A Short Primer on Leadership

From On Wall Street, January 2006 - by Danny Sarch

"Skeptics among you can scan to the end and note that 'cynicism' is not one of the characteristics cited in my list of ways to help you become a great branch manager. As inured as anyone who has spent more than 20 years working in the financial services industry, I just don't believe that the phrase 'great branch manager' (GBM) is an oxymoron. The best brokers that I meet in my travels, in person and on the phone, are always looking to improve their practices. Each of these top practitioners almost always speaks of a mentor who has made a huge impact on his or her business. That mentor is often a GBM. Here are six aspects of the job that these GBMs focus on.

Compliance
A branch manager's career can end badly for many reasons. But when he or she is escorted from the building and told that any personal effects will be shipped to him or her sometime in the future, one of two things has happened: Either there was an 'HR' problem (to use a euphemism) or something blew up in compliance.

Bad branch managers get into trouble and get themselves and some of their brokers fired. Good branch managers diligently follow up on problems that may arise, pass their audits and keep their jobs. And GBMs are able to anticipate the problems, showing an uncanny ability to see around the corners and keep the bad colds from becoming the flu. They can seemingly smell a trouble client, keeping the broker out of harm's way, and are quick to get rid of the bad brokers before any true damage can be done."

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