The Fact: While advisors are aggressively expanding the scope of products and services that they provide, the role of the team continues to be strictly administrative.

The Implications: Over the last 11 months, CAIFA’s Business Success Tip Program has focused on changes with the practice. Some of the trends must be viewed together in order to fully appreciate the implications, as is the case when we combine the service shelf with the structure of the team.

As advisors begin to expand the range of services they provide to clients, they will not only need more staff but will need staff with specific technical skills. Expect to see an overall increase in the technical expertise of the team and an impact on recruiting practices.

The Idea: When conducting performance reviews for your team, set specific goals for professional development to reflect a team approach to client management. The specifics of those professional development goals will link to the individual role (as you see it developing in future) and to the type of service you expect to deliver.

Your baseline expectations might be a mutual funds license. From there you can link some portion of compensation to meeting professional development goals and, at the same time, help to map out a clear path for team members who want to progress in the practice.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.AdvocisStore.ca and click on the Business Success Kit.