Before you can build a strong team, you first must envision the way you want your business to grow.

You need to understand what it’s going to take to achieve that vision, says Joanne Ferguson, president, consultant and coach with Advisor Pathways Inc. in Toronto. Think about the roles you need on your team and then consider the best people to fill those jobs.

Yesterday’s article looked at the equal partnership model and the senior/junior advisor structure. Here are two more examples of team structures to consider for your business:

> Large teams
If you have a large book of business, it may be best to build a team with several members.

When you have hundreds of accounts, the business can take a form similar to that of a law firm or a consulting firm, Ferguson says, in which each member looks after his or her own group of clients. This type of team is more like an organization than a true partnership.

The advantage to a large team structure, she says, is that it can extend quality service to a large number of client households.

For this team to work, you must be a strong leader, Ferguson says. Otherwise, the team members may begin to act individually — creating their own standards — instead of adhering to your standards of client service and your investment strategy.

Large teams can take on various forms. For example, the team might consist of a lead advisor, a junior associate, a senior associate and an assistant. Or it could be two advisors, an associate and an assistant.

> Advisor and associate
Another option is to hire a senior investment associate, says Ferguson. An associate is not a fully licensed advisor, but is qualified to meet with clients and impart advice on your behalf. Your associate could be in charge of your marketing and client service.

The advantage to this type of team, Ferguson says, is that an associate can add that “wow” effect, impressing your clients with by providing a higher quality of service.

You must be clear about what you are looking for in an associate, Ferguson says, and the skills he or she requires. If your new associate comes from a more administrative background (as opposed to client service), he or she may require training.

This is the second in a two-part series on business structures.