What the NL champs, Philadelphia
Phillies, Can Teach Financial Advisors
About Building Winning Teams
Living outside of Philadelphia my entire life, I eagerly watched as the Phillies team showed the brilliance of teamwork during the 2022 season.
Hear me out! Whether or not you are a Phillies fan, we can all learn something from their resilience and strategy.
While I needed a couple of weeks to rebound from our World Series loss, their brilliance of teamwork got me thinking. See, I’ve coached high-performing financial advisory teams for the better part of 20+ years, and it is clear that there is a direct correlation between building an outrageously effective financial advising team and quickly reaching 7 and even 8 figures in revenue.
Read on to discover what the Phillies World Series Contender Team can teach Financial Advisors about building winning teams.
You must have a winning mindset.
Even after a disappointing end to last season, the Phillies began spring training with the mindset that they would win big. Their vibe was so contagious that soon fans and commentators alike were buzzing about their prospects.
Eighty percent of success is based on mindset. Just like the Phillies, the best advisory teams have the hunger to be the best and make a conscious decision to win. But, reaching the pinnacle of success isn’t just about believing in the strongest teammate; each member must believe in their role, no matter how big or small they play toward the overall victory.
Leaders of Winning Advisory Teams, lead by example.
Bryce Harper, the Phillies MVP, loves Philly, and the city loves him right back. Harper constantly acknowledges his appreciation for the fans and leads his team to do the same. According to Rubén Amaro Jr., a former Phillies general manager, Harper understands “what the city is about and what makes it tick.”
While the Phillies celebrated their win over the Braves, Harper thought only of his supporters. First, he tapped players on the shoulders and gestured toward the fans. Then, with Harper’s lead, the rest of the teams thanked the fans by taking off their caps and wavings to the stands.
Financial advisors playing the team leader role should lead by word and action like Harper and teach their teams to invest time in building relationships with their clients and teammates.
Discovering (humble) top talent matters.
Bryce Harper, the Phillies MVP, could easily consider himself the power force of the team, but instead, he humbly views each win as a joint collaboration between himself, the team, and the city. When asked how it felt to break through, Harper responded, “As an organization, right?” he said. “We haven’t been here for a long time.”
The best advisory teams are made up of the Bryce Harpers and the JT Realmutos of the world, but even Major League Baseball Teams have a hiring budget. That’s why investing in A-players with supreme skill sets and a knack for mentoring and lifting others up is key.
Hire for potential, not experience.
A general manager doesn’t recruit players solely based on their stats. Instead, successful sports managers know that players must be talented, highly motivated, and be a great cultural match.
By continuing to develop the up-and-coming talent, managers can rest easy knowing that positions are in capable hands when a senior player gets injured. We could see this passing on of the torch during the Phillies season when Aaron Nola and Ranger Suárez stepped up as pitchers, leading their team to victories throughout the season.
Likewise, your star financial advisor will continue to grow and only sometimes have capacity. So be sure to stock your advising team with “players” that boast an array of strengths and, most importantly, the will to learn and succeed.
Be decisive and make the hard calls.
If you followed the entire Phillies season, you know that it began with a debilitating losing streak. Phillies president Dave Dombrowski didn’t believe the team was living up to its potential and made the tough call to fire Joe Girardi, the general manager, mid-season.
Dombrowski hired bench coach Rob Thomson as the team’s interim manager. Under Thomson’s direction, the Phillies won their next eight games.
Though it takes courage and determination, taking decisive action can be the difference between success and failure. In leadership, it can be hard to take significant risks. However, it is necessary when the pain of staying the same exceeds the pain of changing.
Create a culture of honesty
In the second game of the Phillies season, third baseman Alec Bohm let his emotions get the best of him. After performing a few throwing errors and feeling the heat from the fans, Bohm was seen on camera saying, “I f—ing hate this place.”
Bohm could have ignored a slip of the tongue, refusing the deal with the fall-out, but instead, he faced his mistake head-on by immediately apologizing to his team and the fans. The next day, fans greeted him with a standing ovation.
By creating a culture where it’s safe to make a mistake, your team will feel confident to take risks and be themselves, knowing management will back them when they fall short.
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