How To Train Your Team of Financial Advisors

Building an Effective Financial Advisors Team

Right now, being a financial advisor is tough. Clients are asking for more, and the rules are getting harder to navigate. It’s a challenge, but also a moment to think differently and figure out smarter ways to keep moving forward.

The answer is simple: continuous learning.

As IBM highlights, “Eighty-four percent of workers at high-performing organizations say they receive the training they need to do their jobs well.” This underscores the critical importance of ongoing professional development.

Even experienced advisors can always learn something new to stay ahead. This guide is all about how to help your team grow and keep delivering real value.

Before you start any training program, it's important to figure out what skills your team already possesses and where improvement is needed. This assessment helps you design training that addresses your team’s needs.

To get a clear picture of your team’s abilities, try these methods:

• Performance Reviews: Take a close look at each advisor’s strengths and where they could improve.

• Client Feedback: Go through client surveys and comments to spot any skill gaps that might be holding your team back.

• Self-Assessments: Have advisors rate their own performance. This can give insight into areas they feel confident in and where they think they could use more support.

Self-assessments should include everyone, from management to HR, so you can get a full 360-degree view of where the organization might need additional training

Setting Clear Training Objectives:

Once you’ve figured out what your team needs, the next step is to set clear and realistic training goals. Make sure these goals fit with your company’s bigger objectives and align with what your clients expect.

A great way to get a full view of how each advisor is doing is by using a 360-degree feedback system. This method collects feedback from supervisors, colleagues, and clients, giving you a more complete picture of each team member’s strengths and areas for growth. Unlike traditional top-down feedback, this approach can help you spot things you might otherwise miss and even highlight hidden strengths within your team.

"... because I’ve seen it on paper, I’ve thought okay I know I’m doing it, now people have actually said it, it's time to deal with it and change things, which I’ve done ..."— “360° feedback: a critical enquiry”

Setting up a 360-degree feedback system requires thoughtful planning. It’s crucial to keep responses anonymous so people feel comfortable being honest. Be clear about why you’re introducing the system and train everyone on how to give constructive feedback. To overcome any workplace culture issues that could affect the reviews, create an environment where feedback is valued and not seen as threatening. Make sure the focus is on team improvement, not individual criticism, and lead by example by openly accepting and acting on feedback yourself.

Once you’ve identified the gaps, you can focus on building the advanced skills your team needs to step up their performance and be fully prepared for the changing demands of the financial industry.

Advanced Skills Development

Once you know what your team needs and have set clear goals, the next step is to focus on developing advanced skills that will make your advisors even better at their jobs.

Enhancing Technical Expertise:

The finance world is always evolving, and advisors need to stay updated on new products and strategies. Encouraging your team to get advanced qualifications, like becoming a Chartered Financial Analyst (CFA), can really improve their skills.

Clients feel more confident when their advisor has certifications like the CFA. It shows your team is skilled and committed to high standards, which builds trust. With this knowledge, clients trust your advisors to handle tough and unpredictable market situations. In the end, having certified advisors helps them grow and gives clients peace of mind about their financial futures.

Improving Communication and Client Relations:

Knowing how to explain financial ideas clearly is just as important as technical skills. Training in soft skills like listening and emotional understanding can make a big difference in client relationships and encourage them to stay loyal.

Advisors can get better at these skills by practicing tough conversations through role-playing. This helps them learn how to handle different emotional situations. Understanding body language can also make them more aware of how they come across in meetings.

Advisors should also practice turning complex financial ideas into simple stories. This helps clients understand and remember the information more easily.

For example, if someone tells me “I don’t need life insurance”, I would create a comparison to other things for which they do have insurance, such as auto insurance or health insurance. 

“Why don’t you just pay for your doctors visits and car issues out of pocket? And you might actually never use those insurance products. I guarantee you will use permanent life insurance.” 

We sell intangible goods, so it’s important to simplify but also make it real for clients.

Another important aspect is developing cultural awareness, especially with today's diverse client base. Training programs offered by organizations like the Financial Planning Association (FPA) often include lessons on cross-cultural communication and sensitivity.

Lastly, advisors should work on adapting their communication styles to fit each client's personality, knowledge level, and preferences. This might involve using different communication tools, adjusting the amount of technical detail they provide, or changing how often they interact with clients. In the Taylor Method’s flagship book, Your Roadmap to Success, I expand on the 4 personality types advisors will encounter and how to deal with each. 

The Boss: These people want to run the show and believe everything is their idea. 

The Brain: These people thrive on illustrations, charts, graphs and research data but often to their detriment, because one can never know it all.

The Feeler: These people are all about feelings and energies. 

The Drifter: These people can be difficult to deal with, because they lack strong positions on most everything.  

By constantly improving these soft skills, financial advisors can build stronger, more trusting relationships with their clients, leading to happier clients who remain loyal longer.

To enhance your team's soft skills, consider utilizing resources such as Taylor Method Training, which offers comprehensive programs in communication and interpersonal skills development. By participating in our training, advisors can learn how to connect with clients on a deeper level, understand their needs, and respond to their concerns with confidence. As a result, financial advisors can enhance client satisfaction and loyalty, ultimately leading to improved retention rates and long-term success for both the advisors and their firms.

Fostering a Culture of Continuous Learning

To stay competitive in the financial services industry, it's essential to create an environment that values and promotes ongoing education and professional development.

" 79% of leaders agree that their organization has a responsibility to create this kind of value for workers as human beings—and 66% say they are under pressure to demonstrate results—only 27% of workers strongly agree that their employer is making progress in this area, indicating that measuring human outcomes is still a largely untapped opportunity."

— “Outcomes over outputs: Why productivity is no longer the metric that matters most; Deloitte

Encouraging Professional Development:

So, here’s the thing—when you help your team get certifications, you’re not just ticking a box. You’re setting them up for success. Like with the Certified Financial Planner (CFP).  I’ve worked with advisors who’ve gone through it, and they come back ready to handle real client issues—retirement plans, tax strategies, you name it. It’s like night and day.

Now, if someone’s more into investments, the CFA is gold. It digs deep into analysis—really lets them master the numbers game. I had a guy on my team go through it, and he went from being decent at handling portfolios to being a go-to expert.

Bottom line? These aren’t just letters after their names. They’re real tools to help your team solve problems. So, what’s stopping you? Get them started now—you’ll see the results soon enough.

Regular Training Sessions and Workshops:

Setting up regular training sessions and workshops? That’s a game-changer for keeping your team on top of things. It helps them stay in the loop with new industry trends, regulatory changes, and the latest financial products. Plus, when your advisors are learning continuously, they’re going to be in a much better spot to offer clients the best service possible. So yeah, making education a priority isn’t just a nice-to-have—it’s a must if you want your team to really stand out.

To support this commitment to education, here are some valuable online educational resources for the financial advisory industry:

1. Certified Financial Planner (CFP) Board - Offers information on the CFP certification process, including required coursework and exam details.
2. Chartered Financial Analyst (CFA) Institute - Provides resources for those pursuing the CFA designation, including study materials and exam registration.
3. Financial Planning Association (FPA) - Offers a variety of educational resources, webinars, and professional development programs for financial advisors.
4. National Association of Personal Financial Advisors (NAPFA) - Provides training and resources for fee-only financial advisors, including certification information.
5. Khan Academy - Offers free courses on personal finance and investing, which can be beneficial for foundational knowledge.
6. Coursera and edX - These platforms offer courses from universities on financial planning, investment strategies, and related topics, often with certification options.
7. TaylorMethod - Provides both self-paced modules and hands-on workshops designed to equip advisors with the skills they need to succeed in an ever-evolving industry.

By utilizing these resources, financial advisors can enhance their expertise and stay competitive in the ever-evolving financial landscape.

Leveraging Mentorship and Coaching

Mentorship helps share knowledge and grow professionals.

Setting Up a Mentorship Program:

You know, mentorship is huge when it comes to sharing knowledge and helping people grow. Pairing seasoned advisors with newer ones speeds up the learning curve for junior folks, especially when it comes to handling tricky client situations. And mentors? They get better at leading and pick up fresh ideas from their mentees.

"Upskilling is a massive engine for skill-generation and upward mobility in both income and wellbeing. If brought to a larger scale and to more workers, upskilling could dramatically boost economic growth and reduce wage inequality. Across the country, there is too much 'skilling of the skilled,' whereas upskilling opportunities need to be available to everyone."

— Dr. Jonathan Rothwell, principal economist at Gallup.

To really make a mentorship program work, you’ve got to set clear goals, have regular check-ins, and match people up thoughtfully. Plus, the shift to remote work and tech means mentorship is way more flexible now, which is a good thing!

Utilizing Technology and Tools

In today's digital age, using technology is crucial for making financial advisors more efficient and effective. Financial advisory firms are increasingly adopting various technologies to ensure their advisors remain informed and capable of leveraging the latest tools. Some key technological advances include:

• Customer Relationship Management (CRM) Systems: These platforms have been around for decades, but today are more advanced and can help advisors manage client interactions, track communications, and analyze client data to provide personalized service.
• Robo-Advisors: Automated platforms that offer investment management services, allowing advisors to focus on more complex client needs while providing clients with efficient, low-cost investment options.
• Financial Planning Software: Advanced tools that assist advisors in creating detailed financial plans, modeling different scenarios, and providing clients with clear visualizations of their financial futures. Tools like Asset Map and eMoney are commonly used by financial advisors.
• Artificial Intelligence (AI): AI-driven analytics can help advisors identify trends, assess risks, and make data-driven decisions, enhancing their ability to serve clients effectively.
• Online Learning Platforms: These platforms provide ongoing training and certification opportunities, allowing advisors to stay current with industry trends, regulations, and best practices.

By embracing these technological advances, financial advisory firms can ensure their advisors are well-equipped to meet the demands of a changing market and provide exceptional service to their clients.

Embracing FinTech Innovations:

Beyond traditional financial software, it's important to educate your team on emerging technologies such as blockchain, artificial intelligence, and robo-advisors, paving the way for entirely new financial ecosystems.

"Integrating digital technology into wealth management can lead to cheaper, more efficient, and more accessible service for clients. Human advisors remain uniquely skilled at subjective and behavioral tasks, while machines are better at evaluating large quantities of data. Technology will free the advisor from having to perform a growing number of routine tasks, like rebalancing a portfolio or optimizing the asset mix." —  “The Technological Revolution in Financial Services” page 24. King & Nesbitt. University of Toronto Press

Emphasizing Ethics and Compliance

Keeping your team updated on the latest regulatory changes is imperative, and corporate compliance programs will help keep everyone informed and compliant. In the United States, these requirements are primarily dictated by regulatory agencies such as the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) , theFederal Reserve Board, and the U.S. Department of Justice. The regulations and policies issued by these entities shape how companies design and implement their compliance initiatives.

While establishing an effective corporate compliance program is essential for maintaining regulatory integrity, it also brings forth various challenges that compliance professionals must address. These challenges may include adapting to changing regulations, ensuring that employees are adequately trained and aware of compliance standards, and embedding a culture of compliance within the organization. Successfully navigating these issues is crucial for creating a strong compliance environment that not only meets regulatory requirements but also fosters ethical practices throughout the company.

Strengthening Ethical Decision-Making:

Beyond compliance, fostering strong ethical decision-making skills is essential. The Chartered Financial Analyst (CFA) Institute emphasizes ethics as a core component of their curriculum, a practice adopted by firms such as Vanguard in their training programs. This focus on ethics ensures that advisors are equipped to navigate complex situations while maintaining the highest standards of professional conduct. For additional resources on ethics and compliance training, consider partnering with organizations such as the National Ethics Association . They offer comprehensive programs designed to promote ethical practices in the financial services industry.

Measuring Training Effectiveness

To ensure the success of your training initiatives, it's crucial to implement robust methods for measuring their effectiveness.

"Sixty-five percent of workers say the opportunity to participate in an upskilling program was an 'extremely' or 'very' important factor in deciding to take a new job, and 61% cited it as important when weighing the decision to remain at their current job. For young adults, upskilling is the third most important benefit behind only health insurance and disability.”

— The American Upskilling Study (Gallup)

Setting Key Performance Indicators (KPIs):

Establishing clear, measurable Key Performance Indicators (KPIs) is crucial for evaluating the impact of your financial advisor training programs. These KPIs serve as benchmarks that allow organizations to assess how well their training initiatives are working and make data-driven decisions for continuous improvement. When selecting KPIs, it's important to choose metrics that closely align with the organization's overall goals and the specific objectives of the training program.

Some essential KPIs for financial advisor training programs include:

• Client Satisfaction Scores: Measured through regular surveys or feedback sessions, these scores provide insight into how well advisors are meeting client expectations.
• Asset Growth Rates: Reflect an advisor's ability to grow their clients' portfolios effectively.
• Client Retention Rates: Indicate the advisor's success in maintaining long-term relationships and providing value to clients over time.
• New Client Acquisitions: The number of new clients brought in by the advisor.
• Advisor Certification Completion: Tracks the acquisition of additional certifications or completion of training modules.

"71 percent of workers say job training and development increase their job satisfaction, and 61 percent say upskilling opportunities are an important reason to stay at their job. On top of all this, studies show that 94 percent of workers would stay at their company if their company invested in their careers."
— Training Magazine

It's also valuable to consider KPIs related to compliance, such as the number of regulatory violations or audit findings. By regularly monitoring and analyzing these KPIs, organizations can identify areas of strength and weakness in their training programs, make necessary adjustments, and ultimately improve the overall performance and effectiveness of their financial advisor team.

Gathering Feedback and Adjusting Programs:

In addition to quantitative metrics, qualitative feedback from participants is invaluable for refining and improving training programs. Regularly ask for feedback from your team and use this information to make data-driven adjustments to your training initiatives.

For a comprehensive approach to evaluating training effectiveness, consider using established frameworks such as Kirkpatrick's Four Levels of Evaluation. It is a widely recognized framework for assessing the effectiveness of training programs. Developed by Donald Kirkpatrick in the 1950s, this model provides a structured approach to evaluate training outcomes at four distinct levels.

The first level,Reaction , measures how participants feel about the training. This includes their immediate feedback on the training experience, such as whether they found it engaging and relevant. The second level, Learning, assesses the knowledge and skills gained during the training. This can be evaluated through tests or assessments that determine if participants have absorbed the material presented. The third level, Behavior, examines how well participants apply what they learned in their work environment. This level focuses on changes in performance and behavior as a result of the training. Finally, the fourth level, Results , evaluates the overall impact of the training on the organization. 

Conclusion

The success of financial advisors often hinges on strong leadership, clear vision, and an adaptable mindset. Building a team of effective, empowered advisors requires guidance that not only taps into professional growth but also enhances personal development. With a focus on communication, emotional intelligence, and leadership, advisors can move beyond simple sales tactics and into long-lasting client relationships and sustainable growth.

At TaylorMethod, we offer tailored training that works just as well for advisors starting out as for industry veterans with 20+ years of experience. We provide two self-serve plans, where you can log in and learn at your own pace, as well as two hands-on virtual workshops that are ideal for producers wanting to be coached by Eszylfie Taylor in a small group setting.

If you’re looking to increase productivity, boost your case rate, and land higher-value clients, this is the program for you. Get the chance to prospect clients who earn the income you aspire to achieve. Learn from an active MDRT Top of the Table producer and stop worrying about your financial future.

Explore TaylorMethod’s program today, available as either self-paced modules or immersive, hands-on workshops. Take control of your career, grow your business, and become the leader your team needs.