3 Types of Advisors You Need on Your Team

To regain any momentum you might have lost so far in 2022, focus your year-end and 2023 efforts on making sure you have your teammates in the correct roles within your firm. Having the right person in the wrong role (or the “wrong seat”) substantially detracts from any efficiencies and scale you have achieved. 

In our work with firms across the U.S., we see top candidates not be able to deliver top-tier results because, sometimes, they are in the wrong spot. In this piece, we look at the various activities that new financial planners can do for you (and the respective roles), so you can ensure your people are operating at their highest and best level. 

Originally coined by David Maister in his book “Managing the Professional Service Firm,” classifying individuals as “finders, minders and grinders” is a great way to identify new financial advisors into the various skill groups that your firm may need.

Here is an overview of each type.

1. Finders

These are your business development people; their job is to find prospects. Consider this a front-stage role. These people usually show up as high “I” for Influence on the DISC personality profile model — which stands for Dominance, Influence, Steadiness and Conscientiousness — and/or as “WOO,” for “winning others over” on the Strengthsfinder personality assessments. 

This is the type of person who has never met a stranger that stays a stranger and would likely be upset if they went to a networking event and didn’t meet most of the people there! They are at their best use when they can meet a lot of people, sell a product or service and then turn them over to someone else in the firm to deliver on what was promised. 

2. Minders

These are your client relationship people who are people-focused and can be mindful that clients are always being taken care of. This can also be referred to as a front-stage role. These types can show up as high “S” for Steadiness on the DISC profile and/or for “Communication” on the Strengthsfinder personality assessments. 

This person enjoys being the main point of contact for clients, loves the aspect of coordinating all client planning activities, brings together all of the resources necessary to ensure a positive outcome and takes the lead as the quarterback of the client situation.

These individuals can sometimes develop business, as well, but are more likely to get their new clients from existing client referrals, since they have taken such good care of them, versus prospecting for a cold lead to convert. 

3. Grinders

These are the people in backstage roles within your firm who are responsible for grinding out much of the work that needs to be done behind the scenes for the Minder to effectively manage the relationship. Generally, they are task-focused and put their heads down and diligently work on what has been assigned to them. 

These types of team members can show up as high “C” for Conscientiousness on the DISC profile and/or “Analytical” on the Strengthsfinder personality assessments. This person may prefer to interact with people less than Minders and Finders, and instead wants to perform research, calculate numbers, develop planning scenarios and handle a lot of the technical aspects when planning for a client. 

Divide and Conquer

Some of you may have one person performing all of these functions, as you may have yourself when you started out. We caution that as firms grow, these roles are better when performed separately, since putting people outside their ideal-fit role leads to higher turnover rates. 

In other words, if you have a group of Grinders in your firm and you start asking them to generate leads and close business, they are going to leave and join a firm that will put them in a position that lets them focus on the service work they enjoy (because it better matches their skill set so they can succeed). 

You should be able to get a good sense of where potential new hires fall within these categories, but if you find yourself in the interview process and aren’t sure, you can always ask them where they see themselves! 

(Photo: Adobe Stock)