Creating a process-driven practice that combines team-building and developing strategic alliances can strengthen your overall business — as well as your client relationships — during a time that is both complex and demanding, says Wayne Baxter, senior associate with Investment Planning Counsel in Mississauga, Ont.
Baxter was one of 10 top advisors who shared their business-building ideas and tips on June 9 at the 2008 Top Advisor Summit in Toronto. He focused on the importance of building a reliable team — both internally and externally — that can work off each other’s strengths and achieve attainable goals as well as bring in new business.
“Through it all, you have to remember: it’s really about managing people’s expectations, not about managing their money,” he says. “Having a process will help you achieve that goal.”
Indeed, Baxter’s team consists of five individuals who help him provide a full range of advice to 350 clients and manage assets of about $90 million. Since 2004, the team’s new asset base has been growing by an average of $14 million a year, with an average account size of $350,000 per family.
Given the recent market volatility, a more onerous compliance environment, the burgeoning number of mutual funds and a more demanding clientele, how do you keep everything in check? Baxter says the first step is to realize you can’t do it all alone.
“How does one person stay on top of all the news? I needed to check my ego at the door and realize that I can’t do all my own paperwork and client events at the same time,” he says. “I needed someone to help me cope with all the stress.”
So, he looked for someone who was reliable, loyal, a team player and, most of all, who had a skill set that he was lacking. “If you already have the administrative side in order, hire someone who can help with marketing — or vice versa,” he says. “That way, you can build on each others’ strengths.”
Baxter joined the financial services industry in 1994, when he was hired on as a marketing assistant to IPC president and founder Chris Reynolds, who at that point was still running his own book. Baxter, a former construction company owner who did all his own marketing, knew the importance of working in a team environment to develop new and innovative ideas. When he eventually took over Reynolds’ book in 2004, Baxter was well on his way to knowing how to build his business.
In order to develop his creative marketing plans, Baxter knew that he would need help so he could focus on his clients. So, he hired his first team member, marketing assistant Leigh Ann McGenerty, now a senior associate.
But Baxter also knew he would need more than an internal team. So, he set up a referral system with a team of professionals that includes tax experts, estate planning specialists, portfolio managers and banking specialists.
“You need to know your limits,” Baxter says. “And in order to serve my clients better, I knew that I needed to get a team of specialists all in one place.”
Baxter set up a number of professional relationships, including one with a partner from Toronto-based law firm Hoffman Sillery Buckstein & Chuback who visits Baxter’s office once or twice a month to assist clients with powers of attorney and wills. Baxter also brought in Gary Booth, a chartered accountant, to assist in tax returns and tax planning.
“Not only does Gary get clients from me,” Baxter says, “but I also get referrals from Gary.”
Baxter also taps into IPC’s portfolio-monitoring service.
But he didn’t stop there. He brought in a business coach to evaluate Baxter’s team and the combined skills they offer. By doing so, Baxter is able to keep his team in balance; if someone moves to a new position, he can easily identify the skill set that needs to be replaced and then fill it.
“You have to have regular communication and team meetings to ensure that you are always on the same page,” Baxter says. “Everyone on my team knows what his or her role is and knows that if they want to move up, or into something new, that I fully support that. We always have that open communication within the team.” IE
@page_break@IE:TV — Fishing for clients one prospect at a time>
You need to know your limits (IE:TV)
Being able to count on team members is key to growing your practice
- By: Clare O’Hara
- July 3, 2008 July 3, 2008
- 08:52