In isolation, any one of the following highly common conditions can slow the pace of progress. And, when two or more of these conditions occur simultaneously, progress can slow to a crawl or even come to a dead stop.
- The services of several different professionals from different disciplines are required
- Each professional relies on the client for communication to and from the other professionals
- Most clients are not prepared to carry complex and technical information from one professional to another
- Most professional advisors are not empowered to communicate freely with each other
- The client has no document that comprehensively and clearly articulates their goals and wishes for themselves and their family
As a result of these common conditions, clients lose confidence in their overall plan and the path they are on and their professional advisors are never certain they are giving optimal advice.
The TDI Accelerated Business Team Process enhances client confidence and advisor effectiveness by:
- Creating a document that captures and describes client goals and objectives for their family wealth system including financial capital, social capital, and human capital.
- Ensuring advisors independently and then as a group:
- Share the client’s statement of goals and objectives
- Understand the entire family wealth system
- Ensuring clients and advisors understand of the five strategic functions of the team including:
- Helping the client think about matters of importance
- Helping the client make good decisions after assessing risks and opportunities through the collective wisdom of professionals from various disciplines
- Managing and monitoring the implementation of decisions made by the client
- Keeping the client aware of factors that might require adaptation within the family wealth system
- Establishing a robust communication system for the family and the advisory team
After individual interviews with the client’s current advisors, TDI facilitates a full day workshop that will:
- Familiarize advisors with each other’s value proposition
- Review the client’s family wealth system
- Focus on the client family’s dynamics and decision-making style
- Help advisors understand the five strategic functions of the team
- Instruct advisors in the uses of technology platforms designed to facilitate communications (i.e. private intranets, web servers, phone servers, etc.)
- Familiarize advisors with team protocols, roles, and responsibilities
- Help the advisors consider compensation models for their service on the advisor team
- Understand the benefits of the Family Board of Advisors concept
- Establish a calendar of client and advisor activities for the coming year
- Help advisors learn how to do contingency planning for client families and for their own firms using the Fire Drill model to address “what if” scenarios like sudden death, succession and continuity, the sale of the business, acquisitions of other companies, or other related changes that impact the individual, the family and the business
If you are a client with several advisors and would like to determine how much value The TDI Accelerated Business Team Process can create for you and your team, we offer a complimentary Team Functionality Assessment. Click here to schedule a 30-minute conversation with a senior TDI Advisor.
If you are a professional advisor who knows their client is not getting a much value as possible from your advice, and the advice of others, click here to schedule a 30-minute conversation with a senior TDI Advisor. We will help you clarify the issues you and your clients are facing and give you some practical advice you can put to use immediately.