Recently, a conversation with a successful advisor shed light on the challenges of getting buy-in from your assistant to changes in the way you work.

Due to an administrative error, a large order had not been filled for several days. Predictably, the market had moved significantly before this was discovered - costing the advisor several thousand dollars to make the client whole.

These kinds of issues are tough to take at the best of times - and especially so in times like these. The key issue when you encounter a mistake is how to learn from it and ensure it doesn't recur.

There are two ways to do this.

The first instinct for many advisors is to send an email to their team laying out the procedures to prevent this from happening again. Some advisors would also make the person responsible bear a portion of the cost.

There is certainly some value to this - but there is a better way to get the message out to staff.

Good management theory is very clear that the best way to get people to change is to involve them in the decision.

Sending an email to team members is quick and will stick for an initial period (especially if backed up by financial consequences) - but one way communication may not get the level of ongoing commitment you're looking for.

An alternative approach is to take 5 or 10 minutes in your next team meeting to do three things:

1. Discuss how the mistake happened.

2. Get suggestions on how to avoid this in future.

3. Obtain agreement on what will happen next - if necessary, this can be backed up in writing.

Sometimes, the best way to do something isn't necessarily the fastest. Discussing issues does require a bigger investment of time but has two benefits.

First, obtaining your assistant‘s views will sometimes get a better solution.

And second, taking the time to give everyone a chance to provide input will get much greater buy-in to the solution you arrive at over time.