New advisors who feel short-changed by their firms’ training programs are often on their own when it comes to finding a more complete education, according to Greg Pollock, president and CEO of Advocis.
That’s one consequence of the move from the career agency system to the current, more independent system, Pollock says: the erosion of company-sponsored training.
While some of the larger firms still provide detailed training programs, many advisors are left to figure things out for themselves.
So, what can you do bridge the training and education gap? Pollock offers these suggestions:
> Ask about mentoring programs
Start by inquiring about mentoring or succession-planning opportunities within your firm.
Pollock says some firms are beginning to match up young advisors who are looking to gain training experience with senior advisors who are looking for potential succession candidates.
“That creates a nice opportunity for both individuals,” Pollock says. “I am hearing of a lot of success with respect to that kind of program.”
> Join a study group
Many advisors are now forming study groups, Pollock says, to help compensate for the lack of formal training provided by their firms. Topics can range from the straightforward, such as how to fill out an insurance application, to the more complex, such as dealing with challenging client situations.
“When you don’t have anyone to turn to at all,” Pollock says, “these kinds of groups can be very beneficial for younger advisors.”
> Keep up to date with your association
Various industry groups have seminars or events that can help you get a better handle on the business. Often, these associations, such as Advocis and the CIFPs, organize breakfasts with speakers and professional development days.
> Read as much as possible
It might sound obvious, but you should spend some time every day reading about the industry.
Pollock recommends everything from checking out discussion groups on LinkedIn to reading best-practices manuals, many of which are now easily accessible online. A regular reading habit will help you better understand complex issues like compliance and, more generally, how to stand out from the competition.
“There are tools out there but it is not as structured as it once was,” Pollock says. “[Advisors are] certainly more out on their own and they need to do a lot more of the heavy lifting themselves.”