Evaluate Employee Performance and Terminationsquick Start Guide

Evaluate employee performance and TerminationsQuick start guide

Date & Initial When
Completed (or N/A)

Ask Each Team Member to Complete Last Page of Performance Review Template

Ask each team member to complete the last page of the Performance Review Template to share their goals for the coming period, how they would like to develop in their role, and key accomplishments.
See the Performance Review Template in Digital Fortress’ Resource Library or within the lesson titled Evaluate Employee Performance and Terminations.

Performance Review Template (last page)

Complete Performance Review for Each Team Member

As the manager, at least annually, create a performance review for each team member. At Peak Advisor Alliance, we have formal reviews twice per year—one at mid-year and one at year-end.
Throughout the year, you should meet periodically with each team member so any areas of improvement aren’t a surprise.
When writing a performance review, provide specific examples to show your team you notice and appreciate their efforts.
Give yourself plenty of time to complete each review so you can be thoughtful in your write-up. Remember a review should also look to the future—use it as a springboard to discuss what the associate thinks is going well, what they want to do more/less of, and what ideas they have for improving the firm.
See the Performance Review Template in Digital Fortress’ Resource Library or within the lesson titled Evaluate Employee Performance and Terminations.

Performance Review Template

Conduct Performance Reviews

When conducting the in-person review, talk through the highlights of accomplishments and touch on growth areas.
This should not be a one-way conversation, but instead, the team member should answer questions like:
What do you believe went well?
What ideas do you have for improving our firm’s service and culture?
What do you need from me to help you stay engaged and continue growing?
What would you like to accomplish in the next six months? How can I support you?

Address Performance Issues
There will likely come a time when you need to address a performance issue head-on with an associate. And although it’s never going to be your favorite thing to do, change your paradigm. Think of giving feedback as an act of trust and confidence. It shows you believe in an associate’s ability to change, you believe they're capable of becoming better, and, most importantly, you have faith in their potential. Whenever you give constructive feedback, be sure the recipient knows your motivation is to help them grow and help them be the most effective professional they can be.
Here are tips to help you effectively address performance issues:

Hold a face-to-face, private meeting with the employee.
Acknowledge there may be some discomfort at times and that’s okay.
Don’t condescend, raise your voice, or accuse. That will only make them defensive.
Let them talk:
Ask “What happened?” if it’s a first-time performance issue.

“Why do you think this keeps happening?” if it’s a recurring issue.

Clarify their understanding of your expectations.
Address if any additional training or coaching is needed to elevate the performance.
Be prepared to become more involved in the short-term.
Restate expectations again and encourage open-door communication.
Document the conversation: DDO (Date, Details, and Outcome).
If performance doesn’t improve after the first face-to-face meeting, have another face-to-face meeting, but this time, ask the employee to sign a written warning. Adhere to all the above tips for this meeting as well.
Peak Advisor Alliance strongly recommends you consult with an Employment/Labor Law attorney prior to using this template. Taking this action will ensure your wording is accurate and legally appropriate and is in accordance with federal, state, and local laws.
See the Employee Written Warning Template in Digital Fortress’ Resource Library or within the lesson titled Evaluate Employee Performance and Terminations.

Employee Written Warning Template

If you do find yourself in a position where you are considering terminating an employee, there are many factors to consider. One question to ask yourself is, “If I knew then what I know now, would I hire this person?” Your answers to this can be very telling.

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We hope you don’t have to follow this next section of the QuickStart Guide very often, if ever. But, we want you to be prepared in the event you face the task of terminating an employee.

Terminate an Employee

Follow these steps if/when terminating an associate:

Terminate Employee:
ALWAYS have another individual with you.
Pick a private, secluded room free from curious eyes.
Be firm, but kind; expect tears and/or anger.
Accompany employee while exiting the building.
Give option to return after hours to gather their belongings OR offer to pack and send them.
Document the conversation: DDO (Date, Details, and Outcome).

Collect Security Key and Name Tag

Collect Any Other Company Owned Materials (e.g., laptop, iPad, etc.)

Remove Access to Broker/Dealer Subscription

Remove Access to CRM

Remove Access to Financial Planning Software

Remove Any Other Credentials That Allow Access to Client Information (e.g., Peak Advisor Alliance, Constant Contact, Custodian, etc.)

Communicate Departure to Team

As soon as is feasible, gather team together:
State who has departed and address next steps:
Redistributing job duties
Any plans to hire replacement
Message to convey to clients
Close with encouragement and optimism.
Expect “hallway chatter,” so monitor and address as needed.

Determine Communication Strategy to Clients (if needed)

Remove Network Logon Name

Notify Broker/Dealer of Termination

Forward Incoming Phone Calls to Another Team Member

Remove Phone Extension from Group Mailbox

Remove from Employee Phone Directory

Redirect Incoming Emails to Another Team Member

Remove Email from Distribution List and User Groups

Remove from Email Distribution Lists (e.g., iContact, Contact Contact, Digital Fortress)

Move Pending Calendar Items to Another Team Member

Remove Birthday and Anniversary Announcements from Calendars

Notify Payroll Service of Termination and if PTO Payout for Unused Time or Deduction for Unearned Time Used Needed for Final Pay Check

Notify 401(k) Custodian of Termination

Notify Health Insurance Company of Termination (if applicable)

Remove Individual from Company Website