It depends what you and your potential team each bring to the table. In most cases, each member specializes in a specific area. I am not on a team myself, but if you ever look at the top producers at any firm, most are in a team or have their own group within their specific firm and manage from 250 million to over a billion dollars. Not many solo folks do that.

If your book is built why do you need a team?

GB,



That’s a great point. However, I am only 2.5 yrs. in, so I am not quite “built” yet (though my wife would tell you otherwise ). I think if I had 50-70mm AUM already, I would not need to consider it. But I appreciate what you are saying.

GB,

That’s a great point. However, I am only 2.5 yrs. in, so I am not quite “built” yet (though my wife would tell you otherwise ). I think if I had 50-70mm AUM already, I would not need to consider it. But I appreciate what you are saying.

I am part of a team.  I did it because I enjoy the customer service side and my partner only wants to propspect…though he does still manage a handful of key clients.  We each get to do more of what we like.  After combining our books, we were surprised to find many clients tell us they liked the idea of always having a backup.  If they called to ask a question, get a check, etc. and their usual contact was not available, they could speak to someone else that 1) they already knew, 2) was familiar with their account, and 3) they didn’t have to wait for a return call.  Since then, we’ve gotten new accounts specifically for those reasons.

Wow, someone who actually LIKES prospecting?  That’s different.  But I guess if you do not have the pressure to close them, there is a certain sense of freedom in it.  More like a pure sales & PR job.

b24,

B24 when I left Jones I set up my practice with another former Joneser!  We are both OSJ’s and have two seperate Branches–but we share office space, utilities, even an assistant.  We fill in when one is out sick or on vacation–we have a buy/sell.  But we operate as seperate businesses–it works great for each of us.  I am a LLC using a DBA!

I would say it all depends on what you want.  If you are comfortable at 30-75 AUM with your production level and have the happy medium of hours per week you might not want to join a team.  However it is very interesting that Goldman Sachs a very successfull wealth management firm that usually targets clients with only $10 million and up puts their advisors in large teams.  Like others have said the higher the market the more specialization will be required.  Even being Indy on a team can be a very good thing.  Imagine one partners handles insurance and estate planning, another wealth management, another qualified retirement plans, another reserach etc.  You get the idea I am sure.  Can you be successfull as a solo?  Absolutely, but being able to differentiate is the key to targeting larger accounts.  It is much easier to do that with one a defined process, and two a clear  accounting of what team members handle what.  They don’t call Family Offices Family Solos for a reason.  But you can do really well as an adviosr on your own without anyone.  It really just depends on how many hours you want to work, what kind of clientele you are trying to land, and what you want out of the biz!

Teams are great for people who don’t want to work too hard and take lots of vacations.  The only downside is when the other guy gets fired or splits with your clients. Stay solo.

Team is just like any other committed relationship.  The need for a common goal, understanding of one another, trust, and open communication are key.

[quote=unsure_at_HRBFA]Team is just like any other committed relationship.  The need for a common goal, understanding of one another, trust, and open communication are key.