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Attitude and Engagement Key to Surviving Mergers

March 31, 2017

Mergers of financial advice practices can leave some previously key personnel feeling sidelined, Beverly Flaxington writes on Advisor Perspectives. But with a positive attitude and a non-threatening approach, advice practice executives can find their place in the new entity, she writes.

A former chief operating officer, for example, can start by having an informal chat over coffee with the current COO of the merged firm, according to Flaxington.

And while it may be tempting to share your own opinions and ideas, she suggests starting by listening to the new COO instead. Showing understanding of the new COO’s thinking will make them more receptive to ideas later, she writes. And it’s important to present those ideas in a non-threatening way. Recommendations for any improvements should be accompanied by volunteering for specific tasks as well, she writes.

Flaxington advises against going directly to the new COO’s boss, as it may cause more harm than good at some firms. But it may help going to the human resources department to get a better understanding of what is expected, according to Flaxington.

Understanding the decision-making process and the job description can go a long way toward helping advice firm executives find their place within the structure, she writes.

Staying positive is key to surviving a merger. Complaining, Flaxington writes, even if merited, should only take place outside the company structure.

By Alex Padalka
  • To read the Advisor Perspectives article cited in this story, click here.