One size doesn’t fit all. That’s a guiding principle of education, at least of children and adolescents. But that doesn’t always translate to education in all other situations, and teaching new financial advisors how to drum up new business is one of them. Jennifer Geoghegan, elite advisor coach and VP of marketing at Focus Financial Partners, argues that such training should be tailored to individual new advisors’ needs.
Many wire houses don’t pay enough attention to how new advisors they hire are taught to add to the client base, Geoghegan says, and stick doggedly to what worked in the past. But they do so at their own peril, she argues. Instead, she suggests, they should consider some approaches that allow more innovation and that recognize and build on individual advisors’ talents. These include:
• Set new expectations. Clearly communicate the business’ goals; set expectations of what a new advisor should be doing in general as well as for an individual advisor.
• Practical education. Let new advisors see partners in action as they bring in new clients.
• Starting small is okay. Encourage advisors to build on existing client relationships and pursue client referrals. Teach them to do their homework about current clients and to consider the clients’ stage of business development.
• Encourage personal style. Encourage new advisors to develop their own style in working with clients as well as in communicating with them and establishing relationships that may bring in new business.
John Iekel is a writer/editor for ASPPA and its sister organizations, including NAPA Net.
