Teams are the future of the advisory business. According to Fidelity’s recent Broker and Advisor Sentiment Index Study, 52% of advisors work alone, while only 13% work on teams (the remainder do both). Yet the survey found a team’s average AUM is $86 million, almost double that of soloists, and their compensation is 32% higher. According to Philip Palaveev’s book The Ensemble Practice (excerpted here on wealthmanagement.com), “The future belongs to ensembles. The combined resources, skills, and capacity of a good team will outperform the solo or solo advisor model.”
Check out the advisor teams feature, Making Partner.