The role of the advisor has long been a solitary one, driven by the traditional notion of single ownership of the client relationship. But evolution is required for survival, especially in our business.

Today, financial advisors are facing financial markets and investment products that have become more complex, and the needs and expectations of investors have grown equally intricate. These needs extend across various concerns and life stages. So how is a single investment advisor expected to be trusted as a jack-of-all-trades, while avoiding the “master of none” perception at the same time? Enter the team concept. 

When dealing with clients, perception is reality -- even if financial service advisors see things from a more experienced and objective perspective. In addition to exploring personalized situations and needs, the way you respond to clients separates a good advisor from a great one. Currently, it is more accepted to have a bench of players on the investment team that understand the nuances of particular investment strategies and products. If you don’t already have a structured team, you may want to consider the benefits of building one.

Done right, a team with balanced strengths, assigned roles, agreed goals and solid organizational structure can easily produce a triple payoff -- good for your client, good for your firm, and good for you!

Client Facing
Clients today face a variety of issues that many individuals never factored into their planning five or ten years ago. Many of these issues are as complex as they are inter-related within a client’s full financial picture. Outside of a few standard products including life insurance, 529s, and IRAs, you rarely have a client enter the office clear on what ‘products’ they need – rather, they present their situation and look to you for a recommendation of options.  When their needs extend beyond your area of expertise, you risk falling short of expectations, potentially providing the wrong advice, or worse yet, walking away from the sale.

Therefore, advisors need to come up with creative solutions both that fit their clients’ current lifestyles while taking into consideration their aspirations for (or potential changes in) the future. Typically, this means tapping the expertise of other specialists and pulling together a plan that covers all the bases. Not only is it better for the client, but it also keeps you from leaving money on the table.

This is an ever-changing business that is unpredictable and constantly evolving. Advisors need to be versatile and adaptable in order to match it.

The Team Approach
Clients may not ask for it by name, but they are seeking a holistic approach to address their needs. Practically speaking, they often prefer a one-stop shop so they can get all of their financial products and services in one place, led and managed by a trusted advisor, with the assurance that everything is working in alignment with their overall strategy and plan. This is easier said than done – but that is irrelevant to the client. They are more concerned with gaining peace of mind over the various pieces that need to come together to achieve it. 

When advisors cannot provide a range of expertise, they need to bring in team members or specialists. The team approach can be thought of in terms of a basketball team -- each player has a skill set and role, but they have to work together in order to win the game. In order for these teams to be successful, they must have strong leadership, know what is expected of them individually, and execute on the overall game plan.

To begin, there must be a strong captain – a central figure who holds the team together, leads, motivates, and provides a strong foundation of existing clients.  Without this leadership, it will be harder for all players to maintain the same direction and experience cohesiveness. It is also recommended to have a second in command that can help manage the day-to-day activities of the team (identifying opportunities within team, case management, etc.) as well as some administrative activities (reporting, scheduling, coordinating meetings, etc.). These two leaders provide structure and direction for all team members to be held accountable and to succeed.

Next, advisors need to collaborate with other professionals in the financial management cycle, such as accountants and attorneys, to be sure all concerns are met. The financial advisor can influence the direction in which the client goes by connecting the person with an expert they trust – one who shares the same approach and vision for holistic planning. In some cases, formal partnerships are made, but other times strategic alliances are formed. 

Metamorphous Of A Team
The best teams are often built over time and typically go through a series of different stages before they are solidified. Even if some of the individuals on a team know one another, or have referred business, it is often a different dynamic when professionals begin working together.  At the onset, in the “Emerging Team” stage, members should be open-minded as they begin working more closely on accounts in a collective attempt at developing a good foundation and synergy.  This phase is very analogous to dating, as a trial period to determine if the relationship has potential to grow and develop into something more.

Once members are ready for commitment, the team then evolves into the “Established Team” stage when a central vision and mission is created and shared by the collective group.  Often, we see a transformation of loosely aligned individuals begin to come together to work as one entity, from business development to strategic planning to ongoing client management.

As the team begins to resemble a small business, they evolve into the “Advanced Team” stage, where everything is done as one. The team has one voice and a solid support system, as well as a long-term business plan. All team members know their roles and responsibilities and work together to achieve their end goal. To keep the team moving forward, they have plans for recruiting, marketing, succession and a client service model.

Relationships take work. Championship teams, in any context, are not built overnight. It’s important that as you go through the process of building a team, the lines of communication are kept open. The constant flow of communication will help to eliminate conflicts and ensure that everyone is on the same page. Set-up and maintain weekly meetings to allow for open communication between all team members. This weekly activity is a team building experience where everyone can contribute and help the team continue to grow. Part of the meeting should include time to discuss goals for the team in the form of metrics. These metrics can be built around bringing in new clients or by bringing in more products to the same clients. 

Picking Your Team
When building your team, look for people who complement your skills and expertise and who share the same philosophy as you. If you have a limited selection of partners to choose from, it’s important to choose people who will provide as much value to you as you will to them. Start by creating a plan that details your strategy and shows where all team members fit now along with how roles may evolve over time.

To begin creating your team, take a look at the circle of people you already know and slowly bring in those who seem to be a good match. It’s important to set-up a trial period to avoid an awkward, and sometimes relationship-crushing, separation if philosophies do not match up.

If you can, invest in a team coach as they can provide tools and assessments to better understand the strengths of a team and the personality traits of team members. Work with a coach who knows the financial planning industry and understands the complexity that comes with creating a solid team; this person can help you better position members accordingly.

If this isn’t realistic for your budget, find well-reviewed or recommended books and research team-building – there is certainly no shortage of resources on the topic. Educating yourself on the do’s and don’ts learned by others will go a long way in helping you stay the course and avoiding common mistakes and pitfalls.

Conclusion
Building a strong, successful team takes time, effort and determination, but the struggle is worth the benefits. Advisors who work as a team their peers and provide higher client satisfaction while achieving greater profit returns -- both for themselves and their firms. When the final whistle blows, everybody wins!

Bell Jimenez, CFP, is a managing director at MetLife Solutions Group.