In our rapidly evolving industry, the key to long-lasting success lies not just in acquiring top talent but in nurturing and retaining it. As the founder and CEO of a firm renowned for its commitment to innovation and an entrepreneurial mindset, I've discovered that investing in financial advisors by providing a rewarding culture directly correlates with outperformance.
Wealth management professionals go above and beyond to build strong relationships with clients and to establish trust. Investing in advisors, mirroring the dedication they show to their clients, is paramount.
In my experience, the most compelling success stories revolve around the exceptional advisors who have joined our ranks. I’ve recognized a consistent pattern where advisors who join our supportive culture experience exponential growth, often doubling their performance within three years of joining. What drives these results? When individuals feel valued and supported, they naturally excel, becoming the best version of themselves, and this translates into exceptional outcomes for them and their clients.
While it is a simple concept, it is not an easy one to execute. Here are four key steps to consider for implementing best practices in investing in advisors.
Find high-quality human beings
To be able to develop the best talent, start out with finding the best. In any talent search, and especially when it comes to advisors, prioritize finding high-quality human beings. When you encounter a high-quality individual, you'll notice that everything else falls into place.
While qualifications and expertise are crucial, we believe that genuine integrity, sincerity, and authenticity are equally—if not more—important. Identifying these traits is instinctual; within seconds you are usually able to know if you are dealing with a high-quality individual.
We look for individuals who embody competence, confidence, and humility—the trifecta of qualities that drive success in our industry. Competence ensures they can deliver results, confidence enables resilience in the face of challenges, and humility fosters relatability and collaboration.
Don't overlook your current advisors
Many RIAs and growth-focused financial businesses follow a very similar trajectory. In the pursuit of growth, it's possible to overlook the advisors already onboard. However, sustaining success requires nurturing existing talent with the same vigor as acquiring new recruits. A balanced approach, dedicating equal energy to inspiring current advisors and attracting new ones, fosters a culture of loyalty and long-term commitment.
The right leadership mindset
Many people in leadership positions today have it completely backwards in thinking that a title has meaning. It doesn't. Great leaders share a common mindset of: “No one works for me.” The best leaders serve the people that they work for.
Maintaining the mindset that regardless of title, we are all working toward the common outcomes—to increase client satisfaction and further overall business development—can allow firms to achieve greater success.
Our advisors are the ones who define the strategies that allow them to be successful to continue to grow. Our leadership and executive committee work directly in the trenches with our advisors to support them.
Open communication is essential
Transparent and open communication is the lifeblood of any successful organization. We prioritize fostering an environment of openness, ensuring our advisors always feel connected and well-informed about key opportunities and challenges. This, in turn, empowers advisors to make meaningful contributions to the firm's growth and evolution.
Living ‘The Good Old Days’ today
The true measure of a great business lies not just in its present success but in the lasting impact it leaves on its people. While many firms exist in our industry, it's the exceptional ones that advisors fondly recall time spent at as "the good old days."
Innovative digital tools and cutting-edge reporting systems are imperative to our success but can pale in comparison to the significance of advisors feeling supported. This support instills confidence in advisors, empowering them to excel with clients. Ultimately, it's these emotional connections that define how people remember your firm—not its features.
At the end of the day, what you give will absolutely determine what you get out of top-performing talent. The effort you invest in their development as well as your relationships with them can significantly impact the bottom line. As you navigate the dynamic landscape of wealth management, remember: the truest measure of success lies in the relationships you build and the investments you make—in your people.
Founded in Winnipeg, Manitoba in 2017, Wellington-Altus Financial Inc. has grown to more than C$30 billion in assets under administration in just seven years, making it one of Canada’s fastest-growing wealth management firms. Currently serving as the Founder & CEO, Shaun Hauser has over 30 years of executive experience in operations, advisor support, sales, and strategic growth.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
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