Point Of View
Straight talk from our President & Founder, Joe Agresto, a 30 year industry veteran.
The #1 reason advisors leave has nothing to do with money.
It’s a bold statement, but it’s true. After 30 years, we’ve learned that the most successful people are not those who just want to “make more money”; it’s the people who have a desire to go bigger, broader and deeper.
When advisors explain to us why they want to move from a wirehouse or another firm it is almost never about money; it’s about autonomy. They want the freedom to make selections about the products and services that can bring them more closely in line with their clients’ needs and move most efficiently toward their goals. At the end of the day, they want to work for their clients, not a firm.
Next on the list of reasons for making a change are things like better lifestyle and access to broader resources – and while money can definitely be a factor in the desire for change, it is rarely the single motivating force.
Our Point of View
Money is not a goal, but a result.
Outsourcing is a growth strategy that many firms overlook.
After working with hundreds of business owners we know what keeps them up at night: people, payroll, and paying for space.
The time and cost associated with searching for, hiring, training, managing and transitioning someone out of a role – there is no such thing as permanent employment – are far larger than most people realize. Not to mention, the costs associated with pay-roll taxes and benefits, and the not-to-be-overlooked costs of providing a space for employees to work in.
With the scope of specialists available for advisors to outsource to today, we encourage our clients to consider outsourcing before taking on the responsibilities that go along with hiring employees. It’s typically easier to bring things “in-house” down the road, as it makes sense, then to move in the other direction.
Our Point of View
Start by outsourcing what you can, not hiring.
You have to make a fundamental shift: this is a people business, not a money business.
Good advisors understand and use this principle when they’re getting the business. The top-tier advisors recognize and practice this principal to get and also to keep the business.
Of course, people hire people they know, like and trust, especially in an industry that is fed largely on referrals, but that’s only half of the picture. People will eventually make the decision to stay, if their needs are still being met.
By continually delivering the products and services that your clients need to reach their goals you will not only reduce the risks of them outgrowing your relationship, but you will see higher client satisfaction, loyalty and more referrals. This is how businesses grow.
Our Point of View
The most successful firms are client-centric.