Niche Teams Have Many Purposes
As mid-sized firms continue to move from a "generalist" platform to being more niche-driven, clients may be scattered across many relationshp partners. The end goal, of course, is for a team of industry experts to have primary responsibility for the firm's clients that fall within the targeted industry. But the reality often is that at least one or two clients reside with various partners across the firm and it is difficult if not imppossible to move these clients around because of long stanidng trusted relationships .
However, this can be addressed by implementing niche team meetings, inviting all partners who have clients within a specific sector to meet with the niche leader and team to share emerging trends, recent relevant pronouncements and other issues that are important for excellent client service.
Forming teams and meeting regularly serves many purposes. First of all, it provides a sense of cohesiveness and sends a message internally that the niche team is taking its responsibility seriously. Secondly, the exchange of information keeps everyone at the cutting edge and enables anyone involved with clients in the industry to have access to critical information that adds value for the clients being served. Thirdly, it builds confidence internally about the level of expertise within the niche team. Lastly, it gives team members an opportunity to sharpen their presentation skills and keeps them focused on a lifetime of learning as their role includes reading industry publications and attending industry trade association meetings and then bringing the information back to the team for discussion.
When the niche teams meet, they not only increase the sharing of information but they also generate energy and enthusiasm within the firm that may be missed when everyone works independently of each other.