Tell me how to be a Great VP
In just a couple of weeks I will start work at a BB in their PWM division as a VP. As a part of that role I will be interfacing with many analysts and associates. I am really excited about this opportunity and what it means for my career as a whole.
One thing that I remember from my days in Big 4 was how most managers, senior managers, and partners seemed to go about their business without an iota of care for those of us toiling at the short end of the pay scale.
I'd like to do better than my previous experience in my new role. Give me some dos and don'ts for my new role. They can be generic or specific to PWM. Tell me some horror stories or some really great things you have experienced. At this point I am unblemished...help me stay that way!
I want your help to make me the VP all the analysts and associates want to work with.
Not sure how this works, but will you be in charge of a small-moderate sized group of analysts/associates? If so, then try to organize team lunches or happy hours monthly (maybe some other activities like go-karts). This will give you a good way to get in some face time with lower level employees and have a chat, get to know each other etc. This will help morale and will make your direct reports less likely to take negative criticism at the workplace personally. We just implemented things like this recently and it has done wonders.
Thanks!
What were some of the issues prior to the new implementation?
No real issues, the team was fine but there weren't many events for the whole team, rather there were mostly sub-groups of people sitting near each other or working on the same industry/product type who would socialize with each other but not so much with everybody else. Also our most senior manager was a bit distant and other than annual performance reviews and work-related communications there wasn't much interaction. Overall I think these programs have had a good effect on overall team dynamic though, and it's a better place to work even if this stuff only comes along every month or so.
A VP doing want...An advisor in a branch? Or are you on a support or product desk?
I'll be gathering assets for the bank.
I think it's fabulous that you care so much about your little analysts/associates that you're going out of your way to gather advice on how to be good to them. So refreshing. SB'd you sir.
I interned at a boutique PWM firm almost a year ago, and the MD there was virtually the best person I have ever worked for. He excelled not only as a leader but perfectly balanced out his leadership with a certain degree of humility, nonchalance and humor. He was the kind of guy who you actually wanted to go above and beyond for, and he created an atmosphere in the office that was very "horizontal" - while he had the last say, no one ever felt like they had to blindly follow his orders.
If someone had an issue, they always were able to speak up - likewise, you could always feel free to propose new ways to automate/ improve/ create efficiencies. Was never asked to grab coffee for anyone or be anyone's bitch, but the fact that the atmosphere was so warm and conducive to supporting/ helping each other out basically gave each employee a certain desire to do nice things once in a while - buying breakfast for the team, doing low-level administrative stuff even if you're the VP, etc.
Lastly but most importantly - the MD worked harder than all of us. He worked longer hours, he did all the business development, and he took it upon himself to show that he was not delegating menial, stupid busy work to the rest of us while he sits on his throne and watches CNBC. He was a leader, not a boss.
Awesome. Great things to keep in mind.
Great thoughts thanks!
can definitely share some success stories from within my own practice as well as some don'ts, are you more concerned with the manager-workerbee relationship or advisor-client relationship?
Manager-Workerbee
praise in public, criticize in private, can't tell you how important this is
encourage an open office mentality (my door is always open), you want your EEs to feel they can come to you with anything. most of the time, they may just need to vent, you should just shut up and listen. one of the biggest problems managers have is they only want to solve the problem, not understand it. if you strive to truly listen, you may discover that a problem about X is actually something deeper.
you can't manage what you can't measure: ensure that whatever goals your associates/analysts have can be measured somehow, and track these for your reviews. congratulate where they're exceeded, offer to help if someone's falling behind (but don't criticize).
if your group is really close, have a retreat. something away from the office, either in a nearby town, vacation home, somewhere away from clients, spouses, etc., and do the classic awkward teambuilding exercises. have an agenda and really just go into it wanting to generate ideas. you don't need to have action plans, just ideas. the benefit is in that environment your subordinates will feel more equal and will likely share ideas more freely.
meet more regularly than your firm's review schedule. this should deal with more personal goals, ask them for advice & feedback, etc, don't just grill them on the measurable data.
read jack welch, dean smith, and john wooden
Be willing to make amends when you are wrong. Everyone has had a boss who probably never made an apology in his life. For some reason, there are people who think that admitting they are wrong is a sign of weakness, even though interns and analysts are expected to kiss ass when they make mistakes.
My current boss definitely means business, but she always makes sure to apologize when an apology is due. Its really as simple as pulling a guy aside and saying "Hey, I'm sorry I responded that way when you told me xyz, thanks for pointing it out to me." or "I'm sorry I criticized you in front of Jim and John the other day, I will do my best to make sure it doesn't happen again. Next time I will make sure we have a conversation in private."
Little things like this go a long way, without having to put in too much effort. I think it just shows a much higher level of integrity.
Great advice thanks!
Don't be an accounting nerd.
I'll try hard.
Own up to your mistakes/flaws. Do not throw your analysts/associates under the bus when something goes wrong/backfires. You should have their back and stick up for them. Do not try to "get more work" to make yourself look better so you can pass it on to your analysts/associates so that you can take all of the credit (I'm not sure if this applies to pwm) - but make at least let the analysts/associates get some recognition. Do not play favorites. I also think you should keep things honest and straight, don't cover things up with bs. These are just a few complaints I have with my vp so hopefully you don't turn out like him. Kudos on trying to be a great vp!
Awesome advice. Thanks.
Thanks.
Keep in mind: I didnt read the responses and I don't have working experience to back what I am about to say.
What would be important to me: - Boss treats me with respect - Boss has an open ear for suggestions - Boss has my back - Boss doesnt use my work as his and earns the glory while I do not even get recognized
If I were in your position, that were things I'd do. Still I feel you should not be "that guy everyone hangs out with". You need to be respected and therefore might not be able to be friends with your workers. And you shouldnt have too much of that "open ear". Of course you might pick up good suggestions or reevaluate decissions on the feedback, but it should be clear that you are the one in control.
But I guess, since you are becoming a VP, that wont happen to you.
Good luck :)
It will be tough to walk the line between hanging out too much and spending enough non-working time with the team. Thanks for reminding me!
Congrats on the new role and good on you for caring. Suggestions coming from my stories of working with good/bad managers have already been covered above, so nothing more to add.
In the off chance you haven't read How to Win Friends and Influence People, I suggest doing so.
One of my favorite books. I read it almost every year.
Keep an open mind, let the best ideas and best work win.
Pretty sure you wrote somewhere that networking is about creating friendships, so then the office isn't? Dual personality? Aren't they both part of the same thing? Or do different behaviors apply depending on rank in the office? I'm not criticizing, just asking...I'm no good at any of this people stuff.
I sort of agree, sort of disagree with this. I think it's important for everyone to know where the boundaries are, but also to have healthy non-work interaction if you're working very closely together. people are human, it's important for you to remain curious, inquire about their families, hobbies, etc., just as you would do someone on your pay level.
to @DickFuld point, there is a fine line between being cordial and being buddy-buddy. if you do dinner/drinks, either do everybody one on one or everyone all as a group. don't do group ones and then take one analyst golfing, drinking etc., sends the wrong message.
I think the best way to convey this is that you are investing in them. It is a professional relationship, but you care about the individual to the extent you want them to succeed and work with them to reach their best. It creates a mutually beneficial relationship that someone feels that sort of professional friendliness. It also allows you to maintain a firm line regarding expectations.
I agree with most of this.
Deflect credit and accept blame.
Keep an open door and an open mind.
Treat junior employees as professionals that are essential parts of the team rather than minions there to serve you.
I n my mind the most important is to treat them as part of YOUR team. Don't throw them under the bus and always cover them in public, people will do anything for you once they feel you will always have their back...
Some analysts will be doing more work than others. Figure out a way so that they are doing equal amounts of work, having them figure it out themselves doesn't work.
Make sure the associates are not giving meaningless or too many small tasks to the analysts/using the analysts as their assistants. Analysts are there to support vps, eds, and mds...when I was an analyst, the work I was doing for my VP and MD was getting hurt because the associate on my team would not stop bothering me throughout the day, I couldn't get any work done until everyone left. This hurt timelines and quality for the clients and thus the producers (MD, ED, VP). "It only will take like 5 minutes" or "it will only take a half hour"....when an analyst is "in the mode" let him/her remain in the mode, stopping every half hour to do a 5 minute tasks...is EXTREMELY inefficient. In pwm the associates are constantly pawning off the prospecting (internet stalking) among other things. Make sure the analysts are spending their time on whats important FIRST. Associates will approach analysts 30x day with "it only take a few minute" tasks...
Also make sure all the VPs and above have clear communication about what the analyst is working on and the priority. I used to have 4 different vps and mds wanting projects from me at the same time, and each is "a very important client to the firm". And they battle it out through the analyst as the mediator. MD1: "Well tell MD2 that this is crucial" MD2: "Analyst, tell MD1 and VP3 that this must be done first thing, then you're all clear" VP4: "Hey, we are having a fire drill right now, I need you to drop everything and work on this (for 4 hours)...." In the end, the analyst gets the blame, even if VP4 swore that the earth was going to end if the book didnt get finished before the others.
Remember this, the associates are almost always slowing down the analysts. I cannot stress this enough.
I was an analyst in pwm/pb.
In my case, all the analysts were very short on time. Keep that in mind. Analysts were forced to attend way too many meetings (mostly because few seniors would show up and they didn't want the office to look bad...disguised in "we want the analysts and associates to start seeing the bigger picture"). Shoot the shit occasionally with the analysts. Also, when you give them projects, be as specific as possible. Sending things in emails with numbers 1. 1a. 2. 2a 2b...helps a lot. Have them send you drafts/outlines early on in projects. If you have slides or books you make often for clients, keep a copy for yourself, so when there is analyst turnover, you can show the next analyst what you are thinking of. Give analysts ownership of a client, once the analyst understands the work that needs to be done for this client, he/she can do it very efficiently without having to get caught up on it from an associate (different clients like seeing different things in their presentations, and some are very particular), once the analyst has done a lot of great work for the client, bring the analyst to a meeting with the client.
Wow! This was GREAT! Thanks for all the tips.
Great attitude you demonstrate in this post. Good luck with that new job
Thanks.
Analysts and associates will be prepping a lot of your material for meetings and calls. Let the analysts listen in on calls (don't force them to take notes for every call though, they will soon hate being on the calls when the real goal is for them to hear real sales and relationship development in action, they will also hear the scrutiny you get for f*cked up numbers and thus will try hard for that not to happen). Tell analysts/associates how the meetings went after they are over. Tell them what the client liked in the book / did not like, and what you will do in future books for the client to show the analysis he/she wants to see.
Great points here. Thanks for that. I'll be sure to do this!
give half of your bonus away to those who work for u
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