Ep 418: Developing The “Middle” Management Layer To Scale Up Team Leadership Capacity For $3B Of AUM with Stacey McKinnon
Dec 31, 2024
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Stacey McKinnon, COO of Morton Wealth, discusses her innovative leadership training program designed for middle managers in a rapidly growing firm. As the team expanded from 30 to 60 employees, she tackled managerial challenges, identifying common archetypes and fostering effective communication. The podcast highlights the shift to a more flexible client meeting schedule, strategies for empowering a self-sustaining team, and insights from U.S. Women's National Soccer Team Coach Emma Hayes on nurturing leadership. Stacey emphasizes the importance of adjusting management styles to maintain productivity amidst growth.
Stacey McKinnon's leadership training program at Morton Wealth equips middle managers with essential communication skills to enhance team management effectively.
The firm transitioned to a flexible client meeting schedule, improving engagement and adapting to the needs prompted by the pandemic's impact on work culture.
Emphasizing participatory change, Stacey promotes a workplace culture where employees actively shape decisions, increasing accountability and satisfaction throughout the organization.
Deep dives
Leadership Training Implementation
The leadership training program established by Stacey McKinnon at Morton Wealth focuses on equipping middle managers with the necessary communication and management skills to lead effectively. This initiative arose from the recognition that many promotions from doer positions did not include adequate training for new managerial roles. The program helps identify and address problematic management styles, such as the nice manager who avoids giving feedback, the technical manager who lacks empathy, and the narcissistic manager who prioritizes personal success over the team's well-being. Through training, leaders learn to embrace feedback culture, enhance team collaboration, and promote a supportive environment.
Return to Office Strategy
The decision to return to the office after a pandemic-driven remote work period resulted in a challenging transition, with a significant turnover of 20% in staff shortly after the announcement. Despite the turnover, Morton Wealth capitalized on this opportunity by restructuring client interaction, shifting from a regimented meeting schedule to a more flexible approach that increased client touchpoints. This focus included re-evaluating how often and in what manner they meet clients, ultimately leading to more meaningful engagements. The firm learned to adapt its client service model to better meet client needs, emphasizing flexibility and frequency of communication.
Continuous Participatory Change
Morton Wealth embraced the concept of continuous participatory change as a way to foster an engaged workplace culture. Inspired by the book 'Brave New Work,' the firm shifted its focus from top-down decision-making to involving employees in the change processes that affect them directly. The leadership team encourages employees to take an active role in shaping decisions rather than just being receivers of change. This approach not only increases employee satisfaction but also fosters a sense of ownership and accountability within the team, significantly enhancing the culture of the organization.
Using Objective and Key Results (OKRs)
The adoption of the OKR framework at Morton Wealth plays a crucial role in aligning personal goals with organizational objectives. Each team member establishes four to six personal OKRs biannually, allowing them to focus on both current roles and future aspirations. This system encourages accountability, as progress is tracked and shared transparently within the team. Moreover, this structured goal-setting promotes a culture where employees feel seen and valued, facilitating their professional growth and contributing to the overall success of the firm.
Caring Leadership Approach
Stacey's leadership philosophy emphasizes the importance of balancing care for employees with the need for accountability in their performance. Learning from inspirational figures like U.S. women's soccer coach Emma Hayes, she advocates for creating a culture where team members feel genuinely cared for and are simultaneously encouraged to hold each other accountable. This leadership style promotes growth, fosters mutual respect, and empowers employees to strive for excellence. By focusing on developing leaders who prioritize both team success and individual growth, Morton Wealth aims to establish a thriving and resilient workplace culture.
Learning from Challenges
Reflecting on past challenges, particularly the period of turnover and its impact on Morton Wealth's culture, has provided valuable lessons for Stacey and the leadership team. Rather than merely responding to problems or implementing quick fixes, they chose to undertake a deep analysis of leadership styles, communication, and organizational structure. This introspection led to enhanced training for leaders, reformed team dynamics, and a more inclusive approach to decision-making. The experience emphasized the significance of adaptability, resilience, and the importance of being proactive in fostering a positive workplace culture.
Stacey McKinnon is the chief operating officer of Morton Wealth, an RIA based out of California that oversees approximately $3 billion in assets under management for 1,300 client households. Stacey has spearheaded a leadership training program at Morton Wealth to support middle managers, many of whom transitioned from hands-on roles to managerial positions, equipping them with essential communication and management skills. This initiative was crucial as the firm's workforce doubled from 30 to 60 employees over four years, surpassing the capacity of senior leadership to manage a growing team.
Listen in as Stacey shares how she tackled common managerial challenges at Morton Wealth by identifying problematic archetypes and integrating the Admired Leadership Program to elevate managerial skills across the board. She discusses the firm's shift from a rigid to a flexible client meeting schedule—facilitated by WorkBoard's OKR tools—to better accommodate the dynamic work environment and enhance client interaction. Stacey also reflects on personal productivity strategies and the invaluable leadership insights gained from U.S. Women's National Soccer Team Head Coach Emma Hayes, emphasizing the importance of nurturing a self-sustaining team that can thrive even in her absence.
