THE SYSTEM IS BROKEN

Watch this video for more context....

https://www.youtube.com/watch?v=uWspHuhCmUY

The system is broken.

Large firms have been training their advisors the same way for years.

Retention is 10% or lower.

But “it’s not the firm’s fault, it’s the advisor.”

Sure, maybe for some but the vast majority have been failed by the system.

Before I explain why, let me first say that these firms ARE NOT doing this intentionally, it’s a blind spot and an opportunity. They ARE NOT doing this maliciously. They are doing the best they can with the information they have and what they’ve experienced themselves.

They provide training based on the way they were trained so you can’t really fault them BUT they need to recognize that something needs to change.

Most larger firms have training “classes” that only occur during certain times of the year. This means that if they have training classes in July and then again in September that if an advisor joins at the end of July, they have no formal training for over 30 days. They are left on an island, paid a small salary or 100% commission and not enough guidance on how to create income.

Do you think that helps their confidence or hurts it? 

Yeh, that’s what I thought.

Instead, the majority of their training should be digitized. This means that an advisor can go through training regardless of when they are hired. Once they enter into “formal” training, they can refine their skill set, not learn about “phoning or prospecting” language for the first time.

Training should be helping to refine skillset, not giving information. Give the damn information in advance.

THEN, a lot of times, after that initial training, maybe they get training once or twice a week which amounts to 1-2 hours. 1-2 hours?! Are you kidding? You’re telling me that someone who has no experience as an advisor ONLY needs 1-2 hours of continuing training? I’m calling BS.

All that extra time on their hands, in theory, should be spent seeing people or fighting to see people, I know. BUT it also gives the advisor a lot of time to think “I’m off to a slow start, people are saying ‘no,’ am I cut out for this?”

When advisors first start, join a new company and a new culture, regardless of if they have experience or not, they need some love, they need some guidance, they need to know that you care about them.

Too often, these firms focus on large recruiting metrics they need to hit in order to please their home office and as a result, they throw people against a wall and sees who sticks rather than going deep on a candidate to make sure they are the right fit first.

Think about that. They are WILLING to allow someone to join, who they know won’t make it, just to hit a metric. Are you kidding me?! You cost them money (and the firm), you cost them time (and the firm) in the hopes that you’re wrong and they actually do well. It’s stupid.

I left my company not because I had a bad experience or because of the people, I love the people. I left because of this. I left because this needs to change and no one was willing to take the challenge. The FAA is taking this challenge.

So, are you willing to change? Or are you going to fizzle away, spin your wheels, not listen to the feedback your advisors are giving you and continue doing things “they way they’ve always been done.”

You tell advisors they need to change and evolve but then you don’t change and evolve yourself? Look in the mirror, take your own advice and create a great experience for candidates.

I’ve been aggressive in this post not out of hate but out of passion. I want this to change. I’ve bet my career on it and I’m not stopping until it’s fixed.

PLEASE share this post if you feel similar, let’s make it known that this needs to change and just know, we are here to help.