When you are a “loner” consultant, you typically spend a lot of time finding and acquiring new customers. Consultants can spend between 20% and 90% of their time looking for new clients. But with multiple specialists at their disposal, less time is spent searching as a lot of people are trying to get new customers. And when that happens, each component of the team has the opportunity to collaborate and work with that customer on multiple services and product lines.
“This means the consultants spend less time looking for clients in a team structure and more time working directly with those clients, which increases sales for the consultant and increases assets under management,” said Ferrier.
There are of course challenges for a team model, and not everyone plays well with others, he admitted. Finding the right members of your team is critical. Consultants therefore need to find team members or partners who have a similar customer base and where they can work well together. When the customer base is a good match, the advisors usually come together. However, not everyone is the right personality, which can lead to a quick breakdown of the partnership.
Location is less of an issue than it used to be in this new zoom-guided world, but for many lone wolves the reality of giving up control just isn’t palatable.
Ferrier said, “They often like the idea of a team, but they don’t want anyone else to make decisions, even in a collaborative way. You want to manage the entire relationship – and that can be a challenge. “