I need to spell out some home truths about recruiting advisers. Sadly this is necessary because not many from the sisterhood are in dealer group management roles. Huh? Indulge me…
Fellas, imagine Heidi Klum rang you up to ask you out for a drink. You would never say no to this invitation. Upon meeting her and spending some quality time you realise that you are not going to leave your wife for her. Why? Maybe it was because she didn’t make you laugh, maybe you didn’t have shared values or dreams, maybe you were terrified of her physical perfection, or maybe there wasn’t any chemistry. Whatever the reason and no matter how attractive she may have appeared, it was not enough to turn your life upside down for.
So, if you get this analogy you will understand what many financial planning business owners are facing. They are being approached with offers too good to refuse from competitor dealer groups. They might be offering the best processes to attract referral partners, the best lead generation system, the best IT solution and it goes on and on. No adviser though is going to put their business and staff through the administrative torture of a dealer group move unless they have fallen out of love with their current licensee. Without this there will never be the desire to look elsewhere. Just like a marriage.
Advisers also need to understand that just like a marriage compromise is essential. There is no such thing as the perfect dealer group. Most women can easily tell you the pros and cons about their partner. They’ve done the list mentally (and sometimes even on paper) and if they are still with the guy it is because the good outweighs the bad. If an adviser has fallen out of love with their dealer group I challenge them to be honest about the reasons why. There are some advisers who have unfairly attributed their unhappy state as the fault of their licensee when their expectations where quite frankly unreasonable.
Since launching My Dealer Group many males have asked me about the science I use to match make advisers and licensees. Females reading this understand how ludicrous that question is. My advice to both dealer groups and advisers is to start viewing your partnership just like you would a marriage. All those things that hold true to a successful relationship: the compromises, the necessity of respect, open communication, honesty and the ability to laugh are the essentials to productive and enjoyable dealer group / adviser partnerships.
