advisor teams

New Advisors Can Matter a Lot

Yesterday I had a conversation with a wirehouse advisor, Advisor X.  On the surface, he’s not someone an asset manager would focus on.  He’s:

  • New, with just one year of experience under his belt
  • Managing a book of business in line with his experience

If you asked most firms, Advisor X would not be someone to prioritize.  And yet, he profiles as a good target.  Why?  There are several reasons, but the most important is his affiliation with one of the biggest-producing teams in one of the biggest-producing branches in the country.  He’s closer to top producers than most every wholesaler who comes to the office.

Week after week Advisor X sits in on wholesaler presentations alongside numerous other less-tenured advisors and others looking for a free lunch.  And he blends in.  Wholesaler after wholesaler fails to recognize that he is a potential gateway to the most attractive advisors in the office.

This situation represents a challenge for sales teams.  On a broad scale it requires:

  • Improved understanding of team dynamics among advisors
  • Effective segmentation and profiling of advisors
  • Extensive coaching of wholesalers to enable recognition of these opportunities

More tactically, however, it requires wholesalers to take simple actions and improve the way they decipher branch dynamics.  Identifying Advisor X can be done by:

  • Grabbing 5 minutes of a branch manager’s time to discuss newer staff
  • Using existing advisor relationships to get insight on potential up-and-comers

Established advisors know very quickly who will and won’t succeed.  They know Advisor X.  And since most firms know and target the same advisors, an investment in digging a level deeper can unearth opportunities other firms miss.