What Wealth Management Teams Could Learn From The World Cup

In light of the current World Cup, advisory teams may learn a great deal about what it takes to contend for a World Cup Championship.  Like a championship soccer team, each advisory team member has a unique skill set that when combined, provide unmatched value to the client and plays a pivotal role in the growth of the business.  Below you will find the vital positions of a championship soccer team and how they closely relate to the vital roles of a successful financial advisory team.

The "Center Striker" - Always on the hunt for assets.  Like the striker in football, this lead advisor in an advisory team is measured based on the amount of "goals" he scores. This is the team member who consistently generates leads, builds awareness of the firm, provides proposals to clients, and comes back with meetings on the books. He’s brought in some great clients as well as professional advocates and centers of influence who consistently bring great referrals to the business.

The "Winger" - Similar to the the center striker on the soccer field, the winger assists in the search for goals.  The main difference being the winger, is that this advisor focuses in on a particular area, just as the winger in soccer focuses in the right or left side of the field.  These advisors source their own leads,  make recommendations to existing clients, and help build fruitful relationships. They also are the resident expert in a particular field such as retirement planning, wealth management, insurance or tax planning.

The "Architect" - Also known as the midfielder or playmaker, this position closely relates to the service advisor in an advisory ensemble. This advisor handles some of the relationship management responsibilities for existing clients, answers any questions or concerns they might have, and provides some routine services to portfolios. This advisor just doesn't sit in the background, sometimes the "architect" is directly in the action and may take some shots at the goal by leveraging existing relationships with clients for new business.

The "Team Manager" - This position closely relates to the COO of an advisory firm.  Just like the team manager, the COO has a keen eye for the daily operations of the team and can coach team members to utilize their strengths and weaknesses so as to maximize their effectiveness.  The COO helps maintain data, answer questions,and perform routine services to better develop the business.

So while you’re enjoying the World Cup this Summer, consider the roles of each of your financial advisory team members. Are they effectively fulfilling their roles, and communicating with one another to make sure they’re covering the areas they need to and making the correct plays on the right client relationships? Is the synergy between your team members as strong as France or as weak as Spain?

And last but not least...GO USA!!!