In the early days of financial planning, most advisers needed just one skill for success: salesmanship. When advisers were solely compensated by commissions, if you couldn’t find new prospects to sell to — and actually sell something to them — your income would summarily go to zero.

As advisers have shifted to the AUM model, though, the requisite entry-level skillset has shifted. Now, for many advisers, the key abilities are technical competency to give the right advice, and empathy skills to form and deepen client relationships. Sales- and business-development acumen come later, if at all. And as advisory firms have grown, a skills gap is emerging in the area of business management, which impacts training and developing staff members, as well as the overall execution of the business itself.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access