The Hidden Costs of Under-Trained Staff in Wealth Management Firms

You don’t really like managing people, yet you have a team that’s looking to you for direction. Until you train your team, a revolving door of talent is in your future. Why? Under-trained teams affect your service delivery more than you think and constantly erodes client service. Team members that don’t feel like they’re going to be successful in their role are more likely to look for new opportunities than stay in a place where they’re failing.?

Did you know that 94% of employees say they would stay at a company longer if it invested in their career development? Source: LinkedIn Learning. In the competitive world of wealth management and advisory firms, efficiency and client satisfaction are paramount. However, many firms overlook a critical factor that can significantly impact both: the training and development of their staff.

How This Shows Up In Your Firm

It’s hard to say exactly HOW much money and new revenue firms lose annually due to under trained staff. How this shows up will look different from firm to firm. What we've observed are the following 4 ways this (most often) shows up in firms. .

1. Lost clients, lost revenue due to poor service. You tried to talk that big client off the cliff, but the damage was already done.?
2. Gaps in technology usage, so you go out and find a new ‘bell and whistle’ adding to your expenses.?
3. Higher turnover, expensive employee replacement costs. You’re not providing any structured training, so you think it’s a performance issue and could be the fact that team members were never trained.?
4. NIGO’s (Not In Good Order) actions that happen when mistakes are made. Think trade errors, missed investment opportunities, deposits to the wrong accounts. You get the picture. The list goes on and on.?

The Problem: Under-Trained Staff

Imagine this scenario: a successful wealth management firm managing over $200 million in assets faces a series of internal challenges. The firm, led by a motivated set of managing partners, struggles with operational inefficiencies due to a lack of structured training for their service team. This leads to inconsistent use of essential CRM tools, like Wealthbox, Redtail, Hubly, Zoho CRM, or even Salesforce, creating operational bottlenecks and reducing overall efficiency.

The Consequences

Inefficiencies and Higher Turnover:

Without proper training, team members are unable to perform their duties effectively, leading to frustration and possibly higher turnover rates. The constant need to hire and train new staff not only incurs additional costs but also disrupts the firm's workflow and client service continuity.

Diminished Client Satisfaction:

Inadequate training leads to poor service delivery, which directly affects client satisfaction. Clients expect seamless and professional service, and any deviation from this expectation can result in lost business and damaged reputations.

Operational Bottlenecks:

Untrained staff often struggle with adopting and using workflow processes and CRM tools efficiently. This not only slows down operations but also increases the risk of errors and missed opportunities.

The Solution: Comprehensive Training and Development

You’ve made an investment into your firm, the same goes for your team. At Atlas Park we specialize in helping wealth management firms overcome these challenges. By partnering with firms, we offer a structured approach to identify the gaps, provide insights to train their teams, streamline operations, and implement consistent use of technology tools.?

Our strategies focus on:

• Guiding Your Team: Providing comprehensive training to enhance the skills and confidence of your staff.
• Optimizing Technology: Ensuring the effective use of CRM tools to streamline operations.
• Transforming Operations: Implementing efficient processes to reduce bottlenecks and enhance productivity.

What's Next?

Now, if you're like most of the firms we work with, you're probably wondering,

1. How do I get started?
2. What should I focus on first? I have team members today that aren't doing what I need them to do?
3. What resources are available for me?
4. How can I change course in a streamlined and cost effective way?

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I offer 30-minute complimentary consults that focus on your current operations. Within that time frame, I will uncover at least 3 (and often more) areas of opportunity or deficiency, as well as the steps to address each.?

We’re “The Fractional COOs, you’ve always wanted, but never knew you needed until now.? Over the last 6 years, our superpowers have assisted 85+ advisory firms (and counting) generate ~$100K+ in new revenue and/or cost savings within the first year of working together.?

Book your spot here. Pick the option “30 Min Consults With Cameo!” https://go.oncehub.com/AtlasParkNetworking