Team Structure - What works for you?
I hope everyone is safe and well!
I’m currently reviewing our support team structure and exploring some potential changes to the CSA (admin) team in particular with the aim of setting us up for growth, improving efficiencies, the client experience, development opportunities for the team etc.
There are obviously a lot of different options, all of which have their own pros and cons, so I’m interested to find out what works well in other financial planning firms of various sizes.
We currently have around 450 client groups that we work with. We have 8 advisers, 9 paraplanners (one of which is currently transitioning into a trainee adviser), 6 CSAs and 2 people in our portfolio team who are responsible for the platform trading and performance analysis. Currently all of the support team except the portfolio team are client facing and have their own client allocations across all advisers.
The main aim of this structure was for the CSAs to be the initial point of contact for clients freeing up the advisers and PPs from general or quick queries. In reality we are finding that most clients are still going to advisers. Here's a very brief summary of some of the key benefits and struggles we are currently experiencing.
*The team really benefits from working with a wider range of team members and this is great for their development
*Having designated client allocations allows the team to build stronger relationships and improve the client experience
*Spreading the client bank across teams works well for sickness and holiday cover and allows us to smooth out some of peaks and troughs in workload
*It encourages the consistency of process across the team
*Having a small number of specialised people trading on the platform has reduced the risk/amount of errors
*Reallocating clients when people progress or move into different roles. Sometimes the clients don't stay with a consistent team long enough to build a true relationship
*Due to reallocations the advisers aren't always getting the consistent quality support they require from a team who truly knows the client and the client experience isn't great when team members are changing
*Work isn't always turned around as quickly as advisers are expecting due to the team managing and prioritising and multiple advisers and clients
*The CSA is meant to be responsible for keeping the team and clients up to date on new business but a slightly removed from the process due to having a separate portfolio team. Advisers often skip the correctly communication channel and go straight to the portfolio team for an update rather than the CSA.
I'm really interested to hear your experiences and thoughts, particularly if any of you work on a pooled rather than a client allocation bases, or 1:1 with an adviser.
Thanks v much