There is no doubt that advisers are the public face of the wealth management industry. They are often the first person a client thinks of when they think of the financial planning firm they’ve entrusted their finances to. They’re the person who attends networking events and who receives referrals, and therefore it’s understandable that the spotlight shines on them when IFA firms grow. However, to what extent are support teams part of this growth? How can a good team reduce client attrition and help an adviser grow their book of clients?

Advisers hold a prominent position within wealth management firms, serving as the primary interface between clients and the financial planning process. Their role in cultivating relationships, securing referrals, and representing the firm at various events is invaluable. However, behind the scenes, support teams quietly power the engine of growth, often overlooked in the limelight focused on advisors.

While advisers play a crucial role in driving business growth, they rely heavily on the support and expertise of their behind-the-scenes colleagues to effectively serve their clients and expand their client base. Support teams, including paraplanners, financial planning administrators, and operations staff, play a vital role in streamlining operations, enhancing client experiences, and ultimately, driving firm growth.

One of the key ways in which support teams contribute to growth is by reducing client attrition. By providing proactive and responsive support, support teams help to strengthen client relationships and instill confidence and trust in the firm's capabilities. Whether it's addressing client enquiries in a timely manner, proactively communicating with clients about market developments, or ensuring seamless account management, support teams play a critical role in fostering positive client experiences and minimising the likelihood of clients seeking alternative advisory services.

Moreover, support teams play a vital role in helping advisers grow their book of clients. By handling administrative tasks and operational processes, support teams free up advisers' time to focus on business development activities, such as prospecting, networking, and relationship building. Additionally, support teams can provide valuable insights and support during client interactions, helping advisers to deliver personalised and effective financial solutions that meet their clients' needs and objectives.

While advisers may be the face of wealth management firms, the success of these firms is built on the collective efforts of both advisers and support teams. By recognising the strategic importance of investing in support teams and empowering them to excel in their roles, wealth managers can unlock new opportunities for growth, enhance client satisfaction, and position their firms for long-term success in an increasingly competitive market landscape.