While it was once standard for financial advisors to work independently, these days it's become a common practice to hire teams of these professionals to manage accounts, something that takes an ability to match more than just talent.
Strike a balance
If you do seek to put together a team of advisors, you're in luck, because, unlike in the past, these days many of them prefer to work in groups. There will be no shortage of finance experts willing to join your team – as opposed to going it alone – you'll just have to find a group that works well together. According to research from Cerulli Associates and cited by WealthManagement.com, 80.4 percent of advisors noted improved efficiency as the reason why working in a team is so advantageous. The allure of teamwork can also be chalked up to an enhanced ability to focus on core competencies and manage time, improved assets under management and access to more valuable clients, in that order.
Of course, you're going to want the best of the best when you're putting together your team. It makes perfect sense to think that way when putting together a team of advisors. Top finance jobs should be given to the top finance minds. Sure, this is true, but it's going to take more than expertise for a team of financial advisors to function well. Try finding various levels of expertise, different personality types, and new backgrounds after you narrow down candidates by qualifications or skill set. By doing this, you're not only ensuring a bright and intelligent team, you're bringing new viewpoints together to make the most informed decisions about your clients' investments.
"Gather people with a similar vision, but slightly varying expertise."
Clearly, you'll need chemistry
So you want a team of advisors, and the job candidates out there would rather work with a group of their peers than go-it-alone. Things are looking good thus far. But the key to putting together this team is ensuring there is some sort of chemistry. Placing a group of individuals who can't seem to connect on a personal level in an office and telling them to work together on arduous and complex jobs is a recipe for disaster.
This is why when you interview candidates for your financial advisory team, it is crucial that you observe personality, and try to ascertain how each individual will work within a group. Gather people with a similar vision, but slightly varying expertise, so that they can carve out their own roles within the team. Bring candidates in to meet with all current members of your team to make sure personalities mesh well in a professional environment. It can be difficult to find several individuals who are different enough to easily to divvy up specific tasks, but similar enough to work well on a team. However, if you can do just that you'll have a group of top notch advisors.
Your advisors are sure to go through some growing pains as they determine who exactly will do what, and how to best work together as a team, but if you hire right they will eventually become a powerful and efficient machine.