Mastering the Art of Leadership in the Financial Services Industry

By Charlene Wolthuizen, CFP, CPCC | Business Coach, The Personal Coach

Stepping into leadership for the first time can feel daunting. I know, because I’ve been there. Today, I want to share some of the most powerful lessons I’ve carried with me.

I remember the day I hired my first assistant.

I wasn’t looking to become a “leader”, I was just trying to survive. I was overwhelmed with managing client relationships, staying compliant, and working tirelessly to prospect for new business. But that hire marked a turning point. Suddenly, I wasn’t just an advisor, I was a leader.

My early days were filled with big questions: How do I lead a team with different personalities, strengths, and communication styles? How do I earn their trust while meeting organizational goals?

The moment you bring on your first team member, whether you realize it or not, you step into leadership. And with that comes the incredible opportunity and responsibility to shape a culture, inspire others, and build something bigger than yourself. You are now the CEO of your own business. Leading a financial advisory team isn’t just about managing, it’s about inspiring and empowering others to thrive alongside you.

What Does It Take to Lead a Financial Advisory Team?

Key Principles for Leading a High-Performing Team in Financial Services:

• Set the Vision: Establish clear goals based on your values.  What is the compelling long-term vision for you and your team? Financial services is a fast-paced, ever-changing industry; your team needs a leader who can guide them through complexity with clarity, focus and momentum, while staying true to the values and beliefs you hold dear. (Leading with purpose helps your team navigate change and stay aligned with your long-term goals.)

  
  

• Create a sense of belonging: Build trust with your associates and clients. Strong relationships are the backbone of financial services, and as a leader, your ability to nurture meaningful connections creates lasting loyalty, both with your team members and your clients.

  
  

• Stay Informed: Keep up with industry trends, regulatory changes, and technological advances. Your team needs confidence that you will keep them informed and be pro-active and prepare for market shifts and industry changes.

  
  

• Foster a Collaborative Culture: Encourage open communication and teamwork. During my time as a Regional VP at a large financial institution, my leadership style was “Belonging (Which I call Belongship)”. I wanted my team members to feel a sense of belonging, that they were part of a family. I encouraged sharing of ideas (even though we were all in sales and in some ways, competing for top place in contests). Our region was known for being a strong team, willing to share their best ideas.

• Lead by Example: Demonstrate the qualities you wish to see in your team. Your actions set the tone for your team’s performance. This is especially important in financial services where integrity and client-first values are paramount. If you want your team to grow, model the growth mindset you want to see in them.

  
  

Tapping into the Best of your team

• Recognize Individual Strengths: Understand each team member's unique abilities and leverage them to achieve collective success. I used tools like “Strength Finders” and now use DiSC to identify coaching strategies that resonate.

  
  

• Ask for input:  Many leaders ask for feedback after decisions are already made.  Leverage the expertise of your team members by asking for their input. During my time as Regional VP, when I asked for input prior to deciding on a course of action, I always got better buy-in.

  
  

• Provide Regular Feedback: Constructive feedback is an essential tool for growth. Schedule regular reviews and offer actionable insights to help your team improve. This is one of  the models I used after joint meetings with a team member and an advisor.

1. Ask:  What did you think went well?

2. Say: “Here is what I think you did well?

3. Ask: “What would you change for next time.?

4. Say: “Here is one thing I would recommend.”

• Invest in Development: Encourage professional growth by offering training opportunities, mentorship, and certifications relevant to the financial services sector.

  
  

• Handle Conflict Effectively: Resolve disputes with fairness and diplomacy. A harmonious team is a productive team.  As a new leader, I found it extremely difficult to have those “crucial conversations”. I took it upon myself to learn through books, podcasts and training. I have come to realize that “clear is kind” and when someone is not performing well, they generally know it. Many times, even though I agonized over a conversation, when I approached it with empathy and clarity, the outcome was always positive.   

  
  

• Celebrate Successes: Recognize individual and team achievements. Acknowledging hard work boosts morale and keeps your team motivated. I used a questionnaire that asked “How do you like to be recognized.”  Publicly?  Privately?  Time off? Gift? 

  
  
  
  

  

Navigating Challenges in Leadership

• Balancing Performance and Well-being: In a high-stakes industry like financial services, it’s crucial to ensure your team avoids burnout while maintaining peak performance. Ask your team members “what do you need from me to help you stay well?”

  
  

• Leading Through Change: Be adaptable and ready to steer your team through economic fluctuations, technological disruptions, or regulatory reforms. If you are implementing a change, give the “why” behind the decision, ask for their input and their buy in.  I have a great visual called “The Change Curve” that I pulled out whenever the corporation was making a change. Email me if you would like a copy.

  
  

• Maintaining Ethical Standards: Uphold the highest ethical practices in all decisions and actions.

  
  

• Own it:  You are human, you can and will make mistakes. By acknowledging and owning your shortcomings, you give your team permission to do the same. People would rather follow a leader who is not afraid to show vulnerability, than a leader who comes across as perfect. One of my team members did me a favor when she told me that the way I was showing recognition didn’t feel genuine, because I also used it as an opportunity to share an area that needed to be improved upon. They asked me to separate those two conversations.  It made a huge difference in how they received my recommendations.

  
  
  
  

Creating a Legacy

Leadership in the financial services industry is not just about managing tasks; it’s about inspiring transformation. Your ability to lead with confidence, nurture talent, and uphold integrity will define your legacy. When your team thrives, so does your business—and the ripple effects of your leadership will touch clients, colleagues, and the industry at large.

Remember, leadership is not a destination but a journey. Everyone can lead.  We start by leading ourselves.

If you’re leading a team in financial services, whether you’re brand new or seasoned but ready for a new approach, know this: you don’t have to do it alone.

At The Personal Coach, we help advisors and their teams build trust, communicate better, and create work environments where everyone thrives.

If you’re ready to grow as a leader and guide your team to new levels of success, let’s start the conversation.

Book a 30-minute complimentary call with me today.

charlene@thepersonalcoach.ca