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Advisors in Growth Mode

Advisors are back in growth mode and building up their teams

 

BY HELEN BURNETT-NICHOLS, SPECIAL TO THE GLOBE AND MAIL

UPDATED DECEMBER 16, 2020

 

If you have a Globe and Mail account you can view the article here. 

 

Otherwise, see below for key takeaways. 

 

Volatility and uncertainty during the early days of the COVID-19 pandemic brought a forced pause to the year’s plans for most Canadians and businesses – financial advisors included. But several advisors have chosen to shift back into growth mode carefully in recent months as client demand has put their plans for strategic long-term expansion come back into focus.

 

April-Lynn Levitt, a business coach for financial advisors with The Personal Coach in Oakville, Ont., says that while many of her advisor clients were initially waiting to gauge the impact of the pandemic on revenue and growth, several have added team members over the past few months. She says advisors have shifted from reactive to proactive mode as demand from clients increases.

 

Many advisors were surprised by the success of the virtual model with both existing and new clients and see this as an opportunity to grow strategically, focusing on where they need to augment their service offering, Ms. Levitt says.

 

“If you have the mindset that, ‘Yes, we can do business this way in this new environment,’ then those type of advisors have been really exceeding,” she says.

 

The virtual nature of business at the moment should not prevent firms from bringing on extra team members as long as expansion makes sense strategically and financially, Ms. Levitt says.

 

At the same time, expanding an advisory firm successfully in the COVID-19 era requires clarity and communication beyond what may have been necessary previously, as the face-to-face component of bringing a new team member on board is missing, she says.

 

“It’s even more important to have all the things you would have in a normal hiring process, like a very clear job description and responsibilities, a very clear onboarding process and training schedule,” Ms. Levitt says.

 

Please connect if you have any questions about growing in 2021!

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