Breaking away from a top wirehouse as a Registered Investment Advisor (RIA) to start your own firm takes a lot of courage and know-how. After you comply with registration requirements, there’s more to do once you’ve formed your team of financial advisors.
Their onboarding should detail the employee handbook, code of ethics and the firm’s processes and operations. But it must go beyond holding an orientation and giving basic training.
Keys to onboarding success
Financial advisors have the fiduciary duty to act in the best interests of clients. You must remind them to always manage assets for the sole benefit of their clients and offer solutions with the lowest cost.
Other crucial lessons to impart to your new financial advisors include:
- Setting measurable goals: Teach them the importance of listing detailed tasks with metrics and deadlines. This will enable everyone at the firm to easily track assignments and achieve more goals.
- Beefing up on networking: To support the firm’s marketing efforts, financial advisors can forge tie-ups with local businesses and hold events to improve and expand your clientele.
- The need to go digital: Encourage them to embrace automation because it simplifies processes and improves efficiency. Give them access to digital platforms for appointment scheduling, document management and client relationship management.
- Boosting the firm’s online presence: Financial advisors can help contribute to the firm’s online presence by providing content, support or advice for the website, email marketing and social media accounts.
- Importance of personal growth: You must give them learning opportunities. They need to know that you want them to develop their soft and hard skills.
Imparting such lessons during onboarding makes it clear to the new advisors that you mean business. It shows your drive to set the groundwork so that everyone in your breakaway firm can share the same vision.
The effects of good onboarding
When you onboard new employees properly, your team will be positioned for success. It will also inspire financial advisors to hold effective onboarding for clients, which would help gain referrals, retain clients and grow your business.