“We wanted the advisors to learn the same way they would if they were at home” rather than in a formal office setting, he added. “It’s like having your own private YouTube network.”
“The videos that people saw by the end were not my first try,” Johndrow said. “You can record yourself and then make improvements. You have to be a confident speaker to instill confidence in your clients.”
The format meets compliance standards, added Magnacca. The videos also can be used to help advisors who are new to a firm learn how the firm’s technology platforms work. The program, called a sales learning and readiness platform, prepares advisors to be before clients at a faster pace.
The format also can help asset managers and custody and clearing firms make presentations to advisory firms.
“The old way of having a wholesaler go to a series of advisor meetings is becoming obsolete,” he said. “It is better to have an expert do a video that can be put before members of firms at any time.”
David Israel, director of field outreach and practice management at Commonwealth, who oversees the mentorship program, said the advisors Commonwealth looks for to go through the program are those who are planning long-term careers.
Commonwealth also hopes to use the mentorship program to attract more women to the field, which will further boost the company’s diversity efforts, he said. The goal is to have half of the mentors in any given class be women.
The program was launched in 2013 and is run every other year. Eighty-five advisors have been involved so far and 44 mentors are part of the program. Commonwealth firms, all of whom are independent advisory practices, have achieved an 80% retention rate for program graduates, Israel said.
Maloy said, “Everyone in my session had some experience, but we all were still getting our bearings. This allowed us to learn from others. “
Johndrow added, “The connections I made with other advisors were some of the most meaningful aspects of the program to me. I met some phenomenal colleagues. We now exchange emails about how to grow in the industry.”