How Wealth Firms Can Build High-Performing Teams
Rapid technological advances, fee compression, evolving client expectations and accelerating industry consolidation are reshaping how wealth management firms compete and grow. The pressure is real—Envestnet reports that advisors not charging for planning dropped from 28% in 2020 to 10% in 2023 —and McKinsey estimates a potential shortfall of 100,000 advisors by 2034, as more seasoned professionals retire than enter the field. Right now, building a high-performing team through clarity and consistency is the most strategic decision a wealth management firm can make.
When employees know where the firm is headed, what matters most, and what leadership will do (and not do) when challenges surface, performance stops being fragile and becomes repeatable. The good news is that you can build this culture intentionally.
Create an Intentional Culture
Before seeking talent, get specific about the behaviors you want to see every day, especially under pressure. For example: Do you want a client-first culture where proactive communication is non-negotiable? A growth-minded culture where feedback is direct and coaching is expected? Or an owner’s mindset culture where people take initiative, solve problems and follow through without being chased? When you can clearly name the values and model them consistently, hiring and retention get easier because advisors and other candidates can opt in (or out) with eyes wide open.
Define Your Talent Toolkit
Think of your talent toolkit as the repeatable set of questions, assessments and checkpoints you use to evaluate people the same way, every time. I start interviews by asking candidates for a few adjectives that describe them, which helps me listen for values, strengths and patterns that show up under pressure. Balancing soft and hard skills is critical for wealth management teams. Words that any modern wealth management firm should be attuned to include trustworthy, empathetic or approachable.
Next, I measure talent against our cultural values, and I treat alignment as non-negotiable. Skills can be coached; consistent behavior that contradicts “how we do things here” eventually erodes trust and team performance. I use the CliftonStrengths assessment to help team members identify their top strengths, apply them to work and create a shared language that improves collaboration and accountability.
Make Sure the Right Person is in the Right Seat
There is something magical when the marriage of skills, passions and talents collide. Gino Wickham, who pioneered the Entrepreneurial Operating System, outlines an exercise where each team member is rated on three questions: “Do they get it? Do they want it? Do they have the capacity to do it?” This assessment can provide clarity on the strength of an individual team member. For advisors or support staff who fit the cultural profile but are struggling on other fronts, consider switching roles before looking for new team members. Good talent will raise the bar across the organization, while underperforming employees will set the ceiling on your team’s progress. As wealth management teams work to attract younger professionals to ensure the longevity of the profession and connect with a new client base, they should evaluate their distinct needs and learning patterns to ensure a proper fit.
Spot the Albatross
While you want to create a culture where professionals of all ages and abilities can thrive, underperforming advisors will weigh the whole team down. Addressing the issues quickly protects your standards, the client experience and your high performers’ morale. Just as importantly, you build trust: people learn they won’t be left to carry someone else’s weight, and they won’t be blindsided by problems that were obvious but unspoken.
If, after clear expectations have been set and a fair opportunity to improve hasn’t yielded the desired results, let the team member go; it’s kinder and healthier to make the decision sooner rather than later.
Created Connected Leadership
Strong connection starts at the top. When leadership is aligned, your teams feel steadier, communicate better, and collaborate more naturally. That’s why I like the idea of naming a “visionary” and an “integrator.” A concept from Traction, the visionary keeps the horizon clear and brings energy to what’s possible; the integrator turns that vision into priorities, decisions and execution. When those two leaders stay connected and present a unified front, the broader organization gets clarity rather than crosscurrents.
Look for the Signal Over the Noise
Wealth management firms need to build and maintain strong teams to remain competitive. The firms that get this right won’t just survive the current headwinds; they’ll define what the next era of wealth management looks like. This renewed focus on human capital is both timely and warranted. Technology can optimize a process, but it cannot replicate the trust built between an advisor and a client. Ensure your firm’s high performance by honestly assessing the quality of your current team, making intentional hiring decisions, and retaining top talent. Whatever challenges emerge, those industry firms with the right people in the right seats will always have the edge.
