Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
What’s the best way to integrate a new, young advisor into our practice? We are too small to have a formal training program and I don’t have time to sit with someone and provide step-by-step instruction. I can’t quite balance the need for efficiency with the need to make sure he is doing things right. What do other smaller firms do in place of formalized training programs?
Tim W.
Dear Tim,
Your experience is a common one. I think it speaks to a larger dilemma specific to independent advisors. As advisors age, they need new young staff. Unfortunately, the practices are not always equipped to invest the time and money to get the best efforts from the new employees. In some cases, the newer advisors end up leaving because they are frustrated at being unable to contribute.
This doesn’t mean there isn’t an answer to your question. There are a few best practices to help make this process easier:
Make sure you have written expectations for the new advisor. Do you expect him/her to perform at the same level as an existing, more experienced advisor? If not, then make sure you aren’t using the same job description for everyone.
Create a step-by-step plan for timing and what he should learn at each step of the way. Have you broken down what’s required to become successful in your firm? Are you clear about what needs to be learned and when? Breaking down the process will make it easier for you to figure out how to “train” him at each step.
Find ways to involve him in team and client meetings. Should he sit in with some of your lead advisors and listen to phone calls, or even meet with clients and take notes? I’ve heard from younger advisors that it is very helpful to be included in client situations. This helps them see firsthand how the process really works and how the pieces come together.
Do you have a designated mentor for the new advisor? Not all lead advisors make good mentors, so choose carefully. It can be helpful to have one person working with the newest advisors who will feel somewhat responsible for their success. Teaming up can be very valuable to both parties, as sometimes a newer person with a fresh eye might ask valuable questions.
Establish milestones for measuring success. Do you know what he should be able to do each step of the way? Are you clear on how to define success and have you communicated this?
Dear Bev,
My firm isn’t focused on the right things for investors. We have the “sell, sell, sell” mentality instead of “help, help, help.” I think we’re ignoring our fiduciary responsibility by putting so much attention on what we can sell clients rather than helping them retire early or otherwise meet their financial goals. It’s becoming increasingly difficult for me because the clients seem to chafe at the sales attitude, but I am continually getting called out in meetings for my lack of new sales. I think the sales should come more naturally and not feel forced. How do I bridge the firm’s need for me to sell with my personal need to help my clients and do what’s right by them? Please use only my initials.
P.T.
Dear P.T.,
I hear this question quite a lot these days. From your note, it seems as if you don’t believe there IS a bridge between “helping” and selling. An advisor does not have to trade one for the other – either be good to the clients or shove things they don’t need down their throats. I can understand wanting to avoid being “pushy” or “sales-y” and if your clients are chafing at your approach then you probably are coming on too strong. You might want to examine your personal approach. If you have a, “Let’s get this over with” attitude, it probably won’t feel too good to the receiver.
Firms can sense advisors’ hesitation to ask for the business and tend to be a bit over zealous about getting advisors selling. This combination probably makes selling feel even less natural. I find it hard to believe that the firm doesn’t think helping clients reach their goals is important. That’s the basis for increasing share of wallet and expanding the network with clients. You have to help them to have them want to help you.
I firmly believe that good salespeople are helpers. They believe in what they sell and want their prospect or client to benefit from what they offer. I don’t see a conflict at all. The conflict comes when you feel you are pushing products or services that your clients don’t need. This would likely be a breach of your fiduciary responsibility, but I don’t infer from your note that this is happening.
Your problem sounds like a lack of comfort with what feels like an aggressive push by your firm. See if you can find a middle ground that works for you. Continue to help your clients but let them know you have more to offer. The clients may not realize all that you can do for them. Just start talking about things more naturally and see what happens.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008 she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including the Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
