San Martin, CA — August 20, 2024 — CEG Insights, the research division of CEG Worldwide and a leading authority in financial services industry research, today announced the publication of its latest study, “Future of Advisory Services: Teaming, Growth and Innovation.”
This comprehensive report, a cornerstone of the company’s Wealth Management Mastery Series, provides wealth management executives and financial advisors with crucial insights to enhance team performance, drive organic growth, and excel in today’s evolving financial landscape. The study offers an in-depth analysis of team dynamics within advisory practices, revealing key strategies for building and leading high-performing “dream teams.”
Key Findings: The Power of Collaborative Teams
The report unveils several critical insights for the wealth management industry:
- Over 90% of advisors report that their team positively influences business development efforts, with 50.5% noting a significant positive impact.
- Nearly half of advisors indicate that a team-based approach significantly improves client service and retention.
- A mere 8.1% of advisors feel their team has reached the pinnacle of becoming a “dream team,” highlighting substantial room for improvement in team dynamics across the industry.
- Just under 43% of advisors report having high-performing individuals on their teams but lack the necessary cohesion to work effectively toward shared objectives.
“The wealth management industry is at a crucial juncture where the power of effective teamwork can no longer be overlooked,” said John Bowen, CEO of CEG Insights. “Our research clearly demonstrates that high-performing teams are essential for driving growth, enhancing client experiences, and securing long-term success in this competitive landscape.”
The Dream Team Framework: A Roadmap for Success
The report introduces the innovative Dream Team Framework, centered around three key levers: motivate, engage, and execute. This framework is supported by nine accelerators designed to propel teams toward world-class performance:
- Lead: Promote a culture of co-elevation and shared success
- Promise: Deliver exceptional value as true client advocates
- Develop: Facilitate continuous learning and growth
- Recruit: Strategically attract and place the right talent
- Resource: Establish a strong foundation of shared values and objectives
- Recognize: Acknowledge and celebrate individual and team contributions
- Confidence: Equip teams with knowledge and strategies for confident client service
- Cadence: Implement performance structures to maintain team effectiveness
- Communication: Foster transparent, effective communication
George Walper, Managing Principal of Wealth Management Research at CEG Insights, added, “This study goes beyond mere data analysis. It provides a practical roadmap for financial advisors to transform their practices through the power of dream teams. By implementing these strategies, advisors can position themselves at the forefront of the industry, driving unprecedented growth and delivering unparalleled client experiences.”
“Future of Advisory Services: Teaming, Growth and Innovation” is one of eight reports published annually in the Wealth Management Mastery Series. These reports equip financial services leaders with comprehensive insights to enhance their businesses, stimulate innovation, and achieve organic growth in an increasingly competitive market.
For more information on the report or the Wealth Management Mastery Series, please visit the CEG Insights website.
ABOUT CEG WORLDWIDE AND CEG INSIGHTS
CEG Worldwide and CEG Insights are recognized providers of research, coaching, and consulting services for financial advisors and the wealth management industry. Specializing in serving high-net-worth clients, CEG Worldwide offers business development strategies, coaching, and training to help advisors grow their practices and build successful businesses. CEG Insights, the research arm of CEG Worldwide, researches the needs and expectations of wealthy families and the best practices of top advisors. Together, CEG Worldwide and CEG Insights support advisors in achieving success, delivering excellent client experiences, and navigating the evolving industry landscape. Learn more at www.cegworldwide.com and www.ceginsights.com.
Media Contact:
Robin Black
Managing Principal of Strategic Partnerships
CEG Insights, LLC
rblack@ceginsights.com
(888) 398-7298
