In recent posts we’ve looked at what separates extraordinary wealth advice from the industry norm. Several industry leading advisors gathered with a select group of family office executives to tackle this issue at our most recent FOX Thought Leaders Council Summit.  They concluded that state of the art wealth advisors all embody four common hallmarks. We previously covered the first three in this space. They were:

• Asking Why Before Answering How

• Communication With the Goal of Understanding

• Integration: Understanding How All the Pieces Fit Together

The final hallmark of state of the art wealth management is promoting teamwork among advisors.

State of the art advisors understand the value of teamwork to integration and actively work to put it into practice in the way they work with their own staffs, with their clients, and with other advisors. To promote teamwork among their staffs, State of the Art advisors have gone so far as to develop team-based incentives in the form of performance goals and shared compensation. They promote teamwork with clients by encouraging open dialogue and structuring fees in a way that supports it. Last but not least, they actively seek opportunities to partner with other advisors to leverage natural synergies and ensure strategies are aligned.

Following are what some of the FOX Thought Leaders Council had to say about promoting teamwork among advisors:

James Steffel, Warner Norcross and Judd, LLP

“State of the Art family office services begin with internal and external teamwork at the highest levels of confidentiality, competency, trust and value.”

 

 

Charles Fawcett, TriState Capital Bank

“By serving as a partner to families as we handle their loan and deposit needs, we provide an edge that helps them be ready to seize opportunities when they arise.”