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How staffing up is paying dividends for veteran advisor’s practice


“If an advisor is sick or out of the office, there’s someone else on the team that completely understands that client’s goals, financial plan, and portfolio,” he says. Each associate is assigned to one of the senior advisors, and McClelland works with all three of them to expedite their training.

Letting junior advisors attend client meetings and do the grunt work for seasoned wealth professionals, McClelland adds, accelerates their on-the-job learning process.

“Normally with an associate or junior advisor, you’d give them some of your smaller clients to work with, and they would gradually get up to speed,” he says. “By sitting in meetings with a senior advisor, they’re getting exposed to everything from day one; they’re learning what it’s like to work with a $4-million company, and all the challenges that go into that. Their education is just skyrocketing very quickly, so it’s working well.”

Beyond having additional people, McClelland is also participating in the wave of the future by experimenting with artificial intelligence at his practice. For Zoom meetings, he says they’re employing tools to record and generate transcripts of conversations.

“It’s good, but it’s not at the stage where you could send it to a client as a summary of the meeting,” he says. “Cleaning up the transcript is often as time-consuming as our original process of creating meeting memos. We use parts of it to enhance our meeting memos, but it’s not something you can just fire off to the client after the meeting.”



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