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Advisors Shaking Hands

Practice Management > Building Your Business

4 Reasons to Work as a Bank, Credit Union or Insurance Advisor

By Christopher Cassidy

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Delivering advice through working in wealth management is truly a noble profession. It’s a distinct blend of personal and professional calling to service that is full of potential. For those of us with a passion for numbers and supporting others, this career not only fulfills a vital role in people’s lives but also provides substantial professional rewards. 

Choosing to work within an institutional environment, such as at a bank, credit union or insurance firm, can make an already great job even better. 

Through their optimized delivery channel, established reputations in the community and large client networks, institutional financial advisors — especially if you are just starting in your career — can enjoy the benefits of working in wealth management with access to an embedded client opportunity set and a robust support infrastructure. 

The benefits of working in institution-based advice go beyond monetary considerations. Here are four unexpected upsides that can make your lifelong career even more fulfilling. 

Meaningful Impact

Financial advisors make meaningful impacts on their clients’ lives, easing them through complex financial landscapes toward achieving their long-term wealth goals. Through personalized attention and a deep understanding of each client’s individual circumstances, advisors provide tailored advice that addresses their clients’ specific needs and aspirations.

It is a collaborative approach where advisors offer more than just wealth management. They become partners in their clients’ financial journeys. 

Because institutions are broadly connected to the communities they serve, advisors have an important backdrop to their services. Institutions have a deep understanding of the local market and economy, helping their advisors offer highly relevant and tailored financial advice.

They also tend to have strong and long-earned reputations, which can give advisors an edge in building rapport with clients. 

Growing Client Relationships

As advisors build their client base and hone their expertise, their value increases, often reflected in their earning potential. Experienced advisors benefit from a broader network of clients and industry connections, which can increase referrals and business opportunities. 

Institutions have a large and diverse client base of individuals, families, businesses and other organizations, providing advisors with the opportunity to work with a wide range of clients and gain exposure to various financial needs and goals. By leveraging the extensive customer network, advisors can expand their reach and tap into new markets.

Advisors often have access to sophisticated marketing tools and resources — platforms that help them effectively manage and nurture client relationships, tailor their services to specific client segments and track their marketing performance.

By leveraging these tools, advisors can enhance their marketing strategies, reach a larger audience and generate more leads. Institutions also provide advisors with administrative and operational support as well as compliance needs. 

With access to this support, advisors can focus on what they do best: helping their clients work toward their financial goals.

Continuous Learning and Career Potential

The dynamic nature of this industry is fueled by technological innovations, regulatory shifts and evolving client demands, and this means that advisors must be lifelong students.

As dedicated partners in professional development, institutions can provide the resources, support and encouragement that advisors need to excel in their careers and achieve their full potential.

Institutions also provide opportunities to grow careers across functions. Beyond the wealth management role, institutions open gateways to specialized roles in other business areas.

Advisors can navigate through such departments as operations, marketing and compliance, gaining exposure to different facets of the industry. This not only broadens their knowledge and skills but also enhances their career prospects within the sector.

Collaboration and Support

Financial advisors are connected through professional and personal networks and shared experiences, fostering a sense of camaraderie and belonging in the industry. This ecosystem helps advisors tap into a diverse range of knowledge and expertise, enhancing their ability to provide holistic and well-informed financial advice.

One of the most significant advantages of working within an institution is that this community is built in. It is a collaborative environment where advisors benefit from the collective knowledge and expertise of their colleagues. This network of peers is a valuable resource, and advisors feel supported, valued and motivated.

Christopher Cassidy is senior vice president, head of Institution Business Development for LPL Financial.

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