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February 11, 2022

Ep. 12 How to Build a High-Performing Team ft. Matt Hottle, Co-Founder of Redhawk Advisory

Welcome Matt Hottle to this episode of WRH. Matt Hottle is the Co-Founder of Redhawk Advisory, and Managing Partner of the  Alabama Futures Fund, an early stage VC fund that is driving entrepreneurialism and economic development right here in the state of Alabama.

Matt has held several operating positions where he was deep in the trench in a lot of different industries, building high performing teams, and even coached Shannon Spotswood, President at RFG Advisory.

Matt is a fountain of information in this episode. If you don’t have a team of people who thrive at being adaptable you’re going to struggle because you’re going to be dragging them every time. “Laser focus in on your culture, and what are those attributes of success within your culture.”

Listen to this episode with Matt Hottle, Co-Founder of Redhawk Advisory and Managing Partner of the  Alabama Futures Fund. In this episode, Shannon and Matt discuss topics such as why teams need to define the roles and responsibilities, why you have to hire for adaptability, tracking your organization from a data perspective, and so much more.

Join the conversation to hear about:

  • Do you have the right people in the right seats doing the right things? (1:45)
  • Let’s talk about talent (4:30)
  • What are ‘attributes’ and how does it fit into hiring? (7:00)
  • It’s all about the best fit (10:35)
  • Sequencing: defining the roles and responsibilities (12:35)
  • Focusing on talent and diversity (16:30)
  • What is opportunity cost? (20:20)
  • Taking inventory of what is important: identifying team routine and impact (24:00)
  • Small, short, concise, and frequent communication (27:55)
  • Creating repeatable and scalable processes (32:20)
  • Preparing a team for the marathon versus the sprint (35:10)
  • Why you have to hire for adaptability (36:35)
  • Advisor behavior modification (38:55)
  • Tracking your organization from a data perspective (41:10)
  • No longer a fit: navigating underperformance (43:50)
  • The power of reviews (50:00)
  • Evolving your short term goals (54:50)
  • 20 things you should know about me (56:15)

Article:

Welcome Matt Hottle to this episode of WRH. Matt Hottle is the Co-Founder of Redhawk Advisory, and Managing Partner of the Alabama Futures Fund, an early stage VC fund that is driving entrepreneurialism and economic development right here in the state of Alabama. Matt has held several operating positions where he was deep in the trench in a lot of different industries, building high performing teams.

Matt helps people crush it with the resources and expertise they need to be successful, including Shannon Spotswood, President at RFG Advisory! Matt is Shannon’s strategic coach. Shannon mentions that she and Matt talked frequently in those first two years of building RFG Advisory 2.0. Tearing the house down and creating a new version of RFG involved working through how to build culture, how to align mission, vision, values, how to hire team members, how to build high performing teams.

Matt drops epic knowledge throughout this episode. “Every day in your practice is different than yesterday, and every day after today will be different than today.” If you don’t have a team of people who thrive at being adaptable you’re going to struggle because you’re going to be dragging them every time. “Laser focus in on your culture, and what are those attributes of success within your culture.”

The best place to start is by identifying each person’s ‘attributes’ and the part they play in their role. Attributes might be creativity, adaptability, competitiveness, need for achievement. Every person brings something different to the table. When hiring, you can consider their personal attributes to help you pick the right person. It’s about finding the right person, that person has to have the right attributes for the kind of performance you’re asking for.

Once you have an idea of what each person’s attributes are, it is important to understand where your practice is at. Are you in a growth mindset? Are you at the stage of nurturing the client relationships? Get nitty gritty in your definitions, and set frequent reviews amongst your team.

If you walk around your firm or your office and ask three people what’s the number one priority for the business in 2022?, and if you get three different answers, you’re in trouble, Matt says. One way to achieve this is with intentionality around the cadence of communication on your team.

If you’re looking to build a high performing team you need to have a formalized process around reviews. Continual assessment will allow you to accurately determine areas for growth, areas of strength, and of course, a person’s most current attributes. Matt says to aim for “small, short, concise, and frequent communication.”

In this episode, Shannon and Matt discuss topics such as why teams need to define the roles and responsibilities, why you have to hire for adaptability, tracking your organization from a data perspective, and so much more. Matt has an inviting approachability to him and gets straight to the point when it comes to his advice on what’s working (or not working) in advisory practices.

Listen to this episode with Matt Hottle, Co-Founder of Redhawk Advisory and Managing Partner of the Alabama Futures Fund. Below are three tips from Matt that you seriously won’t want to forget. Huddle up for this incredible episode of War Room Huddle. Join RFG.

  1. Figure out your opportunity cost. Matt walks us through what is an opportunity cost? He says, one is obviously of value, one is not of value, and the delta between those things is the opportunity cost. “As I’m spending time doing the low value thing, I’m losing the opportunity cost over here on the more valuable thing.”
  2. Diversify your workforce. The more diverse a workforce, the more diverse a team, the more diverse thought the more diverse the outcome. Diversify to move forward.
  3. Get regular with your reviews. Matt advises to have “very concise, very frequent communication with your team.” It shouldn’t be an hour-long meeting once a year, it should be shorter and more often.

Referenced Materials

Tags

  • Succession Planning
  • Technology
  • Next Gen
  • Practice Management
  • Growth Strategies
  • Work Life Balance