What does it take to build a top advisor team? The formula is part art and part science, leveraging processes, technology, talent and purpose to take your firm from a practice to an enterprise.
“The best teams in the industry have figured out how to operate as an enterprise by building systems in that allow them to operate much like some of America's most successful corporations today,” says Paul Cieslik, advisor practice management consultant at Capital Group. “Much of this work involves process, but it takes the right mindset, too.” In other words, he says, you must believe in the opportunity for growth and commit to it.
Cieslik and his group engage with thousands of advisors each year, seeing firsthand how teams are implementing best practices and effective drivers of growth, and paying careful attention to what the best of the best have in common. Here are 10 key traits shared by successful financial advisory teams, and how you can apply them to your business.