Strategies for Effective Team Leadership in Finance
By Michelle Marschel
In the finance industry, the strength and cohesion of a team can make or break the success of any operation. The finance landscape demands accuracy, adaptability, and collaborative problem-solving, making effective leadership an essential ingredient for long-term success. Drawing from my years leading fund accounting teams and building impactful programs, I’ve seen firsthand how mentorship, professional development, and fostering a team-centered environment can drive both individual and team performance to new heights.
1. Mentorship and Professional Development: Laying the Foundation
A cornerstone of effective leadership is fostering the growth of each team member. In my previous roles, I recognized the need for mentorship programs that would focus on developing leadership skills and elevating potential leaders within the team. By creating a structured mentorship program, I aimed to guide rising professionals in building the skills they needed to succeed in their roles and progress within the organization. This program focused on both technical knowledge and interpersonal skills, providing team members with the confidence to tackle challenges and the insight to handle complex responsibilities with ease.
In addition, I created two positions designed to strengthen specific areas within the finance team, ensuring that we had specialized resources in place to support key functions. These roles allowed us to deepen our expertise in critical areas while providing individuals with targeted growth opportunities. By investing in roles that directly address our team’s needs, we were able to cultivate a more resilient and capable team.
2. Fostering Collaboration and Cross-Department Relationships
In finance, it’s vital to see the bigger picture and work as part of an interconnected whole. To achieve this, I’ve prioritized building effective relationships with other departments, breaking down silos, and reinforcing that each task contributes to a larger goal. By fostering open lines of communication with departments such as operations, legal, and compliance, we create a seamless workflow that allows for better decision-making and reduces redundancies.
In my leadership approach, I emphasize a team mentality rather than a segmented mindset. This means we all work toward common goals, and if a team member faces a workload challenge, others step up to support them. Embracing this collaborative approach prevents us from falling into the mindset of “this is my workload and that is yours,” which is essential for maintaining a supportive, unified team.
3. Strengthening Team Bonds through Engagement Activities
While technical skills and efficiency are fundamental, team unity and morale also play a crucial role in productivity and job satisfaction. To build this sense of camaraderie, I’ve made a point to organize regular team-building outings, such as bowling, Topgolf, and sip-and-paint sessions. These activities allow team members to connect outside of work, relax, and strengthen the relationships that carry over into our day-to-day operations.
By prioritizing opportunities for our team to enjoy time together, we establish a foundation of mutual trust and respect, which translates to a stronger, more cohesive working environment.
4. Building Trust and Leading by Example
Leading a successful team in finance means showing up for your team, knowing them well, and leading by example. I believe that to earn trust, a leader must also be willing to step in, lend a hand, and demonstrate the same work ethic expected of everyone else. This approach means being available for questions, guiding team members through complex tasks, and always showing that no task is “beneath” leadership.
Getting to know team members as individuals—understanding what drives them, what they enjoy outside of work, and what their personal goals are—enables me to tailor my support and help each person succeed in a way that aligns with their unique strengths and aspirations.
Conclusion
Effective team leadership in finance requires a thoughtful blend of mentorship, collaboration, personal engagement, and trust. By investing in team members’ professional growth, fostering strong cross-department relationships, creating bonding opportunities, and leading by example, finance managers can cultivate a team that is both highly skilled and deeply connected. In doing so, we lay the groundwork for sustained success, resilience, and the confidence to face the industry’s evolving challenges head-on.
