If you follow us on LinkedIn you know that we are growing and recently relocated our Boston office (Portsmouth will be ready soon!) The inevitable tendency in these circumstances is to introduce new layers of complexity in terms of how to manage your business and deliver your service. In an effort to resist this temptation, our leadership team has taken, “creating a culture of simplification” as our second quarter objective.
One of the primary tools that we use to manage our business and deliver our service is an accountability chart (as opposed to a traditional organizational chart). An accountability chart looks similar, but the primary difference is that each “box” corresponds to a function and each function is described by up to five roles. Clearly getting the roles right for each function is very important and equally important is that the roles evolve appropriately as the chart changes over time (which it will in a growing organization).
One of the milestones associated with our goal for the quarter is making sure that “everyone has a number.” How does all of this tie together? We have great people who demonstrate our core values. If we can create additional clarity by making at least one of the roles associated with a function measurable (staying current with ongoing due diligence for an investment analyst, for example) we should be able to increase alignment across the organization and solve issues that are creating hurdles.
Of course, all of this is in support of our core purpose, which is to be indispensable to wealthy families.
We hope that everyone is enjoying spring in the northeast and we look forward to seeing many of you in person (fingers crossed) over the coming months.
For years, efficiently managing and analyzing complex alternative investment data posed a significant challenge for Lake Street Advisors. By leveraging Canoe for alternative data management, and Addepar for robust data analysis, Lake Street has the technology in place to make faster and better investment decisions on behalf of our clients. We are proud to share our case study with our new technology partners!
Read the full case study HERE.
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