Page 47 - Investment Advisor December 2022/January 2023

THE NEW SCHOOL

By Caleb Brown

3 Types of Advisors You Need on Your Team

Classifying individuals by these skills and work styles can help you identify
the right financial advisors.

o regain any momentum you Minder to effectively manage the rela-
might have lost so far in 2022, tionship. Generally, they are task-focused
Tfocus your year-end and 2023 and put their heads down and diligently
efforts on making sure you have your work on what has been assigned to them.
teammates in the correct roles within These types of team members can show
your firm. Having the right person in the up as high “C” for Conscientiousness on
wrong role (or the “wrong seat”) sub- the DISC profile and/or “Analytical” on
stantially detracts from any efficiencies the Strengthsfinder personality assess-
and scale you have achieved. ments. This person may prefer to inter-
In our work with firms across the best use when they can meet a lot of act with people less than Minders and
U.S., we see top candidates not be able to people, sell a product or service and then Finders, and instead wants to perform
deliver top-tier results because, some- turn them over to someone else in the research, calculate numbers, develop
times, they are in the wrong spot. In this firm to deliver on what was promised. planning scenarios and handle a lot of
piece, we look at the various activities the technical aspects when planning for
that new financial planners can do for 2. MINDERS a client.
you (and the respective roles), so you These are your client relationship
can ensure your people are operating at people who are people-focused and DIVIDE AND CONQUER
their highest and best level. can be mindful that clients are always Some of you may have one person per-
Originally coined by David Maister being taken care of. This can also be forming all of these functions, as you
in his book “Managing the Professional referred to as a front-stage role. may have yourself when you started
Service Firm,” classifying individuals These types can show up as high “S” out. We caution that as firms grow,
as “finders, minders and grinders” is a for Steadiness on the DISC profile these roles are better when performed
great way to identify new financial advi- and/or for “Communication” on the separately, since putting people outside
sors into the various skill groups that Strengthsfinder personality assessments. their ideal-fit role leads to higher turn-
your firm may need. This person enjoys being the main over rates.
Here is an overview of each type. point of contact for clients, loves the In other words, if you have a group
aspect of coordinating all client plan- of Grinders in your firm and you start
1. FINDERS ning activities, brings together all of the asking them to generate leads and close
These are your business development resources necessary to ensure a positive business, they are going to leave and join
people; their job is to find prospects. outcome and takes the lead as the quar- a firm that will put them in a position
Consider this a front-stage role. These terback of the client situation. that lets them focus on the service work
people usually show up as high “I” These individuals can sometimes they enjoy (because it better matches
for Influence on the DISC personal- develop business, as well, but are more their skill set so they can succeed).
ity profile model — which stands for likely to get their new clients from You should be able to get a good sense
Dominance, Influence, Steadiness and existing client referrals, since they have of where potential new hires fall within
Conscientiousness — and/or as “WOO,” taken such good care of them, versus these categories, but if you find yourself
for “winning others over” on the prospecting for a cold lead to convert. in the interview process and aren’t sure,
Strengthsfinder personality assessments. you can always ask them where they see
This is the type of person who has 3. GRINDERS themselves!
never met a stranger that stays a stranger These are the people in backstage roles
Adobe Stock a networking event and didn’t meet most grinding out much of the work that needs Caleb Brown is co-founder and CEO of
within your firm who are responsible for
and would likely be upset if they went to
New Planner Recruiting. His podcast is at
to be done behind the scenes for the
of the people there! They are at their
newplannerrecruiting.com/category/podcast.
DECEMBER 2022/JANUARY 2023 INVESTMENT ADVISOR 45