Culture will Define Future Success for Advisors


Recorded at the Market Counsel Summit. Presented by: 

Advisorpedia interviewed RFG Advisory President Shannon Spotswood at the MarketCounsel Summit in December, 2021.

"I think the concept of focusing on building culture and really fostering and nurturing your team is one of the most important defining factors for future success for advisors. And it's something that they really haven't paid a lot attention to. It is not in their natural skill set, to build culture and to build teams, but with the way that the industry is changing, so dramatically in the amount of innovation and the amount of disruption. And really this war for talent, that emphasis on building culture and team is going to become increasingly important.

The financial planning is important. The process by which you onboard clients is important. The technology that you're using is important. But it is going to be your people, it is going to be your culture, it is going to be your team, that is going to determine the different factor between success and kind of middling along.

If I could give one tip and I'm limited to only one tip that advisors should like today, what is the number one thing that you should do today, to start building culture and building a high performing team in your firm. And I'm going to cheat a little bit and I'm going to give two so the first is define your mission vision values, you have to know where you are headed, what is your motivating factor? And the number two is be really honest about the roles and responsibilities.

You have to get ruthless about this.

What is everyone in the organization doing? Bullet point by bullet point? And are they really leaning into their super power? Are they maximizing their gift in that role? And then that will help you determine what seats need to be filled, who in the organization needs to be moved around? And that is really the foundational first step for building a high performing culture."

Resources: FP Transitions

Related: Who is Standing Out in Financial Services?