The ClientWise Blog

 

What are your financial advisory team’s rules and structures for successfully partnering together?

When you’re just starting out and your financial advisory team consists of one, two or three people, rules and structures for partnering together are rather unnecessary. As your organization grows, however, the challenge of managing complexity and achieving efficiency grows exponentially with each additional team member.

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Far too many advisors and wholesalers view strategic networking solely as an opportunity to build a funnel of professional referrals – rarely venturing beyond the occasional golf outing with one or two close attorney or accountant friends and pressing for introductions. They overlook the critical importance of strategic relationships in expanding and strengthening their wealth management offering. These vital professional partnerships, whether formal or informal, can bring a host of expanded capabilities to broaden and solidify your existing relationships – from trust and estate planning to business succession and tax planning.

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Depending on the size and scope of your practice, you likely only have one or two face-to-face meetings with each client annually. That fact makes those interactions exceedingly precious opportunities – to uncover new goals, hidden needs and growing concerns, and to reinforce the client’s trust in you and your firm. 

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One of the most challenging aspects of coaching for those who are new to the profession or—as is frequently the case in financial services—those who are accustomed to consulting rather than true coaching, is adjusting the concept of partnership. The participants of our Certified Financial Services Coach Training Program hear about this concept over and over again throughout the course, because it is central to everything that happens in financial services coaching. It is also a huge part of what differentiates coaching from advising, consulting and mentoring, and, further, what differentiates a successful financial advisor from a salesperson.

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