How a Solo Advisor Can Build a Team and Boost Efficiency

For example, two solo practitioners attended one of our conferences earlier this year and after participating in a breakout session on teaming, they were able to make an introduction and network. They now have started the process to build out their own team. 

What Makes for a Successful Team?

A successful team relies on more than just common goals and clearly defined client segments. Process and workflows are critical for the team-based practice. These structured approaches are essential to ensure that operations are conducted smoothly and resources are used optimally. 

We regularly coach teams on the creation and documentation of processes that enhance their efficacy. Some example workflows include client issue resolution, account opening and follow-up, bill processing and marketing programs. Consistent processes reduce redundancy, create clarity, improve quality, enhance collaboration and enable scalable growth.   

While teaming is growing in popularity, some advisors may not be ready or willing to partner in this way. Solo practices can still take advantage of guiding principles of a team structure by objectively looking at their business and finding ways to create more efficiency. 

For example, this could include outsourcing portfolio management to focus more on client acquisition or leveraging such business services as marketing or shared administrative solutions to help run day-to-day operations.

Often, just implementing a basic client segmentation approach can unlock efficiency for a solo practice.

However advisors choose to operate, this business has become more collaborative, more interconnected and faster paced. We need each other to grow and to serve investors the way they deserve. Whether operating as a solo or in a team-based structure, independence does not have to mean going it alone. 

Finding the right partners in your wealth management firm or with your peers will ensure that your business is set up for whatever the future may bring. 

Greg Cornick is executive vice president, Advice and Wealth Management, at Osaic, a wealth management firm formerly known as Advisor Group.