Career advancement is difficult in any industry, but the lack of formal career development programs offered in the workplace for associate advisors makes it especially difficult to gain the experience needed to become a principal financial advisor. may become. And since managing client relationships (a key responsibility of the lead advisor) relies heavily on nuanced “soft” skills that can only be gained through first-hand experience, it helps Associate Advisors demonstrate their value and reap benefits. is important to find ways to get hands-on experience. Skills for career advancement.
In the 113th episode of Kitces & Carl, Michael Kitces and client communications expert Carl Richards discuss what it means to be a lead advisor, the path an associate advisor should take to advance to the lead advisor role, and their careers. Discuss how to communicate their growth goals to seniors. Advisor.
While titles vary from company to company, a common theme across all lead advisor roles extends beyond providing advice to clients, as well as managing client relationships. This means actively engaging with customers to create a great customer experience, managing expectations, ensuring questions are answered and issues resolved in a timely manner. And while there are many books on relationship management, there are very few resources that actually give associates and their advisors the opportunity to apply that information to their workplaces. This means that taking a proactive approach to finding these opportunities is essential, and is mostly based on hands-on experience (e.g. working directly with clients) or observations (e.g. working with clients led by senior advisors). meetings).
For associate advisors who do not (yet) have the opportunity to work directly with clients, communicating their career goals and positioning themselves as assets that lead advisors see as valuable benefits both associate and lead advisors. can result in For example, employees can be required to gain experience by attending meetings and taking meeting notes. This allows the lead to focus more on the client, and the client can even ask the associate to follow up with her email draft. And by asking for more responsibility to handle tasks that smaller clients may require, the Associate Advisor is finally allowed to gain the Lead Advisor’s trust and gradually take over those relationships. , freeing lead advisors time to focus on the more complex needs of large clients. .
Ultimately, the bottom line is that a proactive approach to seeking hands-on experience helps associate advisors successfully transition into the lead advisor role. Being more involved in customer relationships gives you the valuable experience you need to advance your career while demonstrating your commitment to the company. Also, by articulating and communicating goals for professional growth, Associate Advisors can see how the firm can support their growth aspirations, or how they might consider opportunities elsewhere. You can also assess whether your financial advisor is reasonable and help you build a better and more fulfilling career as a financial advisor.
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