Photo Bob LeveyGetty Images

Photo: Bob Levey/Getty Images

Five Mistakes Teams Make

While building an advisory team may better serve clients, they are complex arrangements that require careful navigation - just look at how they operate in professional sports. The analogy isn't exact, but it's close. “In our industry (team-building) is a really new phenomenon,” says Scott Tatum, a director at AllianceBernstein. While family teams are well-known, the idea of bringing together professionals in different roles to achieve a single goal (in this case serve the needs of clients) can, as often as not, lead to instability, he says. During the LPL Focus Conference, Tatum identified five common mistakes teams make and how advisors can avoid them.