Operational Issues at a First Rate Financial Firm? Look No Further!
At Lincoln Financial Network, there are several problems that I believe need to be addressed, as well as general areas of improvement for the firm. While the company may appear externally sound from an operations and profit level, specifically from a NYSE Lincoln National Corporation perspective, there are operational issues and ineffectiveness points I believe can be addressed. During the course of my first few weeks in the Lincoln Internship Development Program, the Practice Management team that I was placed on has undergone a great deal of transformation.
The Practice Management team is mainly utilized to support the Lincoln Financial Advisors who access Lincoln products to provide to their clients, and we exist to provide advice to Advisors on how to use our applications and products. There is only four consultants on the team, with one leaving at the end of the summer to work externally for an advisor. The operational issues existing include technological support and human capital, which affect the ability of the team to efficiently accomplish their goals. I see the effectiveness issues merely as an extension of the operational issues that exist, as they affect the productivity and existence of a goal oriented team.
With all of the above said, I believe there is an extremely simple solution to the operational and effectiveness issues faced by the employees and consultants on my team. My Practice Management team is so small that the human capital issues can be addressed by attracting younger, more tech-savvy employees. I know that with the correct marketing strategy, the Practice Management team can attract more tech-oriented employees who can position the team as a ‘one-stop-shop’ for all consultants facing issues surrounding the implementation of company products to deliver to their clients. All of the Lincoln products from our team are online, technologically implemented, and require training by all advisors to understand them and provide accurate advice to their clients. With more knowledgeable employees who have a better overall understanding of these products online, these operational and effectiveness issues can be solved.
What I find interesting about these issues is that the team is entirely aware of them, but often times, does not like to acknowledge them. As a new intern, and a leadership studies major, I have the fresh eyes and understanding of the company structure to be able to identify these issues and possible solutions. I look forward to seeing how the hiring process continues, extending to the end of my internship, and if I will potentially become an employee of Lincoln and contribute to the solutions of these issues in the future.
One thought on “Operational Issues at a First Rate Financial Firm? Look No Further!”
Interesting…so is it really an issue about properly training advisors on how to use the products or is it that there are too few individuals on your small team? Do hires have to be young and tech-oriented, or could there be hires who are less young but capable (and willing) to learn more of the technological elements? As a returning intern – and given your leadership studies – do you think you are in any way situated to share your insights with anyone at the organization? Obviously if it was your first summer with the company, you might not feel comfortable, but given that you’ve had an extended relationship with the company, does that make it more feasible?
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