The moment an advisor becomes a business owner, they are often pulled away from their advisory role.
Allen Schreiber is a Partner at TSG Wealth Management, where the practice has grown to serve over 170 advisors with just under $20 billion in AUM. “In an ideal world, advisors should spend 80% of their day talking to clients and prospects,” he acknowledged.
But that task is often easier said than done. Being a business owner means wearing many hats–including areas like compliance, office & operational logistics, and HR/staffing that are new to many financial advisors.
Allen explained, “As advisors scale their business, there’s not enough time in the day for one person or a small team to handle all the additional operational responsibilities.”
He also noted that those duties pull advisors away from their true expertise: serving clients.
“As a business owner, I know the best use of my time is not paying bills–it’s spending time with clients,” he said. “At TSG, we provide the engine that allows advisors to do that.”
TSG provides a roster of in-house personnel to address areas that fall outside of a traditional advisors’ wheelhouse, allowing advisors to focus on those difference-making interactions with clients. Allen points to hiring a team of financial planners, as well as a Chief Investment Officer who leads an in-house team that executes trades as key moves in supporting TSG’s advisors.
“It’s way too hard for an advisor to play stockbroker anymore,” Allen said. Through TSG’s internal team, advisors can shift those responsibilities to dedicated specialists, freeing up their time for clients and growth initiatives.
As a practice affiliated with Wells Fargo Advisors Financial Network (FiNet), TSG also offers access to a strong network of in-house specialists, including estate planning lawyers.
“These professionals would cost us $600,000 to $700,000 a year per person, because they’re high-ticket professionals,” Allen stated. “But they’re free for us to access through Wells Fargo affiliates.” TSG can also leverage Wells Fargo’s wealth management capabilities, including lending services with relationship discount pricing through Wells Fargo Bank, N.A.
When TSG adds more practices, their operational structure and deep bench of resources begin to free up advisors–and practices can suddenly realize the potential they can unlock.
Allen said, “When advisors come to us and aren’t wearing all the hats they wore at their previous firm, organic growth goes up significantly. They can be more efficient while focusing on the things that make them happiest–their clients.”
Independence doesn’t have to mean doing it alone. Evolve your practice and design your own destiny at FiNet.
Learn more here: Independent | Wells Fargo Advisors
Advertisement – For financial professional use only
The experiences discussed in this article may not be representative of the experiences of other Financial Advisors.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. [PM]-10242027-5424935