The role of a financial advisor is a different beast in 2017. In the past, the job mainly focused on selling products, whether it was life insurance or mutual funds. Advisors still provide such products, of course, but a lot more is expected these days from those at the top of their profession. Holistic financial planning is what the industry is all about right now, and in order to provide such a service, many advisors elect to pool their resources. Consumers want convenience, and in the realm of financial advice, that usually means receiving a host of services under one roof. All of the teams highlighted here meet this need for their clients, whether it’s in-house or through regular partnerships.
Another major factor that leads advisors to band together is succession planning. It’s a major issue for the industry right now, as the advisors who are retiring aren’t being replaced by college graduates in equal numbers. Wealth management is a challenging profession for new entrants to establish themselves in, so where better to learn the ropes than as part of a closely knit team?
Although WPC’s Outstanding Advisory Teams differ in size, all agree that collaboration is a key ingredient to their success. Whether it’s an office of six people or 150, having a helping hand means advisors can focus on the parts of the job they do best. From investment strategy to tax and estate planning, advisors who are part of a team can specialize in a way they couldn’t as a solo practice.