9 Tips for Teaming Up
May 14, 2013 1:24 PM
9 Tips for Teaming Up
By Ann Marsh
Coupling up, in the business sense, can increase income by 32% or even more, according to a recent Fidelity study and Financial Planning interviews with teamed planners.
If you want to get the $2 million to $5 million accounts, you have to have a team. You have to have credibility. says Jeremy Kisner, president of SureVest Capital Management.
Here are 9 tips for planners looking to build their practice by finding a partner.
For the full article,read here
Coupling up, in the business sense, can increase income by 32% or even more, according to a recent Fidelity study and Financial Planning interviews with teamed planners.
If you want to get the $2 million to $5 million accounts, you have to have a team. You have to have credibility. says Jeremy Kisner, president of SureVest Capital Management.
Here are 9 tips for planners looking to build their practice by finding a partner.
For the full article,
<b>1. SHARE VALUES & PHILOSOPHY</b>
As with romantic relationships, successful business partnerships require real trust, planners say.
Christina Mangino, 34, became a third partner at SureVest a couple of years ago, after leaving two other failed partnerships. In both of those instances, she had teamed up with older planners in insurance firms who had promised mentorship.
They said, Ill do the investment planning and you can do the financial planning, Mangino says. Come join me and kumbaya.
Over time, however, the relationships fell short; one partner didnt actually want to share control, she says, while in the other she felt like she was doing the lions share of new business development. I was bringing everything in, she says.
Christina Mangino, 34, became a third partner at SureVest a couple of years ago, after leaving two other failed partnerships. In both of those instances, she had teamed up with older planners in insurance firms who had promised mentorship.
They said, Ill do the investment planning and you can do the financial planning, Mangino says. Come join me and kumbaya.
Over time, however, the relationships fell short; one partner didnt actually want to share control, she says, while in the other she felt like she was doing the lions share of new business development. I was bringing everything in, she says.
<b>2. FIND COMPLEMENTARY SKILL SETS</b>
Although values and philosophies must align, its critical to partner with planners who have different skill sets.
I was not gaining insights, Jeremy Kisner of SureVest Capital recalls. Then he started talking to the guy sitting next to him: Luna, who had been a derivatives traders and a risk analyst for TD Ameritrades precursor Waterhouse Securities. I quickly found out that he knew more than anyone else in the room, Kirsner says.
Lunas analytical skills proved a strong combination for Kisners managerial and promotional ones, he says.
I was not gaining insights, Jeremy Kisner of SureVest Capital recalls. Then he started talking to the guy sitting next to him: Luna, who had been a derivatives traders and a risk analyst for TD Ameritrades precursor Waterhouse Securities. I quickly found out that he knew more than anyone else in the room, Kirsner says.
Lunas analytical skills proved a strong combination for Kisners managerial and promotional ones, he says.
<b>3. DEFINE RESPONSIBILITIES CLEARLY</b>
Just saying that one partner will handle analytics and the other marketing doesnt guarantee that a firm will run smoothly. People dont spend enough time talking about goals and responsibilities within a partnership, says Derek Holman, co-founder of EP Wealth Advisors. Theres a lot of time that needs to be spent on this subject. Theres a lot of nuance.
Continually discussing and redefining the roles of each partner will clarify and evolve the relationship, he says.
Continually discussing and redefining the roles of each partner will clarify and evolve the relationship, he says.
<b>4. TAKE IT SLOW</b>
Winnie Sun and Brandon Chang, co-founder of Sun Wealth Group, had worked together at Smith Barney for several years before starting their firm. Parker and Holman actually met in middle school in San Diego at age 15. We had a very long interview process, so to speak, Holman says.
Kirsner and Luna of Survest Capital got to know each other for about a year before they considered working together. And they began their partnership tentatively by sharing just one client, with Luna working from his offices in Scottsdale and Kisner in Las Vegas.
I said, Ill bring on the client and you manage the money, Kisner recalls. But I still had my own company and my own company name. And then, over time, we started doing all our business together.
Kirsner and Luna of Survest Capital got to know each other for about a year before they considered working together. And they began their partnership tentatively by sharing just one client, with Luna working from his offices in Scottsdale and Kisner in Las Vegas.
I said, Ill bring on the client and you manage the money, Kisner recalls. But I still had my own company and my own company name. And then, over time, we started doing all our business together.
<b>5. SPELL IT ALL OUT</b>
Kisner and Luna also wrote up a contract specifying what would happen if one of them became disabled or died. The contract also stipulates that the surviving member would continue to pay income to the injured partner or his widow in the case of death.
Then they did the same for Mangino, when she joined the firm. I know if, heaven forbid, I got hit by a car tomorrow, she says, theres someone who can take care of my clients.
Then they did the same for Mangino, when she joined the firm. I know if, heaven forbid, I got hit by a car tomorrow, she says, theres someone who can take care of my clients.
<b>6. CONSIDER BRINGING ON A THIRD</b>
Successful partnerships often expand and morph into teams, with multiple partners and increasing numbers of support staff. Right, now EP Wealth employs more than 30 people.
Having multiple partners is working for SureVest, too, and Sun says its the next step for her firm: I need another me.
Having multiple partners is working for SureVest, too, and Sun says its the next step for her firm: I need another me.
<b>7. NURTURE HEALTHY COMPETITION</b>
One reason that partnerships foster growth may be the way pairs or groups of advisors naturally push each other.
Theres a feeling of not wanting to be outdone by the other person, Holman says. He and Parker grew up playing pickup basketball together; today, they are both runners who try to outdo each other.
That sense of competition spills over into the workplace, he says: If one of us is bringing in new business, that leads the other one to wanting to bring in new business.
Theres a feeling of not wanting to be outdone by the other person, Holman says. He and Parker grew up playing pickup basketball together; today, they are both runners who try to outdo each other.
That sense of competition spills over into the workplace, he says: If one of us is bringing in new business, that leads the other one to wanting to bring in new business.
<b>8. BE GENEROUS</b>
While growing SureVest incrementally, Kisner and Luna took pains to show each other good will, Kisner recalls.
At one point [Luna] said lets split all the relationships, no matter where they came from, says Kisner, who remembers he was impressed and touched by this offer. (He agreed to the split.) If you have people who look at a relationship as a negotiation -- and think, What can I get out of it? -- that doesnt work well, Kisner says. You dont want to be in a marriage like that.
At one point [Luna] said lets split all the relationships, no matter where they came from, says Kisner, who remembers he was impressed and touched by this offer. (He agreed to the split.) If you have people who look at a relationship as a negotiation -- and think, What can I get out of it? -- that doesnt work well, Kisner says. You dont want to be in a marriage like that.
<b> 9. HANG OUT </b>
Kisner and Luna often spend weekends together with their families, as do Holman and Parker. Chang and Sun have taken everyone in their small firm, along with their families, to the Venetian Hotel in Las Vegas for the weekend.
Its important to do something social together as often as once a week, Sun says.
You have to really, really like each other, she says. If you dont get along, its not going to work.
Its important to do something social together as often as once a week, Sun says.
You have to really, really like each other, she says. If you dont get along, its not going to work.
