Extraordinary Teams: Diversity of Thought
Does your team’s diversification have you best positioned for success?
Knowledge LabsTM recently partnered with Investments & Wealth Institute and Cerulli Associates to substantiate what qualities define the most successful teams. The study analyzed 2,800 advisor practices to pinpoint key elements that elevate an advisory team from ordinary to elite, and diversity proved to be one of the top attributes that can make a difference.
We hear a lot about diversity in life. But here are two important twists on this significant word. If we take a closer look, what does diversity truly mean?
1. Contemplate diversity of instinct. That’s right, how do you and each of your individual teammates show up for work? According to the work of our partner, Kathy Kolbe, a leading authority on human instinct and founder of Kolbe Corp, diversity of instinct manifests in four dimensions:
- Quick Start: The person continually bursting with new ideas on unique marketing seminars
- Follow Through: Loves flow charts and creating systems for new client onboarding processes
- Fact Finder: Can’t wait to analyze the most painstaking data on fund performance
- Implementer: Itches to tinker with the latest digital innovation to help with tax loss harvesting
Broadly speaking, we all find ourselves “showing up for work,” and animated to get things done, in one of these four.
For Consideration: Is Your Team Represented Well across All Dimensions?
2. Recent research from our partners at Human Performance Institute shows that if you want to improve mental resilience, you need to have diversity of function during the course of a workday. Or as Goethe put it, “Fresh activity is the only antidote to stress.”
One recent attendee at a Labs event announced that once he discontinued listening to industry podcasts while jogging, he noticed a significant, positive impact on his mental energy levels. Said differently, he claims to be done with multitasking. Financial advisors need boundaries around what they do; diversity of activity is critical for ongoing, persistent success and fulfillment.
For Consideration: What New Activity Can You Add to Your Workday That is Not Industry Related?
Remember, if you want to go somewhere quickly, go alone. But if you want to go somewhere great, go with a committed team of diverse colleagues, who have made time to support each other, re-energize and constantly strive toward top performance.
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