How to build and retain a great team

By Ravi Samalad |  01-07-20 | 
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About the Author
Ravi Samalad is Assistant Manager - Editoral for

Rajasthan-based adviser Rajesh Sodhani of Sodhani Investments shared some useful tips for IFAs on how to grow business by having a team in a webinar organized by Arthmitra Gurukulam. Here are some key highlights from his presentation.

The need for staff

An IFA who does not have any staff typically spends around 80% of his/her time servicing clients. If you dedicate a major portion of your time servicing clients, it will be difficult to grow your business. A minimum of two members are required to handle back-office if you are dealing with multiple products. Even if your AUM is Rs 10 crore, have at least two staff – one for marketing and the other for back office. If an IFA focuses solely on advisory and sales he/she could see the business grow by at least 25%.

Train your staff

You need to train the staff on how to perform their task and talk to clients. This will help them perform their task in line with your goal. Your staff is the face of your organization. If they are not performing certain tasks well, it could impact your image. When a new team member joins, the candidate should be trained for the job for one week. After a person comes on board, try to see their interest and assign work which they like.

Advisers should ideally find out the candidates’ hobbies, passion and their interest while interviewing them. This gives us an idea of what kind of role the candidate is suited for.

Pay them on time

Every employee looks for job safety. There should be no delay in giving salaries.

Show them future direction

Discuss with your staff where they wish to see themselves in the future, say three years. You need to communicate that they will also grow in their role as the business grows. If the business grows, you need to fulfill what you commit to your employees.

Seek loyalty

Look for loyalty. You need to give respect to your staff to earn their loyalty. I have people who have been working with me for 13 years.

Give ownership

If you want to grow your business, you need to hire sales staff. Once you develop a mutual understanding with a person after a couple of years, try to give them ownership in the business. Giving even a small stake will make them feel empowered. They will take ownership of their work and give their 100%. Hiring the right candidate who is loyal and sincere is a difficult task. If you succeed in getting such employees, it is your duty to retain them. Ownership should ideally be given to sales staff; not back-office staff. Have a weekly sales meeting. Do not worry that your trained staff would leave your firm one day. If you give them a stake, they are unlikely to quit.

Reward them

Incentivize and motivate your sales staff with quarterly or yearly prizes and recognition. If a player performs well in a match, he/she gets man of the match award. Similarly, employees need to be recognized for achieving their goals.

Share feedback

Do not get angry or criticize an employee in front of the whole staff. Invite them to your cabin and share constructive feedback. When you wish to praise an employee, do it in front of the entire team.

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