Profiles in Driving Organic Growth
A 3,000+ advisor broker-dealer came to Red Rock with a challenge. Their organic growth was stagnating and the advisor development team wanted to create a training program to reinvigorate net new asset and new client acquisition.
Reframing the Challenge
After preliminary consultation with the executive leadership team, it was determined that a training program would not be sufficient to address the root causes of organic growth stagnation. Instead, the Red Rock consulting partnership would focus on three key areas of future business development:
Evolving the business from being traditionally driven by insurance and annuity sales to a business which delivers greater levels of comprehensive financial planning.
Optimization of technology and resource adoption which allows advisors to scale their businesses more efficiently.
Engage branch management in a leadership development program focused on inspiring tenured advisors to refocus their growth efforts with an emphasis on team formation, attracting and nurturing the next generation of growth-minded advisors, and facilitating change management in a manner which incentivizes growth via a new approach to measuring success.
Guiding Principles of the Engagement
Once the challenge had been agreed upon, several guiding principles were clearly communicated throughout the organization:
A planning first mentality would be the go forward approach to evolving the firm’s operating model and client experience.
An initial group of 8 branches would be tasked with the responsibility of generating net new asset and new client growth goals as a proof of concept.
A new benchmarking and incentive strategy would be created to measure and reward success.
Once the guiding principles were established, the executive leadership team, in partnership with Red Rock, committed to:
Secure the resources and funding needed to deliver a new benchmarking and incentive model focused on net new asset and net new client growth.
Provide the resources and funding to deliver a 6-month proof of concept advisor development program to 8 pilot branches. This delivery, initial facilitated by Red Rock consultants was done in parallel with the firm’s advisor development team so that it could be scaled and delivered by internal team members in the future.
Deliver a clear, well-defined set of expectations to regional and branch management about their role in expanding the firm’s planning focus, technology and resource utilization, and advisory teaming model.
Line of Business Execution
A 6-month program was designed and delivered to the 8 proof of concept branches which included:
A collaborative branch management leadership series focused on facilitating organic growth goals, impactful advisor coaching, delivering comprehensive business planning, and developing effective advisory teaming strategies.
A dynamic advisor development program with group and individual coaching components, a train the trainer approach for the firm advisor development consulting team, and the creation of a dynamic on-demand development site with organic growth focused content.
Deployment of a new benchmarking and incentive program focused on organic growth goals.