How did you become great at your job? Was it simply by doing, grinding, guessing and slowly figuring it out? Or was there someone around to help guide and teach you, challenge you, stretch you, and invest in your success?
Most elite advisors can identify someone (or often several individuals) who took time to teach and encourage them on their leadership journey. And it’s this culture of learning which over time not only shapes individuals but defines companies.
Let’s be honest. Everyone wants to get better, but few firms really prioritize it. Training sounds great in theory. Most firms even schedule it. But then what happens? An unexpected client meeting comes up. Someone calls out sick. An internal fire drill hits the calendar. And the training gets postponed yet again. The data, however, is undeniable: Firms that grow prioritize training, while firms that stall undervalue its importance.
The training process must begin at the team member level – one individual at a time. Every employee should have a comprehensive, actionable Professional Development Plan (PDP); not a static HR document buried in a file. It should be co-created during 1-on-1s between the employee and their leader, updated regularly, and connected to real tangible, measurable goals. Start by asking the team member:
When employees see that you care enough to build a development path tailored specifically for them, you’ll quickly find engagement and loyalty going through the roof.
While the PDP explains the ‘why,’ a Career Planning Guide details the ‘how.’ This tool is designed to outline key milestones, technical skills, certifications, leadership traits, and client experience competencies that are required for each career path level at your firm – from associate to senior partner. And it’s an invaluable resource to assist leaders in identifying:
Career Planning Guides also help to ensure that coaching is delivered more consistently and objectively across the team. No favoritism. No guesswork. Just clarity.
You wouldn’t create a marketing plan without a budget. So why attempt to develop a training plan without one? The Association for Talent Development (ATD) finds that top-performing companies spend 1.5x more per employee on training than average firms – and are 24% more profitable on average than their peers.
Start by creating a training budget that aligns with individual goals and team priorities. Include expenditures for:
Always keep in mind that you’re not just spending money – you’re building capacity and investing in a bigger future for your firm.
Individual learning is essential for continued growth. But team training builds culture. It’s where you reinforce your firm’s shared values, language, and expectations. Some of the key training topics you’ll likely want to focus on may include:
Team training is especially important for your leadership team. After all, if they’re not aligned, how can the firm possibly scale consistently? In fact, we’d go so far as to modify the old business axiom to read: “If you want to go fast, go alone. If you want to go far, train together.”
Let your team know their growth matters. Let your clients know, too:
“We’re committed to delivering excellence, which is why every advisor at our firm has completed advanced training in client experience and fiduciary standards this quarter.”
Clients don’t just want great service – they want to know you’re leveling up behind the scenes. And let’s be real: who doesn’t like it when you get smarter?
Consider adopting a powerful concept that’s used by the U.S. Navy: Qualification Cards. On submarines (and in other Navy units), sailors complete ‘qual cards’ that require signatures from senior leaders as proof they’ve mastered key systems. It’s not just a way to ensure accountability – it’s about cultivating a culture of mastery.
That’s gamification in action: applying game design elements (such as checklists, scoreboards, and recognition) to help boost engagement. And make no mistake, gamification works:
TalentLMS research indicates that 83% of employees feel more motivated to learn
when training is gamified.Learners retain up to 40% more information through gamified content.
In your firm, this might look like some combination of the following:
People want to grow. Give them a game worth playing to make that growth journey just a little bit more exciting.
Internal vs External Training
Both are strategic. And while it’s easy to support the person pursuing prized designations such as their CFP®, CFA®, or CPWA,® don’t overlook the vital importance of internal training to make sure everyone is on the same page when it comes to:
Make sure you take time to build a comprehensive ‘curriculum’ for your company focused on the critical things that every team member should know, believe, and be able to do. You may even want to take a page or pick up some insights and tricks from some standout firms that have proven to be visionary leaders in training such as:
But you don’t need to be Google or McKinsey to succeed in training. You simply need to start with intention and remain consistent. Remember, training is ‘growth insurance.’ It’s the single most scalable way to multiply your team’s potential, retain top talent, and provide a consistent client experience as your organization expands.
Stop waiting around for your people to “just figure it out.” Be the team that teaches, invests, and inspires. So when someone asks, “Who taught you that?” your team members will confidently say, “My team did.”
Coaching Questions From This Article
About ClientWise LLC
ClientWise is the premier business and executive coaching firm working exclusively with financial professionals. We specialize in helping clients optimize growth and maximize revenue by engaging as a knowledgeable partner in accomplishing specific and significant business results. Our full-service coaching program empowers financial advisors, wholesalers, managers and executives to enhance performance through customized, action-oriented solutions based on each client’s specific vision and situation.
Our certified coaches are members of the International Coach Federation (ICF). They adhere to ICF’s strict code of ethics and have the experience and insight to work with you on the unique challenges and opportunities you face each day.
Drawing from an in-depth knowledge of the financial industry, ClientWise’s mission is to professionally develop industry leaders and consistently raise the bar for industry service, commitment and integrity. Simply put, our singular focus is to help you get clear, get focused, and get results.