Break Through the Financial Advice Silos

What You Need to Know

You know what you know.
Colleagues know what they know.
The clients need all of that expertise.

In the financial world, collaboration is crucial for success.

While it may be tempting for individuals to work in their own silos, the value of collaboration cannot be overstated.

My firm provides family office services. We believe that having a team — and a coordinator for all the players — can make a big difference for the mass affluent,  high-net-worth folks and successful business owners.

When we can act as the organizer and coordinator of the team, or are part of a well-run team that someone else organizes and coordinates, that helps us, the advisor, gather the information to make meaningful recommendations.

Here are three ways that forming teams, both inside your firm and with trusted professionals at other firms, can promote greater success.

1. You can share expertise.

Maybe you focus on annuities. Someone else focuses on life insurance. One friend is an accountant, and another is a lawyer.

When you work in your silos, you may be limited by your own experiences and biases, not to mention technical expertise.

If you unite, whether permanently or through ad hoc arrangements, the client can benefit from a wider range of viewpoints and experiences.

2. You can be more efficient.

Collaboration can also lead to improved efficiency.

When individuals work in silos, there is often duplication of effort and resources.

However, by working collaboratively, teams can identify and eliminate redundancies, streamline processes, and make better use of resources.

This can lead to significant cost savings and improved productivity.

3. You can add value.

Yet another reason to team up: Collaboration in the financial sector leads to higher returns and improved risk management.