both professionally and personally. Not everyone wants to talk about their personal life, which is fine. What’s important is that everyone is aligned and feels supported.”
With a degree in IT, Poonam began her career in banking, moving into financial advice before deciding it was the technical and analytical side of the role that she really had a passion for and so began her career as a paraplanner. “Paraplanning gave me the perfect balance of problem solving and client impact,” she says. “I had to take a reduction in salary but I felt that my strongest side was paraplanning, making sure that the reports are really strong and giving the client the right kind of outcomes.”
In 2019 she was promoted into the Paraplanning Manager role. At the time she had a team of four to manage but as Quilter Cheviot has grown its wealth management side from HNW to mass affluent, so her team has grown, now numbering 14, serving 19 financial planners.
Technology has been a key part of the team’s growth. “We’ve moved from spreadsheets to an in-house app, where we can see the different cases, manage the workflow and see our stats.”
The team is part office, part home-working based. “With virtual meeting software we can bring everyone into a meeting now but what I try to do is to make sure is that I’m seeing each individual as well, whether in the office or virtually.
The main challenges in the role, she says are balancing the needs of the business with the wellbeing and development of the team. “That’s been a learning curve, especially in periods of change or high demands, supporting people through difficult times, whether that be personal challenges or mental health struggles. I know I can’t fix everything, but if I’m showing empathy, alongside flexibility and consistency, that’s what helps build the trust and resilience within the team.”
Another challenges is delivering difficult news. “Nobody really likes doing that. It might be around performance or change expectations and having those tough conversations is never easy. But I’ve learned it’s all about positioning. It’s showing empathy, clarity and genuine desire to support people. If you have that it can lead to growth and stronger relationships as well. It’s being honest because everything’s not all hunky dory, but it’s about explaining and putting it in the right context, the right positioning. That can make a big difference.”
Poonam encourages development of her team and takes it onboard herself. She took the Diploma in Education, Leadership and Operational Management from the Institute of Leadership & Management, passing with distinction. “When I became a team leader there was no induction course, but I wanted to ensure I was doing the best job I could. It was like going to university again but self-study, where we covered topics like radical candour and emotional intelligence among many others. I had a break in the middle for maternity leave, but I was determined to finish and it was worth it as I’m using what I’ve learned to help nurture and develop my team.”
Her many years’ experience as a paraplanner she believes helps her when managing because she understands the pressures and expectations. “Which means I can focus on empowering the team.”
Likewise, as a team leader, she works closely with senior management to help improve the firm’s service and is chuffed that she will get questions from other areas of the business wanting to call on her experience.
Her advice to anyone stepping into the team leader role is: “Be authentic. Know your strengths, and be open about your challenges. And never stop learning. I’ve found that leadership isn’t about having all the answers. It’s about creating the space for others to succeed and grow.
“Be yourself. Don’t try to lead like someone else, just lead in the way that’s true to you. Also, listen more than you speak and don’t be afraid to be vulnerable. Sharing your own experience can be incredibly powerful.”
Main picture: Poonam, fourth from left, with members of the Quilter Cheviot paraplanning team
Poonam won the accolade of Paraplanner Team Leader at this year’s Professional Paraplanner Awards, presented by Fidelity’s Paul Squirrell.
