Nevertheless, the expanded use of technology comes with its own challenges. For one thing, advisors who form virtual alliances are at higher risk of Zoom burnout. If they’re already spending a significant portion of their day meeting clients online, meeting fellow consultants on digital channels can take a toll compared to teams that occasionally come together for coffee or drinks. can.
Ferrier says another challenge is that teams spread across different time zones can find it difficult to coordinate their schedules. If members are working in jurisdictions with a difference of two or three hours, it can create some difficulties in aligning catch-up meetings, planning sessions and other activities.
“A lot of teams will want to co-market together, but time zones can make it difficult,” he says. “If someone wants to do an event at 7 p.m. depending on the time zone, it could mean that it’s 10 p.m. for some team members, or it could be four depending on which time zone they’re in. Let’s set.”
Some Lone Wolf advisors, put off by the idea of potentially compromising their individual schedules, may see this as evidence that being part of a team is a difficult experience. But according to Ferrier, advisory teams are finding flexibility in several other areas. For example, they may organize themselves into smaller teams within teams: two or three insurance plan or private capital specialists may come together, for example, and separate specialties based on the needs of a certain position. Teams can be together or separately.
“It offers high quality service to the end customer. And as we’ve seen our advisors become happier, and more engaged, we’ve also seen their businesses grow,” he says. “New advisory teams can grow where their practice needs to grow, And really the point of the team structure is to allow for that kind of organic evolution.”