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isolation and anxiety, and to create a clients and other team members. own performance; the goal is for them
space that promotes well-being. It’s also critical to develop under- to follow an internal gauge to deter-
standing of clients’ lived experiences mine how they’re doing, rather than
2. PROFESSIONAL DEVELOPMENT to meet them where they are. Putting relying on feedback from higher-ups.
This includes understanding the ele- oneself in a client’s shoes is one of many Young advisors who learn early how
ments of financial planning and invest- skills that associate advisors can learn to resolve conflicts between what the
ment management, and where the from observing the nuances of how their client wants and what the client truly
advisor fits in the client-experience con- more experienced colleagues work with needs produce greater advisory talent.
tinuum. If an associate advisor doesn’t clients. The most exceptional service The ability to deliver this kind of tough
understand the big picture, they’re likely occurs when advisors authentically care love in a polished and respectful way
to be less effective as part of a is a big part of evolving into a
cohesive whole. An advisor might be great confident senior advisor.
Another element of profes- It should be clear that
sional development is narrow- at retirement planning but the training I’m describing
ing one’s focus to the most involves more of an ongoing
effective practices. New asso- uncertain when it comes to mentoring relationship than a
ciate advisors often want to advanced issues in estate classroom approach. Training
do a bit of everything related should occur no less than
to serving clients, but a good planning or tax planning, for monthly, and ideally more fre-
advisor training model can quently, and should continue
show them how to narrow example. Thus, it’s essential for no less than three years.
their focus to the areas that Keep in mind that creating a
need their attention most. to recognize the need for culture in which new advisors
It’s important for developing can learn from one another is
advisors to recognize barriers targeted development. invaluable. Too often associ-
to their professional growth, ate advisors are isolated from
and a common one is uneven expertise about clients, which is also something more senior advisors in the office, when
in different topics. An advisor might be young advisors can learn and solidify bringing them together would speed
great at retirement planning but uncer- from observation. up their learning. Professional friend
tain when it comes to advanced issues An underappreciated element of groups, inside and outside the office, can
in estate planning or tax planning, for service is understanding how to talk be powerful learning and idea-sharing
example. Thus, it’s essential to recog- with clients about the hard issues forums to aid in development as well.
nize the need for targeted development. such as divorce, retirement and death. Firms should also support young advi-
Finally, associate advisors need to Obviously, these issues arise regularly sors by sending them to conferences
understand the most effective ways to when dealing with retirement and estate where they can develop their profes-
rise in an organization. The best way to planning, and they require a careful sional networks.
fast-track promotion is to build inter- combination of compassion and under- We’re in the middle of a pivotal time
personal skills, both with clients and standing of life experiences that they in history, when thousands of unhap-
colleagues. It’s often thought that mas- themselves might not have. py young advisors have left their jobs.
tering technical knowledge is the key Finally, exceptional service includes Leadership style and firm values can
to moving up, but without the ability to managing social presence, which be a big advantage in retaining your
clearly convey empathy, understanding encompasses in-person events as well as talent. Creating a culture to support
and caring, technical skills won’t take social media. associate advisors’ advancement with-
young advisors far. in a firm sends a message about how
4. MANAGING EXPECTATIONS those younger colleagues are valued and
3. EXCEPTIONAL SERVICE As early as possible, young advisors trusted — and that is perhaps the most
This consists of developing several need to start internalizing the mind- powerful retention tool.
important intangibles. Among them is set of a professional in terms of high
a respect for office and virtual office accountability and an ability to man- Angie Herbers is an independent consultant to
etiquette and the agreed-upon set of age time efficiently. Associate advisors the advisory industry. She can be reached at
behaviors that reflect respect among should be empowered to assess their [email protected].

32 INVESTMENT ADVISOR APRIL/MAY 2022 | ThinkAdvisor.com