3. Expand advisor recognition programs to show appreciation for other contributions that transcend production. All too frequently within our industry, firms hand out awards or provide other forms of recognition to advisors based purely on their production levels. Again, being profitable and productive are obviously critical components of any advisor’s business, not to mention the broker-dealers supporting them. But awards and recognitions should transcend mere numbers, acknowledging that the value advisors add often hinges on a range of actions and behaviors that have nothing to do with production, including being active in the community, philanthropy and mentoring other advisors within the broker-dealer network. From the home office perspective, this is a way to make it clear that our industry’s mission goes beyond dollars and cents, and includes building a community that inspires, supports and motivates one another.
One final note: Many assume that it’s easier for smaller firms to create the right conditions for advisors to learn from one another. That’s not necessarily the case.
A network of individuals all willing to support, push and inspire one another can’t take root unless the broker-dealer, regardless of its size, establishes the right foundation for that to happen.
Wade Wilkinson is CEO of Securities Service Network, an independent broker-dealer and RIA specializing in the creation of operating efficiencies for financial advisors.