- The Power of Team Practices
- Bringing Higher Value to Clients
- Succession Within a Team Approach
In the ever-changing financial industry landscape, broker-dealers are constantly finding unique ways to attract new advisors and stay competitive. And, that’s good news for advisors that are looking for a new and better home for their business. A big trend has emerged recently from broker-dealers trying to do just that — team practices. A new appeal to advisors is promoting the numerous benefits of team-based practices coupled with a full range of service offerings to help advisors attract new clients.
Team-based practices are becoming a more compelling option for advisors, especially those that have comprehensive wealth management and financial planning as a service offering. The idea is that the team approach helps bring higher value to clients by way of bringing different experiences and opinions from various members of the team to that comprehensive approach. It’s the classic think tank – more minds are better than one!
Succession also plays a big role in the push towards broker-dealer team-based practices. Having a full team of talent helps to ensure the business can continue on, even after the founder decides to retire. For broker-dealers, this built-in continuity helps give them a higher level of security knowing that the practice will still stay in the fold in the event of a retirement from a key player or founder.
The benefits of team-based practices are reaped across the entire board of players — from advisors to clients to broker-dealers. With compelling advantages and the ability to provide greater stability and satisfaction among advisors, broker-dealers have been making changes to their compensation structures to encourage the growth of team-based practices. These structural changes are making the appeal an even more compelling option for advisors – and one you should know more about.
With team practices slowly starting to edge out solo practices, now is the time to get in on the action and take advantage of broker-dealer’s boosted compensation for team practices. Look to 3xEquity to help you find the right firm. We’ll coach you through the entire transition process, helping you find a great home for your business and get the best transition deal possible. In a matter of days, we will provide you with multiple offers from leading national and regional broker-dealers — all while you stay 100% anonymous. It’s time to join the team-based approach!
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