What You Need to Know
- Marty Bicknell of Mariner, Penny Phillips of Journey Strategic Wealth and Michael Durbin of Fidelity offered advice to new advisors.
- Advisors should define what they see as success for themselves and not rely on others to do it for them.
- Not every advisor starting a firm needs to feel like they must create a $1 billion business.
Advisors should try to focus on those parts of the business that they like the most and are the most skilled at, turning to other team members or outsourcing the parts of the job that they don’t like or know much about, industry executives said Friday during an online Riskalyze RIA Roundtable event.
“Don’t be a lone ranger” or attempt to be a “Jack of all trades” who does everything on your own, said Marty Bicknell, CEO and president of Mariner Wealth Advisors, offering advice to those just starting out in the advisory business.
Bicknell suggested that if you are running an advisory firm, build a team of advisors and others who specialize in those part parts of the business you don’t excel at. Either that “or find resources that can kind of plug the gaps so that you can really focus on your unique ability, and not get bogged down or frankly not try to give advice in an area that doesn’t fit that,” he said.
New advisors should also, from “very early on, stay rooted in your purpose in this business and your value as an advisor,” according to Penny Phillips, president and co-founder of Journey Strategic Wealth in Summit, New Jersey. Some advisors she talks to say they just want to focus on serving their clients and have no desire to make strategic decisions or negotiate deals, she said, adding: “You know what? That’s perfectly OK.”