Why work with a team
We think working with a team of financial advisors is a great way to get more benefits than working with a solo advisor, and the best part- it doesn't necessarily cost any extra! Here are the top 4 benefits we believe you'll get by working with a team:
Increased accessibility and responsiveness
It's common for solo financial advisors to be booked solid trying to squeeze in as many appointments as possible. They'll usually have an assistant of some sort answering phones, but what if you have a question only a licensed financial advisor can answer? Or you need to place a trade? Working with a team increases your chance of having your needs met much more quickly and easily. This is especially helpful if your advisor ever goes on vacation and you need something while they're gone.
More focus on specific areas
No one should expect any one person to know everything, but that's the burden placed on solo financial advisors. When advisors come together to form a team, they can focus on specific areas; for example, one may handle most of the model portfolios, one may handle life insurance, and one may be in charge of the financial planning. This allows them to spend their time knowing a lot about a few things instead of knowing a little about a lot of things. You'd be surprised how many options may be left unexplored simply because it's too overwhelming to research everything on your own. Working as a team can help ease that burden.
Enhanced client experience
Many solo advisors feel they barely have enough time to take care of their clients' immediate needs, leaving little time to focus on enhancing their client experience. We feel a team of advisors will be more likely to have the resources to deliver regular market insights, optimize their website to be more user-friendly, and coordinate more educational events.
Continuity of service
Have you ever wondered what will happen to you as a client when your advisor retires? Or what if they choose to leave the firm for some reason, or pass away unexpectedly? This is actually one of the most common reasons that advisors choose to team up, to provide continuity of the services they offer. This way, you'll already be familiar with the other members of the team, and the plan you have in place shouldn't be affected.
Questions to ask your advisor
Curious how your current advisor addresses some of these needs? Here are a few questions you can ask them:
-Do you have a succession plan in place? What is it?
-What technologies do you use to help you evaluate investments? Evaluate risk? Deliver market insights?
-In what ways do you go about providing education on different topics?
-How do you stay on top of knowing new products and tools to help make sure you're doing the best you can for your clients?
-Do you have a focus in your practice? What is it?
By asking these questions, you'll better understand how your advisor runs their business. If they don't have a succession plan in place or are interested in being part of a team, you could even send them our way!* We'd love to grow our team with other advisors who are interested in improving their client experience and helping to make sure they are taken care of both during their career and even following their exit.
You can also learn more about our team here.
*For recruiting purposes only. Joining The Bellingham Team will require background checks due to the association with WRI and due to regulatory requirements. There is no specific requirement to join The Bellingham Team to be accepted as independent Financial Advisor with WRI nor is there any guarantee that WRI will accept any independent financial advisor candidate. 12/19