As firms enter a new year, many think about growth opportunities for their teams. This means hiring new talent; for others, it means developing current team members. But training advisors—especially new ones—can feel like a daunting task.
I know this challenge firsthand. As the founder of The Externship and owner of Amplified Planning, I’ve helped train over 4,000 aspiring and new planners, paraplanners and other professionals. I’ve also faced the challenges of onboarding new advisors within my own RIA firm.
To expand my firm’s impact and contribute to the profession, I launched The Residency, a program inspired by the teaching hospital model. The idea was simple: bring in planners, give them hands-on experience, and send them out into the profession fully prepared to succeed.
While the program, which began in 2023, was a success for my firm, training eight new advisors simultaneously brought its share of lessons and unexpected challenges. Even as someone who deeply understands the importance of onboarding, I found it harder than I expected. From managing technical training to building confidence, I learned invaluable lessons about what new advisors really need to thrive. These lessons now inform how I train others and have shaped The Accelerator, my 4-month training program designed to help firms develop planners more effectively.
Lessons Learned from Training New Advisors
When I launched The Residency, I envisioned a structured, immersive program where new advisors could refine their skills and build confidence. However, the experience of training eight advisors at once revealed both opportunities and blind spots.
Lesson 1: Technical Skills Are Important—But Not the Whole Story
One of the biggest surprises was how well most new advisors understood the financial planning process. They had the technical skills down for the most part. They could create financial plans and use our tools with fairly minimal guidance.
What they struggled with, however, was confidence. Even with strong technical skills, they hesitated to attend client meetings. There was anxiety around meeting preparation, questions about handling situations where clients didn’t provide the correct documents and uncertainty about managing emotionally charged scenarios or “lulls in conversation.”
This experience underscored the importance of competency-based training, which goes beyond processes to help advisors develop judgment, adaptability and communication skills.
Lesson 2: Confidence Is Just as Critical as Competence
Building confidence was one of the most challenging aspects of the program. Confidence doesn’t come naturally; it comes from experience. I remember what it felt like when I started—I had no leg to stand on when talking to clients with more money than I’d ever seen.
To accelerate this process for residents, I incorporated role-playing exercises, shadowing opportunities, and practical tools like a list of “small talk topics” to ease into conversations. Regular feedback loops were also crucial. These tools gave our Residents a safe space to practice client interactions, learn from mistakes, and gradually trust their abilities. Over time, their confidence grew, which showed when they were in front of clients.
Lesson 3: Processes Alone Aren’t Enough
While my firm had strong processes for creating financial plans and onboarding new clients, I realized these weren’t enough to ensure the Residents’ success. Processes are important but don’t prepare advisors for the gray areas of financial planning.
To address this, we incorporated training for scenarios that don’t follow a script, like managing difficult client emotions or pivoting mid-meeting when plans change. Exceptional planners aren’t just good at following processes—they’re adaptable and empathetic. Training needs to reflect that reality.
The Do’s and Don’ts of Training New Advisors
Based on these experiences, I’ve identified a few strategies for firms looking to improve their training programs:
Do:
- Incorporate real-world scenarios: Use real client meeting examples, role plays and case studies to prepare advisors for unexpected client challenges.
- Focus on confidence-building activities: Create opportunities for new advisors to practice skills in a safe environment before interacting with clients.
- Provide ongoing feedback: Regular coaching sessions help advisors refine their skills and foster growth.
Don’t:
- Rely solely on technical training: Tools and processes are important but don’t prepare advisors for the nuanced challenges of client relationships.
- Assume confidence will come naturally: Structured support is essential for helping advisors build self-assurance faster.
- Skip the soft skills: Communication, emotional intelligence, and adaptability are as critical as technical expertise.
Training Beyond Processes and Tools
One of the most significant takeaways from training new planners is that training isn’t just about teaching advisors how to do the work—it’s about helping them feel confident in their ability to do it well. New hires need more than checklists and software tutorials. They need guidance on navigating real-world challenges, adapting to client needs, and handling emotionally charged situations professionally and empathetically.
By prioritizing these elements, firms can produce exceptional planners who exceed expectations and elevate the client experience.
The Future of Financial Planner Training
My experience training new advisors underscores a critical truth: exceptional planners aren’t born—they’re trained. By focusing on structured, competency-based training, firms can develop confident, capable professionals who drive client satisfaction, streamline operations and position their firms for long-term success.
Training isn’t just an investment in your team but in the future of your firm and the profession.
Hannah Moore is President of Guiding Wealth and Founder of Amplified Planning.
