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Building an Effective Team

Teams of financial advisors have proliferated over the past decade in the financial services industry, and for good reason: they work. Before the mid-nineties it was the exception, not the rule, for a financial advisor to be part of a team. Teams have grown exponentially as the result of client demand and generally higher productivity.

However, not all teams work, and there is no guarantee of productivity increases for all advisors that are part of a team. A team is like a professional marriage and many of the elements of a successful marriage apply to a successful team. The most important elements of a successful team are: having the right fit, the same commitment level, and sharing common vision and goals. When these elements come together a successful and productive
team will result.

Once those success elements are in place, taking the team to the next level involves six important practices: