The changes in this industry over the past 18 months have had powerful implications for everyone. Many financialadvisors recognize that much of the knowledge that led to their past success no longer seems as relevant. Industry standards have shifted, requiring advisors to augment their professional conduct. For one thing, it is no longer enough to make client decisions based on suitability, but rather they are being asked to raise their level of expertise and possibly base financial decisions on a new fiduciary standard.

This move toward greater accountability also underscores a "continuing duty of care or loyalty to the customer." This may require advisors to have a deeper relationship with their clients. It also may require changes in advisor behavior, such as increasing the quantity and quality of their documentation, having more evidence and justification for recommendations and conducting more frequent and detailed client meetings.

But as much as advisors are feeling these changes, branch managers may be even more affected. For many managers, the numerous corporate mergers have required them to embrace new work cultures to lead advisors successfully through transitions. Others have been faced with either limited professional opportunities or a substantial change in their own job descriptions.

This dilemma became crystal clear in the Morgan Stanley and Smith Barney merger. As a result of that deal, Morgan Stanley had a nationwide shift to a complex office structure, resulting in 100 branch mangers being displaced. Some were offered positions on the product development side, while the rest could either become producing managers or full-time advisors. These redefined roles require branch managers to possess alternative individual strengths and skill sets to be successful and will likely mean lower earnings. As part of its restructuring process, Morgan Stanley acknowledged the need for branch managers to learn the new skills to succeed in their redefined roles and offered a training program to address time management, value proposition and advance prospecting.

The key to sustainability for branch managers faced with such a job crisis is to be agile. Researchers have long known that in turbulent markets, individuals and organizations that are nimble will not only survive, but thrive. Such individuals must have the staying power to drive their core businesses over the long run as well as the ability to shift focus and execute quickly.

Specifically, being agile requires the willingness to modify your thinking in a fresh, more powerful, direction and embrace new behaviors. But, most individuals resist taking the necessary steps for this type of change because of their reluctance to get out of their comfort zone.

Learning to Be More Flexible

The first step to developing agility is to understand the relationship between change and transition.

Change is external. It is the caused by an action required to enact a new policy or execute the behaviors necessary in a new job description.

Transition is the internal psychological reaction that results from change. It requires that people undergo three separate periods: endings, exploration and new beginnings.

Endings is the phase of saying goodbye to the old. Transition management research has shown that the most serious issues for organizations and individuals occur during this phase, especially when the entire senior management team is in flux. At this stage, managers and advisors are experiencing culture shock. Branch managers who have traditionally focused on sales development, mentoring advisors and recruiting may now find themselves expected to be a producing manager, too.

Some managers who have been used to autonomy and responsibility have found that their roles have been diluted. For instance, key decisions that affect their branches and advisors are now handled remotely by individuals who have not been immersed in the corporate culture or understand the history of their old company. The firm, people and resources that they once relied on may no longer be there.

For many branch managers and advisors, it's a struggle to accept the demise of the company and culture they have been a part of for years. Many of us know someone who is always saying: "In my old company we did it this way," or "in my last position, it was done that way." But, if you can't let go of the past, you will never be able to move forward.

Explorations is the state of being in the neutral zone. Here, you are resigned to the notion that things aren't resorting to how they were and you're feeling less hurt, confused and angry. Yet, it is an uncomfortable place to be because, although you are no longer part of the "old world," you aren't yet fully indoctrinated into the "new world" either.