Buy or build? It’s a decision business owners of all stripes are forced to make nearly every single day and across nearly every single function of their firm.
For wealth managers specifically, one area where that choice eventually needs to be made is regarding advisor training programs. Some of the top RIAs build their own from scratch and grow them from within. Others buy.
Why the discrepancy? Well, like most things, it depends.
Casey Jorgensen, head of the Dynasty Institute for Adaptive Leadership (DIAL) and director of relationship management at Dynasty Financial Partners, says DIAL developed its Emerging Advisor Seminar in direct response to demand from the firm’s network partners, who were looking for support in training the next generation of business developers. In her view, many new and aspiring advisors were operating in silos within their firms, without access to a broader peer group. As a result, the program was designed to solve that issue, creating a cohort-based experience that provides both skill development and a sense of community among peers facing similar challenges.
“Dynasty is deeply focused on helping our Network Partners achieve and sustain organic growth. Developing next-generation talent, particularly in client acquisition, is critical to that objective. By investing in advisor development early, we help firms build durable growth engines that are not solely reliant on senior rainmakers,” Jorgensen said.
She says the firm has gone a step further by partnering with the Kellogg Sales Institute to help educate their network leaders on building an institutional growth culture through the company’s Gearing for Growth Conference.
“The objective is to evolve from entrepreneurial growth, driven by the efforts of a few, to firmwide growth that is embedded across the entire organization,” Jorgensen said.
As to the structure of the training program, Dynasty annually convenes new and aspiring advisors from across its network for a day-and-a-half intensive session focused on client acquisition skills. The curriculum evolves each year to incorporate fresh ideas, market insights, and best practices. Beyond the flagship seminar, they offer ongoing development opportunities throughout the year, including roundtables, specialized in-person programs, and on-demand content available through its “knowledge base” in both video and written formats.
Elsewhere, Brandon Ross, co-founder & co-CEO, of Quotient Wealth Partners, says developing young advisors into top-performing wealth advisors has been part of the firm’s DNA since it launched in 2002. In fact, several of Quotient’s current partners began their careers at the firm in their early 20s and are now among its top producers.
“Our training program is the engine of our growth,” Ross said.
In the Quotient Wealth program, business development trainees spend two years making outbound calls and learning how to consistently place qualified prospects in front of senior partners. According to Ross, advisor trainees spend roughly 70% of their time generating leads through outbound calling and social media, with the remainder focused on learning how to deliver comprehensive financial planning and advice.
Jeff Dobyns, president & founder, of SageSpring Wealth Partners, meanwhile, says he realized early on that he couldn’t just import talent, he had to develop it.
“This is a huge part of our growth strategy. If we can develop great advisors, we can serve more families well,” Dobyns said, adding that when a firm hires laterally, they often inherit someone else’s habits, philosophy, and sometimes “misalignment” with how they serve clients.
As a result, SageSpring Wealth Partners offers a two-year apprenticeship. Apprentices sit in every client meeting, prepare and follow up on those meetings, and gradually take on more responsibility, learning in real time.
“You’re embedded in the life of an advisor. That means: client meetings, plan preparation, team collaboration, and ongoing learning. It’s immersive,” Dobyns said.
LICENSES, DESIGNATIONS & CHALLENGES
Dynasty’s Jorgensen says the firm provides guidance and support for advisors pursuing key industry designations such as the Series 65, CFP®, and CFA. They have also collaborated with Legacy Capitals on the Whole Family Advisor® designation. In addition, the Dynasty Women’s Network offers a scholarship for women pursuing the CFP® designation.
Over at Quotient, Ross says advisors are required to earn the Series 65, followed by the CRPC (Certified Retirement Planning Counselor), and must pass the CFP exam before meeting with clients.
Meanwhile, SageSpring’s program helps its mentees work towards getting licensed and strongly encourages them to earn their CFP designation during their apprenticeship. They also encourage continued professional development.
As for the biggest challenge in getting through the program, Dobyns says it’s a matter of “confidence.”
“At some point, you shift from supporting to leading, and that's a big shift. You’re no longer just preparing the plan, you’re delivering it and owning the relationship,” Dobyns said.
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