Leveraging Others To Level-Up Your Practice

by | Nov 29, 2021

A big part of how we choose to run a business is governed by habits. It is so easy to stay the course and do what has been done in prior years, isn’t it? Besides, you may have just had the best year ever and do not feel the need to change. I believe your clients will most likely disagree.

The client landscape continues to evolve at such a fast pace. Modern family structures have become more complex and people are living longer. These complexities require an advisor to either level-up their offerings or continue to work as they always have, leaving more challenging planning cases to others or be limited to only selling a handful of products.

This client complexity can be beneficial for financial advisors open to shifting their business model and mindset. It is important to note that seeking out and accepting more complex cases doesn’t mean walking away from smaller opportunities. There is a process my team and I use when working with advisors who are interested in adopting a team model. Here is a high level overview of how we solve for this practice management shift.

Evaluate Your Current State

  • Take a deep dive into your book of business. Define your top ten to twenty accounts then average to identify your sweet spot. And, don’t forget to assign the source of business for each as well.
  • Identify your natural abilities. With the help of state-of-the-art assessments, we can determine how you best work and where you (ideally) should be spending your time.
  • Determine what skills are missing. Thinking through your ideal outcome—who do you need to develop relationships with in order to best serve this new market?

Develop A Team & Get it Done

  • Adopting an advisor-team approach allows all parties on the team to win.
  • Whether the relationship is formal or informal, consider joining forces with another practitioner inside or outside of the firm.
  • Teaming up with advisors with specialized skills (e.g. attorney, estate planners, tax professionals) can broaden your reach.
  • Identifying less experienced advisors who round out or compliment your natural abilities and fill in any gaps allows you to spend your time on more complex cases.
  • Teams with younger advisors tend to build stronger relationships with millennials who may receive an inheritance from aging baby boomers.
  • Design the advisor compensation model for all involved. This can vary from case to case.

At the end of the day, adding value to your clients is what is most important. Most clients view teams as “more professionals for the price of one.” The peace of mind associated with knowing all of their professional advisors are working towards one goal is so valuable, and if handled correctly, will result in a tremendous amount of referrals.

If you are interested in leveraging others to level-up your practice and need some guidance, please contact me.


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