“In 2012, almost seven in ten advisors (69%) operated in a team-oriented structure, up from 61% in 2011. Among bank advisors, more than half (53%) worked in teams, according to the research.” *
Versus going “solo”, the new research by Cerulli Associates, found the team approach gives financial advisors several advantages, one being allowing them to specialize in their strengths.
Another advantage is in succession planning for those independent practices…they can hire a young advisor, train them as they want and oversee them for a long period of time, preparing them to take over the business.
The idea’s logic is sound and we recruiters have seen more and more “teams” being recruited. The tricky part is getting the various cultures and personalities to blend and “fit”, an essential for success in the team approach.