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Training/Mentoring New Hires

Is your team growing?  Have you hired a new planner or advisor recently?  Or have you posted a position for a new opening?

One of the biggest challenges our industry faces is in finding new talent and then, once that talent is hired, supplying those new team members with sufficient training.  Do you have a training plan in place for new hires that encompasses more than just technical skills and systems?  Will you be teaching the new team member(s) how to understand the bigger picture of why comprehensive advice matters and how to articulate a differentiated value proposition?  

Here are some resources developed to help you do just that.  Below are five topics that every new advisor needs to understand to be successful.  There are a combination of articles and videos here that provide unique perspectives ascertained from years of experience and insights gleaned from seasoned wealth advisors and elite firms across the industry.    

1) What are the three types of questions every advisor should be asking new clients and prospects?  Everyone knows a financial plan is only as good as the questions being asked when creating it.  But beyond the platitude of needing to ask "good" questions, what does this really mean?  Click here to read an article by Chad Hamilton where he explains our innovative approach called "3D Client Inquiry".  Here's a feature article in Financial Advisor IQ which references a client example to show how this type of inquiry is actually utilized in practice.  Also, there is this recent article in Investor's Business Daily where Hamilton is quoted discussing the same idea.  

2) Many of the mistakes that aspiring new planners make over and over again stem from the same common philosophical misunderstanding.  They need to learn that precision does not equal accuracy.  This article points out that technology provides the option - and the ever present temptation - to model everything with exacting detail.  However, just because you can model extreme precision in plans doesn't mean that you should.  Hamilton explains in this piece from MarketWatch how young advisors can often miss the forest for the trees by getting too caught up in the numbers of planning software. 

3) Problem Solving is Overrated.  Too often advisors - even the most experienced ones - believe that their primary source of value is problem solving, when in fact the biggest value they can provide clients is problem finding.  Read this article to learn more about the essence of the unique value the best advisors provide.  Here's a video clip of Chad Hamilton providing some of this same advice at a recent conference for wealth advisors:


4) The Client is Not Always Right.  Henry Ford once said, "If I had asked my customers what they wanted, they would have said a faster horse."  In other words, if we want to be truly innovative and figure out ways to meaningfully differentiate from the competition, we can't ask clients what they want.  Doing so, will only result in mediocrity and more of the same.  As Steve Jobs once said, "customers don't know what they want until we show them."  Here's an article explaining the implications of this idea for the wealth management industry.  Hamilton elaborates on this theme in the video clip below:  

5) The Need to Adapt to Different Client Personalities.   This article explains how and why advisors need to adapt to the different personalities of clients.  Client communication needs vary based on several factors including their sophistication level, their own expectations of how they want to work with you, their behavioral biases, and their learning style.  If we recognize and acknowledge that - for these reasons - clients communicate in different ways, we need adapt our communication style to fit them.  

Chad Hamilton has trained dozens of new CFPs, paraplanners, and wealth advisors over the years.  He can develop a customized training curriculum for any new team members and present that material either in person or via webinar.  If you like the content here and want to discuss the possibility of developing a customized series of training sessions for your new hire(s), just send an email to chad@advisorsolutions360.com.