For Effective Teaming, Build With a Specialist MindsetFor Effective Teaming, Build With a Specialist Mindset
The highest potential of teaming is often realized within specialized teams, where each member has a distinct role and responsibility.
February 19, 2025
The world of financial advising has transformed dramatically, evolving from a realm of cold-calling sales into a truly noble profession. This evolution has led to the formation of larger and more sophisticated advisor teams, necessitating a fresh vision for the concepts of teaming and growth.
In the traditional industry framework, the tendency was to hire reactively when overwhelmed with tasks. Today, a more proactive approach is required—one that involves identifying opportunities for enhanced client service and strategically adding dedicated team members to meet those goals.
The highest potential of teaming is often realized within specialized teams, where each member has a distinct role and responsibility. While the structure of these teams can vary, there are a few proven tactics to consider when getting started:
Define clear roles: Ensure each team member has a well-defined role that leverages their strengths and expertise.
Focus on client service: Prioritize client needs and continuously seek ways to improve the client experience.
Measure success: Regularly assess team performance and client satisfaction to identify areas for improvement.
By adopting these strategies, teams are more likely to achieve greater efficiency, deliver superior client service and drive sustainable growth.
Segment Client Service
To get started, it’s helpful to conduct a thorough client segmentation exercise to create tailored service models. Waiting for clients to reach out means that they dictate who gets your attention and when. By segmenting clients based on their needs and proactively contacting them, your business operates on your terms and is tailored to each client’s level of financial complexity.
The segmentation model also allows for specific team members to be assigned to the segment that best matches their skills and experience. For instance, a more senior advisor might serve high-net-worth clients, while a junior advisor focuses on those clients’ future heirs. This approach ensures both types of clients receive high-touch service and helps maintain multi-generational relationships.
Expand Service Offerings
Another approach to building a team is to identify service offering gaps based on the clients you currently serve and also those you aim to serve. If there’s a service that clients could benefit from, such as managing 401(k)s for business owner clients or estate planning and lending services, adding talent to focus on these areas can significantly enhance the client experience. This sometimes happens organically when solo practitioners develop a working relationship and ultimately decide to team up.
Leverage Fresh Perspectives and Technology
According to Cerulli, about 80% of affluent heirs don’t use the same advisor as their parents. Nurturing these relationships early can help prevent client attrition and lead to significant growth. At Raymond James, our new advisor trainees average 33 years old, and our industry pipeline program participants average 26 years old. Typically, their natural comfort with technology, combined with fresh and up-to-date training on financial tools, make these advisors ideal candidates for the role of resident efficiency expert. They also often find it more natural to relate to next-generation clients.
For example, if the goal is to deepen integration with client goal planning and monitoring, intentionally focusing this team member on those tasks can foster both their development and positive business outcomes. An advisor skilled in goal planning software can help the practice target the most impactful client areas and manage those relationships behind the scenes. This also frees up more senior advisors to take on the dedicated roles of connectors and relationship managers.
Measure Progress
When it comes to practice management, after maintaining client relationships, addressing their needs and running the business, there’s not a lot of time left in the day to think proactively about growth. We have found that those top advisors who regularly set aside time to communicate with their teams and evaluate results are the ones rising to the occasion in today’s competitive marketplace.
While the industry continues to gain complexity, there are also more resources available to guide successful business practices. If progress begins to feel elusive, sometimes bringing in an objective coach can be the jumpstart your team needs to reach its next level of success.
Matt Ransom serves as vice president, New Financial Advisor Development at Raymond James. Since joining the firm in 2003, he has been responsible for dozens of training and development programs for new financial advisors and branch associates at the firm.
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