The Supernova Leadership Five Star Model equips a team to be more efficient and grow at an accelerated rate through accountability of their actions. The Supernova process assigns certain responsibilities to team members by making them “Vice Presidents” of an area and then holds them responsible for specific actions related to that area. Separation of duties increases the expertise of either of the VP’s. Specialization increases productivity, focus and creativity.
As the name suggests the VP of Planning is responsible for making sure every client has a plan. He is like a forensics scientist understanding what the client really wants, not just what he says he wants.
If every advisor on a team does their own planning the VP of Planning will monitor the progress so that there is 100% compliance with planning. In the case of a couple the plan has to be a composite of both party’s goals, dreams and risk tolerance because the two parties may have diametrically opposed ideas on risk tolerance, or what they are working towards.
Present your suggestions and be sure to address special circumstances like a special needs child or other health disabilities the client or his/her family might have. Some people are willing to take a lesser return in order to guarantee their income in retirement.
Generally women are more risk adverse than men. Determine if the client is looking to risk some assets by investing in high risk areas for entertainment. If they want to be entertained by their investments you have to give it to them or they may go somewhere else. Really work to understand the psychology behind their personality.
Ask them how they feel about money? Risk? Would they consider themselves a gambler? Fill out a risk profile with them and listen to their thinking process as they choose the answers. Discover who is the decision maker in the case of a couple. Who handles taxes, bill paying, major purchases?
The VP of Planning sets standards, goals and follow up guidelines for the team. Here is an example:
Standard: We offer high quality planning and we offer every client insurance products, mortgage financing, asset, liability and risk management
Strategy: Our planning is very comprehensive therefore we charge for it. Do we offer the same plan based on risk tolerance or different plans for different circumstances?
Goals: Every client has a plan and the plan is reviewed annually. We manage our client’s risk in terms of taxes, legal and litigation. Every client has a risk analysis, tax analysis and market risk analysis.
Follow Up: We use a Gameboard to follow up on planning at our weekly team meeting.
There is a lot of advantages of having your team members take responsibility for different areas of your business. If you are a sole practitioner you and your administrative staff will be responsible for the VP roles.