Firm leaders often tell me they want employees to “take more ownership.”
They want people who identify problems before they become problems, look for ways to improve the business, make good decisions independently, and care about outcomes—not simply complete the tasks assigned to them.
In other words, they want stakeholders, not just employees.
But there is a challenge: You cannot expect stakeholder behavior while managing people like task-doers.
If someone’s job is primarily defined by a list of tasks, if every meaningful decision requires approval, and if the leader is expected to provide the answer whenever there is uncertainty, employees quickly learn to wait for direction.
Ownership requires something different.
Give People Outcomes to Own
There is an important difference between assigning someone responsibility for preparing financial plans and giving them ownership of the firm’s financial planning process.
The first creates responsibility for completing work. The second encourages someone to think about quality, efficiency, consistency, and improvement.
Processes and controls still matter, particularly in a financial advisory firm. But within those boundaries, people need room to exercise judgment and improve how work gets done.
Develop People Before Expecting More From Them
Ownership also requires competence.
You can’t ask someone to exercise greater judgment, solve problems independently, or make recommendations if they haven’t developed the knowledge and skills necessary to do so.
Before concluding that an employee “doesn’t take ownership,” ask whether they have been adequately prepared to take it.
Do they understand the business? Do they have the technical knowledge their role requires? Have they developed the communication, problem-solving, and decision-making skills needed for greater responsibility?
If the answer is no, that’s a professional development opportunity.
Training, coaching, mentoring, cross-training, and exposure to different parts of the firm help employees build the competence and confidence required to operate more independently. If you want someone to take on more, you may first need to invest in preparing them to do more.
Stop Being the Answer to Every Question
Leaders can also unintentionally create dependence by being too helpful.
When someone asks, “What do you want me to do?” consider responding with, “What do you recommend?”
There will always be decisions that belong with leadership. Those should be clearly defined. Everything else represents an opportunity for employees to develop judgment and confidence.
Connect Individual Work to Firm Success
Ownership increases when people understand how their work contributes to something larger.
Help employees see how their performance affects the client experience, advisor capacity, efficiency, growth, and their colleagues. Give people opportunities to become subject matter experts. Recognize them when they improve a process, solve a problem, or take initiative.
Ultimately, creating a culture of ownership isn’t about repeatedly telling people to “think like an owner.”
It is about creating an environment where they can.
Give people clarity, competence, responsibility, authority, accountability, and recognition.
Then give them something meaningful to own.
Build a Team That Takes Ownership
Creating a culture of ownership requires more than assigning responsibility. It requires developing people with the knowledge, skills, judgment, and confidence to handle it.
AEP helps financial advisory firms develop stronger, more capable teams. If you’d like to discuss where your team could benefit from additional development—and how AEP can help—schedule a conversation with us.
The Employee Training & Development Partner For Independent Financial Advisory Firms