The ClientWise Blog

4 “Magical Solutions” That Top Financial Advisors Have in Common

Posted by Chris Holman on Feb 20, 2014 10:35:00 AM

If you’re a financial advisor, or part of a financial advisory team, and someone could offer you a “magical solution” that could more than double your business…what is it worth to you?





Here’s why we ask. 

In recent blogs, we’ve referenced a survey that we undertook in collaboration with our Australian research partner; Business Health Pty. Ltd. We surveyed 125 top-performing financial advisory teams who attended the recent Barron’s Team Summit, asking them in-depth questions about their practice, and the behaviors that have led to their success.


In this blog, we observed that financial advisors who diligently adhere to a minimum account size have +122% more assets under management than those who do not. Here we noted that advisors who set goals and periodically reflect back on them have, on average, +49% more assets as compared to those who don’t.


Here’s another interesting one. Financial advisors who have a “formally documented operating plan” reported assets of $135,028,445.00 on average per team member. Advisors with no plan report $85,351,527.00 per team member.


That’s a difference of the benefit of those advisors with a plan.


Here’s still another differentiator…using a presentation deck (i.e. pitchbook) on a regular basis. Teams that regularly use a presentation deck with their presentations have $161,694,874.00 assets per team member. Those teams without a presentation deck? $73,214,208. That’s a +121% difference.


To review:

  1. Financial advisory teams that adhere to a minimum account size have 122% more assets.
  2. Teams that set goals and consistently reflect back upon them have 49% more assets.
  3. Teams that have written business plans report 58% more assets.
  4. Teams that regularly use a presentation deck have 121% more assets.


No Magical Solutions

What’s interesting to us is that the four “magical solutions” that we listed above, aren’t very magical at all…even though the results might seem “magical.” In fact, when you really think about it, these four behaviors of super-successful teams seem quite conventional.


That’s good. Here’s why.


If you’re a financial advisor, or advisory team, and you don’t have all (or any) of the above behaviors/processes in place…what’s the first logical step?


Would it require you to invoke your magical powers, or would it be the result of something much more orthodox and traditional, e.g. a clear and focused attention and intention to make this happen?


Just 2.2%

One final point. As obvious and simple as these four behaviors might seem, only three (3) of the 125 Barron’s Top Advisory teams that we surveyed have all four behaviors in place.


Sometimes the obvious and simple are not so easy to attain.


We trust this helps.



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Topics: Team Development