When I started in this business 30 years ago, new advisors were trained, assigned a desk, given a telephone and expected to start building a client base. From that moment on, almost every aspect of the business fell on the shoulders of that individual advisor. Advisors had to be proficient in a myriad of areas including insurance, investments, estate planning and marketing, just to name a few. Those who weren’t able to juggle these responsibilities typically did not last long.

Our industry has certainly evolved since then. While there are still many advisors who are successful as solo practitioners, the evidence continues to show that there are advantages to forming a team practice. From what I have seen both across the industry, and at Ameriprise Financial, teams are often more productive, acquire more clients and engage more clients in financial planning relationships. We have also seen that team practices grow faster and have better long-term growth.

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