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Long-term financial planning involves more than advising on stocks and bonds. Clients not only invest their money, but invest in their advisor to devise strategies to safeguard their income. It’s a serious matter that requires a dedicated financial team to deliver exceptional results tailored to each client’s needs and objectives. Through the years, I’ve learned the importance of developing a well-rounded support team. At my practice, we match financial solutions, appropriate investments, creative ideas and guidance with unsurpassed customer service to give clients a unique experience. I’d like to discuss three rules to help you create or enhance your team. 

1. Education is critical to success. It’s no secret that a successful team is made up of experienced, skilled and well-trained individuals. The advisor that goes the extra mile to earn their designations and is engaged in the financial industry and your more immediate community is the one with a long-term career. It’s imperative for your team to earn their CLU and CFP designations, and participate in continuing education programs to remain current on financial news and issues. It’s also beneficial for them to join leading industry groups and associations to take advantage of the many tools and resources members are afforded.

2. You must find your niche. Everybody has a talent and the challenge is to identify and maximize it. It’s important to be well-balanced, but the biggest mistake financial advisors make is overloading themselves by being involved with too many products and services. I recommend to my staff that they do what they’re uniquely gifted at and focus on their strengths. They can accomplish this by identifying one interest area and working to become an expert in that field. 

3. Relationships are key. It’s critical to not only provide accurate counsel, but to build your client base on trust and loyalty. During this volatile market, it takes personal motivation and strong empathy to make clients feel secure that their finances are in good hands. The secret is not to focus on how much money you’re going to make, but the long-term relationship you’re going to build. Your employees should conduct themselves with integrity, honesty and strong ethics.

The financial industry is a profession built on integrity, personal relationships and perseverance. I’ve learned over the years that having a strong team in place is fundamental to success and the key to my practice.  You need to build a well-rounded staff that can effectively communicate information, stay current with regulations and use knowledge to provide accurate advice.

For more on practice management, see:

5 Ways Technology Can Help You Work Smarter

Client Relationships: Is It Time for a Check-up?

5 Ways to Build Trust and Rapport Quickly