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Transamerica Financial Advisors, Inc. Lessons Learned from Organiza0on Change: Crea0ng Growth Opportuni0es in Dynamic Business Environments Michael Scherrman, Chief Opera0ng Officer Society for Human Resources Management St. Petersburg, FL September 12, 2014

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Page 1: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Transamerica  Financial    Advisors,  Inc.  

Lessons  Learned  from  Organiza0on  Change:  Crea0ng  

Growth  Opportuni0es  in  Dynamic  Business  Environments  

   

Michael  Scherrman,  Chief  Opera0ng  Officer  

Society  for  Human  Resources  Management  St.  Petersburg,  FL  

September  12,  2014  

Page 2: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Today’s  Agenda  •  TFA:  Who  Are  We?    What  Do  We  Do?  •  Our  Past  •  Our  Present  •  Lessons  Learned  from  an  Environment  of  

Change    

Page 3: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

A  LiQle  Trivia  For  You  Today…  True  or  False?  

 Florida  has  the  longest  coastline  in  the  United  States?      FALSE.  Alaska  is  first.    Florida  is  second.  

St.  Pete/Clearwater  has  the  highest  rate  of  lightning  strikes  per  capita?      TRUE.    Florida  also  has  the  highest  number  of  deaths  due  to  lightning.  

There  are  more  alligators  in  Florida  than  humans?    FALSE.    Though  there  are  nearly  1.3  million  alligators.  

Page 4: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

A  LiQle  More  Trivia…  about  TFA    TFA  has  a  charitable  organiza0on,  made  up  of  top  producers,  that  provides  scholarships  to  

TFA  Home  Office  employees’  children?    TRUE.    The  Circle  of  Honor  Society  began  in  1964  as  part  of  Western  Reserve  Life  and    has  paid  out  over  $38,000  in  scholarships  over  the  past  11  years.  

 TFA  sponsors  a  female  financial  professionals  network?  

 TRUE.    Women’s  Ini0a0ve  Network  was  started  by  females,  for  females  and    par0cipants  are  ac0vely  involved  in  the  Women  in  Insurance  and  Financial  Services    Na0onal    Conference  annually.    TFA  is  the  #2  Independent  BD  in  number  of  female    advisors.*  

       

*Investment  News  2014  

Page 5: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

TFA:  Within  The  Industry    •  Approx.  5,200  Registered  Representa0ves  &  IARs  working  in  all  50  states  •  173  Transamerica  Employees  (St.  Petersburg,  FL/Johns  Creek,  GA/Remote)  •  #  2  in  Total  Number  of  Women  Advisors*  •  #  6  in  Total  Number  of  Advisors*  •  #21  in  Total  Client  Assets*  •  #25  Based  on  Total  Revenue*  •  Peers  &  Compe0tors:  AIG,  NPH,  Raymond  James,  LPL  

*  Rankings  based  on  Investment  News  2013  data  

Page 6: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

TFA:  Our  Past  Previously  Four  Separate  Broker-­‐Dealer  Firms  •    InterSecuri0es,  Inc.  (ISI)  –  St.  Petersburg,  FL  •    Transamerica  Financial  Advisors,  Inc.  (TFA)  –  Los  Angeles,  CA  •    Investment  Advisors  Interna0onal,  Inc.  (IAI)  –  Johns  Creek,  GA  •    World  Group  Securi0es,  Inc.  (WGS)  –  Johns  Creek,  GA  

Combined  into  One  Broker-­‐Dealer,  Transamerica  Financial  Advisors,  Inc  •  ISI  Transi0on  –  2009-­‐2010  •  IAI/WGS  Transi0ons  –  2012    Results  of  These  Mergers:  •  Leveraging  Human  Capital  •  Sharing  Legacy  Firm  Best  Prac0ces  Across  Plalorm    

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TFA:  Our  Present  •  COE  for  SMA  Product  Manufacturing  

•  COE  for  Retail  Broker-­‐Dealer  Exper0se  

•  “Lab  School”  for  Transamerica  Units  Distribu0ng  within  Independent  BD/RIA  Channel  

•  Unusual  Structure  in  Func0onally-­‐Aligned  Organiza0on  (Opera0ons,  Supervision,  Compliance,  Sales  &  Marke0ng,  Product)  

Page 8: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Lessons  Learned  from  an  Environment  of  Change:    CULTURE  

•  Geography,  0me  zone  and  history  maQer  

•  Human  Capital:  Retaining  SME’s  

•  In  a  virtual  world,  travel  and  presence  maQer  (“Coffee  at  7”)  

•  Disagreements  healthy,  but  Leadership  Team  needs  to  be  aligned  

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Lessons  Learned  from  an  Environment  of  Change:    COMMUNICATION  •  Downstream,  midstream,  upstream  (e.g.  Monthly  “Check  In”  Calls)  

•  Recogni0on,  Recogni0on,  Recogni0on!  

•  Consistent  message  from  leadership  

•  It  was  ok  to  say  “We  are  evalua0ng”:    Ac0ve  project  

•  Working  no0ce:  Lessons  learned  

Page 10: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Lessons  Learned  from  an  Environment  of  Change:    EXECUTION  

•  Project  Manager:  Cri0cal  to  drive  FOCUS  on  Change  Project  (“night  job”)  throughout  leadership  team  (“day  job”)  

•  Human  Resources:  Exper0se  and  Collabora0on    

Page 11: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Our  Changing  HR/Leadership  Development  Culture  

•  2013-­‐Present:    HR  as  a  business  partner  

•  Performance  Review  

•  Talent  Management  

•  9  box  assessment  

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“Culture  Eats  Strategy  for  Lunch”  

•  CPR:    Caring,  Precise,  Responsive  

•  Office  Environment  Change  (2014)  

•  Environment  of  Caring  for  Team  Members:  Some0mes  the  liQle  things  make  a  big  difference!  

Page 13: Transamerica*Financial** Advisors,*Inc.* · Transamerica*Financial** Advisors,*Inc.* Lessons&Learned&from& Organizaon&Change:&Creang& Growth&Opportuni0es&in&Dynamic& Business&Environments*

Thank You!