Team Work Makes the Advisory Services Business Dream Work

May 16, 2017 By Signator Investors



The power of working collaboratively can be an amazing thing. There’s no energy like the kind generated when you start with an idea, share it with others, and build it into something better than you could have ever imagined on your own.

advisor teams


A few years ago, I was leading a major technology initiative for our advisors. I had assembled a large group of talented people – we had all the pieces we needed to accomplish what needed to be done. But for some reason, we seemed to keep getting stuck in the idea phase and couldn’t quite make it over the hump to the execution phase. At that point, I made the decision to split the group into smaller teams, each responsible for delivering a different aspect of the system. By breaking it down into bite-sized pieces, giving each group a specific, clearly-defined objective, and turning them loose to accomplish the task at hand, the final product was even better than I had expected.  Working with defined objectives instead of as a sea of independent thinkers was key in completing the project and launching the new technology. 

Here are a several characteristics that make for a successful team:

  • Sharing the same defined goals and valuing a similar approach and style
  • Differing levels of expertise and/or specializations of team members 
  • Limiting the size of the team to reduce having “too many cooks in the kitchen”
  • Communicating regularly, allowing all team members to offer input 

In the advisory services space, I have seen time and time again how advisors that embraces a team model approach ultimately run a smoother and more successful business. Many advisors are interested in setting up a team but struggle with getting started. Below, I’ve shared three tips to help advisors build an effective team for their practice.

Tip 1: Make it easy for junior members to join the team by providing a salary, giving them referrals, and offering digital tools to help them connect with the next generation of clients.  

Tip 2:Find a peer, mentor, or even a consultant who has experience building teams, and learn from them.

Tip 3: Reach out to contacts who might have a specialization that would complement your business. Use your broker-dealer’s Practice Management resources and connect with others in your network to help you get started.

Although phrases like “There’s no I in Team!” or “Teamwork makes the dream work!” are cheesy, they shouldn’t be overlooked in the workforce. How are you effectively using a team approach at your business? I’d love to hear your stories in the comments.



Chris Maryanopolis is President of Signator Investors, Inc.

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