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Practice Management > Building Your Business

Three roles for successful advisors

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There will be three distinct roles for successful advisors in the next three to five years, writes David Fox, principal of Advice Centre Consulting. He describes those roles in an article for Australian newspaper Money Management.

The principal advisor, according to Fox, is the most senior advisor, and is accountable for converting potential clients into clients.

“While the principal advisers may have an advice specialty bias, they will mostly be advice generalists,” Fox writes. They will work with the senior advisor and associate advisor to determine what the client needs. Lead generation and marketing will be delegated to another employee.

The senior advisor manages client relationships. Senior advisors will be responsible for communicating with clients and conducting progress reviews, and will coordinate with other specialists as needed.

The associate advisor, the most junior member of the team, supports the other advisors.

In a successful practice, the main focus of each of these advisors will be on the client, rather than money.

“They will be totally client-centric and will spend a lot of time working with the client to understand – and help the client understand – what is important to the client and what their priority advice needs are,” Fox writes.


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