How to Lead Your Firm When It's Being Acquired

What You Need to Know

Check in with your team throughout the week and provide one-on-one support to those who need it.
Give yourself the same grace you would extend to your team.
Remember to maintain perspective and focus on the bigger picture.

It’s no secret that transitions are one of the most challenging events for a financial advisory firm when being acquired. While a plethora of stressful factors come as a part of the process, there are tactics that a fiduciary leader can implement to mitigate pain points in service of a smooth transition for all.

Despite the prevailing normality of viewing acquisitions solely through a transactional lens, the approach to transitions should be rooted in something deeper — a commitment to building lasting relationships that extend far beyond the deal itself.

Even while being caught up in a whirlwind of change, it’s a team effort that ensures a successful acquisition. Effective leadership means providing unwavering team support every step of the way. Keeping the relationship at the forefront and ensuring the comfort of your team with guidance, coaching and a space for open and honest communication is paramount. Much like how we operate with a service-first mentality, we need to extend the way we serve clients to the way we interact with our team.

Check In With Your Team

A great starting point is implementing weekly check-ins to assess each team member’s mental state. Creating an open forum that is safe for employees to express themselves is key to fostering meaningful relationships and, in return, forming a stronger firm culture.

A Monday morning kickoff huddle to catch up on weekend activities helps people feel as if they are a part of something bigger and reminds them that life comes before work. Additionally, this is the perfect time for a leader to inspire and uplift the team for the week ahead.

Additionally, a business-focused call on Friday mornings can celebrate the wins and challenges of the week. As firms operate as a team, this can serve as a reminder that we’re in this together, so we can solve any challenge we may face as a team. 

While these calls are important for marking milestones and forming deeper connections, they also serve another purpose. Meeting with a team regularly allows a leader to evaluate who is engaged, and for team members showing signs of disconnection, it’s critical to schedule one-on-ones to identify what additional help they may need. 

With these personal contacts, it’s important to be direct but remain compassionate. Framing the interactions as an open and safe space helps team members feel comfortable to approach you for guidance. As a leader, you need to do everything you can to help your team out of a funk — after all, a transition is not easy to endure.

Employees’ mental health remains paramount, and it’s our job as leaders to separate the professional from the personal and guide them through both avenues. If workers need extra reassurance beyond the coaching that you can provide, connect them with an external means of support.