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5 ways to build a stronger team

Advisor teams can help deliver differentiated value by featuring specialists in diverse areas of financial planning. Teaming can help you offer expertise in specific niche markets. For instance, you might set your practice apart by adding members to your team who focus on the complex planning needs of high-net-worth clients.

And teaming can make a big difference to your bottom line — teams grow six times faster. For example, Ameriprise financial advisors in multi-producer teams realized growth of 18% compared with 3% for solo practices.1 Working together can result in significant benefits to advisors, from helping you increase productivity and gain exposure to new markets, to sharing best practices and growing professionally as you learn from each other.

If you’re interested in teaming, look for a firm that will set you up for success by offering the support and resources that you need.

Teams grow 6x faster than solo practices1

icon Flexible, Reliable Tech

Dependable infrastructure and proven processes will help you determine what to leverage and what to build.

Firms that support teaming and offer resources to help you along the way can provide a meaningful advantage as you expand. Technology platforms that provide access to all team members can deliver cost savings and drive efficiencies so you can spend more time focusing on your clients.

icon Adaptable Comp Structure

It’s important to organize hierarchies so they’re compliant, rewarding and mutually beneficial.

Tailoring a team’s compensation structure to match its unique business model is essential — whether it’s simple or complex. For instance, splitting revenue at the account or product level (versus the client level) helps support specialization among teams. This can result in more objective overall compensation.

To support long-term success, develop and document your compensation philosophy — explain the “why” behind team members’ pay, and create a framework for consistency.

icon Team Development Tools

Building the right team requires recruiting new talent and developing existing talent. Having the right tools can make all the difference.

  • Efficient onboarding of new team members is critical. Ramping them up on team procedures and integrating them into the culture can lay a foundation for success, boosting both employee satisfaction and retention.
  • Peer-to-peer sharing opportunities and learning tools that build upon individual strong points can really strengthen a team.
  • Having regular meetings and forums where team members can share their expertise and encourage growth motivates everyone in the practice and reinforces the team mentality.
icon Digital Client Experience

Access to effective digital tools helps clients appreciate the value and expertise of their advisor team.

  • Digital planning tools enable a strong and collaborative advisor-client planning process, keeping goals front and center.
  • Clients appreciate — and expect — being able to track goal progress and view performance when, where and how they want.
  • During market ups and downs, a quick log-in shows clients their long-term plans are still on track, minimizing concerns over market movements.
  • Every time they log in, they’ll be reminded of the broader team that is there to support them.

icon Practice Protection

As your business grows, having the right agreements and insurance in place to help protect your practice is crucial.

Look for a firm that offers support for protecting your practice as it evolves or changes hands, that could include referral services for legal support. Legal guidance can be especially helpful with continuity plans. While approximately 30% of advisors don’t have a business succession plan in place,2 building a team practice can be a good initial step toward planning and minimizing future disruption to clients.

Teams can be structured in many ways depending on your practice needs — there’s not a one-size-fits-all approach.

If you’re thinking about teaming, start by evaluating your current strengths and opportunity areas, and begin defining your overall vision. Then look for a firm that complements your practice and can help take your initial ideas to fruition by making available the structure and resources that best support your needs.

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To learn more about teaming options, resourcing and support, call 1.866.806.9984. 

1In 2018, Ameriprise financial advisors in multi-producer teams realized more growth compared to solo practices. Ameriprise Financial Enrolled Practices Report, June 30, 2018.
 
2FPA Study 2018, InvestmentNews, April 25, 2018. Support may vary for Ameriprise Advisor Group and Ameriprise Franchise Group advisors. Please consult your local field leader or recruiter for details.
 
Support may vary for Ameriprise Advisor Group and Ameriprise Franchise Group advisors. Please consult your local field leader or recruiter for details.
 
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. MN Permit #F-3872. Not for use with clients.