February 9, 2022
Louis Diamond Quoted
by Diana Britton
Commonwealth Financial Network has launched a year-long coaching program specifically for next-gen advisors affiliated with the firm. While the independent broker/dealer has other development programs for those younger advisors, such as its Advisor Live training program, the NextGen Business Development Group is aimed at giving them concrete strategies and tactics for growing their revenue, assets and client base.
Commonwealth kicked off the program in January with 24 participants, most of whom are under age 40, according to Kristine McManus, vice president, chief business development officer and program facilitator. But they’re not new to the industry; most have already been working with a senior advisor or a team.
“A lot of them have been working with senior advisors or in firms where a lot of the goals are other people’s,” McManus said. “So, ‘How do you set your own goals? How do you clarify your own value proposition? Who are your ideal clients?’”
Louis Diamond, president of Diamond Consultants, said it’s a differentiator in that a lot of independent advisors don’t get formalized business development training.
“To me a gap in the independent space has been the advisor training and advisor coaching,” Diamond said. “Growth and learning how to sell and how do you do business development is a skill that many next-gen advisors don’t have. Maybe the advisor’s giving them some clients, but they’re not necessarily taught the ropes of how to properly develop business.”