Lessons learned during my first six months as an adviser

It seems that when things are meant to be, they have a way of working themselves out. Last fall, I was invited to be part of a new program through Raymond James, the Registered Service Associate Team Development Program. It was a privilege to be part of this pilot program, which was developed to encourage sales and service associates to branch out in their careers and develop a path that may lead to a broader role on their team — or even the possibility of transitioning to an adviser role. Six months ago, my path took me over that bridge, and I transitioned to a new role as a financial adviser.
(Related: The leap from sales assistant to adviser)
While making this transition was something I had considered doing for a while, the timing just never seemed right. This time was different. This time everything lined up. First, I was invited to become a junior partner with the adviser I have assisted for 18 years, which was a huge honor. Second, we recruited a highly qualified registered associate to join our team. And finally, when announcing my promotion to our clients, the overwhelming response was a heartfelt “Congratulations!” — often with an added “It’s about time!”
The change in roles from sales assistant to financial adviser hasn’t come without its challenges. Not only are the basic functions of the job dissimilar, but it is truly a different mindset. As a sales associate, my day was comprised of a structured set of assigned duties. As an adviser, I need to let go of a reactive and task-oriented mentality.
Certainly, I have things to do, but I now have a more proactive and holistic approach to my day. In addition, I am comfortable assigning tasks to our sales assistants, which in turn, helps me with what I need to accomplish. However, these are tasks that I know how to do, and do well.
One of the most difficult obstacles for me to overcome has been letting go and not only allowing someone else to do the job I did for the past 18 years, but also trusting them to do it in the most efficient and accurate way possible for them. As I have adjusted my mindset, it has allowed me to give my full attention to my role as an adviser. That includes developing not only a deeper connection with our clients, but also a greater understanding of their financial needs and goals.
As I started this transition, my mentor told me that it takes time to learn it all, and I need to allow myself to take that time and be patient. Everything won’t be perfect in a day, a month or maybe even six months. It took me 18 years to get where I was as an assistant; it might take me years to master the skills of an adviser.
It has been the best advice yet. It has allowed me to lift some of the pressure off my self-imposed expectations to learn everything and be up to speed in a month’s time. Furthermore, I have learned to rely upon people who know what they are doing; my business partner and his 20 plus years of experience and my mentor, a senior female adviser with whom I was paired with through the program. Having both their perspectives, help and support has been invaluable.
Over the course of the last several months, I have had several other associates reach out to me for my thoughts, advice and feedback on my transition. I wouldn’t recommend this path for everyone. Not every assistant should become an adviser, just as every adviser wasn’t at one time an assistant.
I do believe that every service associate should work to be the best they can be in their current role. And when they reach their limit and desire to do more, they should explore what that might mean for them. Perhaps, getting involved in a program like the one Raymond James offers, which for some can become a transition to an adviser role. For others, it will be an expanded service associate role, or taking on additional tasks in which they excel. Either way, the sky is the limit and new opportunities should be explored.
I think it is safe to say that I am still a work in progress. I have only six months behind me invested in this new role, and there are many days ahead. I am excited to see what transpires over the next few years and beyond, which includes finding my niche and narrowing my area of expertise. Every day I am learning something new, and figuring out what works and what doesn’t. As I said, I’m a work in progress, but I’ve finally been given the opportunity to prove I can do more. For that, I am extremely grateful.

Stacy J. Caudill is a financial adviser and wealth management specialist at Clifford J. Mulder Retirement & Investment Planning of Raymond James.