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Hint: Thriving advisors are rarely going it alone. There’s a persistent myth in our industry that some advisors are just “natural rainmakers.”
But having coached hundreds of advisors, I’ve seen the reality:
Thriving in business development has as much to do with the environment you’re in as it does with your personal skill set.
So if you’re a firm leader wondering how to create the conditions for consistent growth, here’s what successful environments for advisor BD look like:
- Defined roles and responsibilities exist: Firms with strong BD environments avoid vague accountability. They know which roles own which parts of the business development process from sourcing to closing and provide coaching to help advisors develop their specific contributions.
- Business development is normalized: BD isn’t reserved for partners or personality types. It’s a shared expectation. Leaders talk about BD openly, reward effort (not just outcomes), and celebrate progress to keep momentum going.
Pro Tip: Any team member can contribute to firm growth when leaders talk openly about opportunities across the business development ecosystem.
Click here to read more about the business development ecosystem.
- Incentives match the behavior you want to see: Comp plans and career paths are designed to reinforce the value of business development, not just AUM or tenure. Advisors are more engaged when their activities are notices, meaningful, and rewarded.
- Coaching and feedback are baked into the culture: Successful BD environments treat growth as an ongoing process. That means regular 1:1s, skill-building sessions, peer practice, and opportunities to reflect on what’s working---not just annual reviews or sales contests.
The takeaway: You don’t need “born rainmakers” to grow. You need an environment that sets clear expectations, builds advisor skills over time, and makes business development part of your firm’s DNA.
Related: How to Align Your Team’s Message Without Silencing Unique Voices