Our 24-hour number +44 (0) 208 0641 829

The Lede: How can advisors collaborate better for private clients?

In June’s edition of The Lede, we looked at the art of collaboration. UHNWIs often have quite complex needs, meaning that a variety of advisors need to be involved. This can create issues if they do not work well together, and so by understanding the wider needs of the client, they can learn to collaborate more effectively.

Collaboration in work meeting

This article is an extract from Transmission Private’s monthly newsletter, The Lede, which tracks the world of reputation management for private clients. You can sign up for the newsletter on our website via the tab at the bottom of this article or by completing the form here.

What are silos? The term is consultantese for the separate, self-contained verticals that exist in organisations, where everyone gets on with their job without thinking about how it affects other departments, with predictable results.

The relevance for private clients? UHNWIs often have quite complex needs that require advice from various types of professionals. Usually they’ll have separate tax advisors, lawyers, private bankers and wealth managers, often duplicated across different jurisdictions, which can create a silo effect if they don’t work together well.

How can advisors work together well? It begins with understanding the broader needs of the client - what are their values, vision and mission? What are their goals? Then it’s about learning to collaborate effectively.

My eyes glaze over when I hear the word collaboration. As well they might - it’s a fluffy term. But it’s also undeniable that some groups of people work better together than others, and that the client benefits when they do. There are several principles of good collaboration that were identified by Harvard Business School Professor Francesca Gino and that can be taught:

It’s as simple as that? Not quite - there is a whole cultural dimension about how different people and organisations operate, but advisors are usually already used to flexing their styles to suit client needs and preferences. The same mentality is required between advisors.

Takeaway… The way advisors work together has a material impact on the value they collectively offer clients. It’s worth investing time to get better at it.

Transmission Private publishes a monthly newsletter that tracks the future of reputation management for private clients.

Sign up to The Lede

Transmission Private publishes a monthly newsletter that tracks the future of reputation management for private clients.