I was in Queenstown last week to attend and briefly address the Conference for the merging AAA and Plus 4 financial adviser organisations. The merger represents an exciting opportunity for both entities and is a pointer toward future trends in the advice space in NZ.
The Conference was an excellent event organised by the miracle-worker Mary Anne Tod-Smith and the ever-effervescent Peter Standish. The event was a mixture of quality presentations, recreational activities, and an opportunity to catch up with friends and colleagues in one of New Zealand's most picturesque playgrounds.
It was also an opportunity for me to touch on a management issue for this week's post around the subject of merger – particularly in the financial services space.
Having been involved in two such transactions – and having learned heaps from both – the biggest challenge facing two organisations is the culture factor. It is possible for two disparate organisations to have IT systems, CRM platforms, and/or agency relationships in common, but human nature dictates that organisations have unique evolutionary, development, and growth experiences which are not easily reconciled. There is a tendency and a temptation to spend much time, resources, and energy in debating which of the two has the better "way of getting things done around here".
From experience this is pointless, divisive, and potentially a show-stopper for the deal.
My solution is to introduce a neutral management model that can absorb the best of each while presenting an innovative overlay that creates a consensual pathway for the future. This takes away the potential controversy and/or confrontational risk to the merger and opens up possibilities for two organisations to become one more effective and powerfully structured entity, creating incremental growth and development.
Do I have a suggestion as to which management system would be effective?
Sure do – by way of unashamed and unapologetic self-promotion - have a look at my website, The Laird Online - for some insights into a management operating system that proposes ways and means to meet the needs of financial adviser organisations.
Get in touch to discuss further. The contact details are on the website.
Yours aye,
The Laird
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