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Employee engagement up, efficiency improved, partnership strengthened.
The Client
We were introduced to a self-licensed business in NSW with ten financial advisers. The Managing Director and Principal Adviser reached out to us, expressing that something wasn’t quite right but was not sure where to start.
We recommended starting with our Gap Analysis to evaluate the issues and opportunities holistically across People, Policy, Process, and Governance.
To gain initial insight, he shared relevant documents, which we supplemented by visiting the office to meet the team. During our visit, we discovered that many support staff were frustrated by long hours, confusion around the advice-giving process, and a lack of documentation.
Fast Start
After delivering our recommendations report to the Board, we got to work. Our first suggestion was a facilitated session with the team to address their concerns openly. While the Principal preferred a standard agenda, we insisted on an open forum to distinguish between minor frustrations and critical issues.
On the day of the session, there was reluctance to share and so we used a neutral icebreaker—asking everyone to bring a photo of something important to them. This helped warm up the conversation, leading to a discussion about their needs and how the company could evolve.
We white boarded 16 ideas to support the company’s growth and decided to focus on six key initiatives. These included:
Documented staff development plans with committed training
Strategy lunches to explain the “why” behind advice, boosting confidence
Comprehensive documentation of core processes (new business, review, and implementation) to enhance collaboration and efficiency
With the plan in place and team buy-in secured, we began providing tools, templates, and processes to facilitate implementation. We met quarterly to keep the team accountable and updated on our projects, primarily focused on process mapping for increased efficiency.
Getting to the heart of it
We shared our findings with the Principal, but it didn’t seem to resonate. After a social dinner with the Principal, we learned about both personal and professional challenges impacting the business. He was aware that several staff members were considering leaving but felt overwhelmed by the necessary changes and didn’t know where to start.
Recognising the complexities, we suggested focusing on key areas like culture and immediate process issues before embarking on a 12-month plan.
The Outcome
While there’s still much to do, employee engagement has risen from 48% to 72%. New business efficiency has improved by 1.3 hours, and the Principal now has a trusted, independent advisor to support him through the transformation. Together, Tangelo and the business are committed to delivering on the plan. The Principal no longer works weekends and describes having a reliable partner who understands the advisory landscape as a godsend for both him and the business.