Financial Services & Recruiting academyrecruiting on 07 Dec 2007 01:52 pm
Teaming is the way of the world for financial advisors
Teaming is something that’s very prevalent at most, if not all, financial services firms now and continues to become even more so. I’m not sure that’s something a lot of potential financial advisors are aware of - I think many look at it as the kind of career where they can go in and make their mark as individuals.
No question, the ability for an individual to stand out and rise above is a major attraction for a financial advisor career, and your individual performance is key, but don’t forget that you are going to be working as part of a team - maybe several different kinds of teams, in fact.
Why? Well, a great article in the newest Registered Rep magazine called ‘Go Team’ provides a number of answers to that question, but here’s two very good ones.
First, from an operational standpoint:
“Basically, teams are able to be more things to more clients because individual members can focus on different aspects of the client experience, and provide better and more specialized service. The team environment also allows for further specialization, and provides a vehicle for succession planning for the older members of the team. Plus, in this hyper-vigilant compliance era, it’s always nice to have someone watching your back.”
And, second, the bottom line reason:
“Advisors who work within teams pull in approximately 25 percent more production, and up to 35 percent more assets per team member, compared to advisors practicing alone.”
A pretty good reason, I’d say.
So, keep teaming in mind throughout the entire process of becoming a financial advisor - from your initial interest right on up to the time you accept an offer - and be knowledgeable of it and prepared to discuss it at any point.
