Trending
If you’ve been running your advisory firm for decades, you likely built your success through persistence, hustle, and a deep understanding of sales. But the environment looks different today. Technology has transformed client interactions, access to information has grown, and prospects are more skeptical with plenty of options. What worked before may no longer sustain your firm’s growth.
As you think about succession planning—or simply freeing up more of your time—it’s critical to prepare your next generation of advisors to succeed in business development. While many of them have strong technical skills, they may hesitate—or even fear—sales. That’s where effective training comes in.
1. Recognize That Today’s Clients are Different
The sales-driven, high-pressure tactics of the past no longer resonate. Modern clients want an approach rooted in trust and education. They seek transparency, value human connection, and expect more than just product pitches.
Yet, converting prospects into clients and strengthening relationships is still critical. Advisors need a blend of modern relationship-building strategies and timeless sales fundamentals to thrive in today’s competitive landscape.
2. Build a Strong Framework
To support your team, start with foundational elements that align their business development efforts with your firm’s strategy:
- Clarify Your Brand Strategy: Clearly define your firm’s values, personality, positioning, and ideal client profiles. Advisors should have the flexibility to express their individuality but always within the firm’s broader brand identity.
- Establish a Proprietary Client Journey: Create a simple, branded process that advisors can use to explain how your firm delivers value. A one-page overview demystifies the process for prospects and helps advisors feel more confident in their conversations.
- Provide Tools and Resources: Equip advisors with email templates, scripts, workflows, and other resources to support outreach. Examples include referral talking points, presentation decks, or even a podcast recording room for content creation. These tools should evolve based on advisor feedback as they discover what works best for their personal style.
3. Empower Advisors to Find Their Style
Business development isn’t a one-size-fits-all endeavor. Advisors thrive when they focus on strategies that align with their strengths, interests, and personalities. Encourage them to evaluate opportunities based on:
- Energy & Interest: Does the task excite and motivate them?
- Speed of Results: How quickly can they achieve meaningful outcomes?
- Expense Level: What resources are required?
- ROI: What’s the long-term benefit for the firm?
By focusing on genuine relationship building and leveraging firm resources, advisors can feel more confident and effective in their outreach efforts.
4. Lead by Example
Your leadership sets the tone for success. Regular check-ins allow you to:
- Reinforce the importance of business development.
- Address challenges and obstacles as they arise.
- Celebrate wins and share learnings to inspire your team.
This supportive culture fosters growth and confidence, making business development feel achievable rather than overwhelming.
Ready to Transform Your Team?
Helping your next-gen advisors master business development is about more than teaching tactics—it’s about creating a modern framework that blends your firm’s brand with their unique strengths.
Related: Transform Operational Challenges Into Growth Opportunities