We live in a world where everything has come under question. Clients have been awakened to the fragility of wealth given the events of the past 15 years. They fret over maintaining their lifestyle and successfully transferring assets to their children while trying to put structure to prevent the kids from blowing it. In response, advisor teams are rolling out services that one man shops could never dream of. Large teams offer wealth psychologists to deal with governance and succession issues, alternatives, financial planning, banking and insurance, trust and estates, retirement planning, special needs and the list goes on. Coupled with regulatory and compliance issues, an outsider would logically ask how one or even two advisors can do it all? Or better yet, why do some decide to do it all? Hugh Massie, CEO and Founder of DNA Behavior, a relationship management strategist and team dynamics authority, provided his answers based on working with thousands of advisors:
- Senior advisors want to maintain as much of the revenues as possible as they have the attitude; I built it and they are my clients.
- Senior advisors have not built a proper business plan for growth or succession. This lack of growth does not provide room for someone else to come in.