Financial Advisors Want to Know: How to Scale Your Team for Growth in Wealth Management - Ep. 80 Michael Connaughton

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

Michael Connaughton is a founding partner of Lead Advisor, LLC, a firm specializing in talent attraction and professional development within the wealth management industry.

Michael entered the wealth management field in 2007 and has held leadership positions at Fortune 500 financial services firms. His passion for working with advisors and leaders of growing wealth management businesses led him to establish Lead Advisor, allowing him to make a broader impact on the industry.

He has been quoted in publications such as Barron’s and The Daily Upside and featured on industry podcasts. A Certified Financial Planner, Michael serves on the board of the Financial Planning Association of New England and is a host of the chapter’s podcast.

Michael is a graduate of Providence College and lives in the Greater Boston area with his wife, daughter, and two sons.

Key Takeaways:
Hiring is Key to Scaling: Once you solve the client acquisition problem, the next big challenge for wealth management firms is building the right team to scale. Hiring the right talent is critical for creating more capacity and achieving long-term growth.

Turnkey Models Can Ease the Transition: Many advisors fear the unknown when moving into independent practice, but turnkey models provide a way to smoothly transition by offering support in areas like compliance, operations, and strategy consulting.

The Rise of Service Advisor Roles: A growing trend in wealth management firms is the creation of service advisor roles, where advisors support clients post-meeting and help move the sales process along, allowing lead advisors to focus on business development and high-level client interactions.

Balancing Lifestyle and Growth Goals: Whether a firm is aiming for massive growth or focusing on a lifestyle business, it’s important to have a clear structure in place. Building infrastructure and having the right talent in place will help a firm move from one plateau to the next.

The Importance of Onboarding and Retention: A structured onboarding process for new hires is essential for their long-term success. Firms should focus on creating a clear path for career advancement and ensure new hires feel integrated and valued from the start.

Connect with Michael:
https://www.linkedin.com/in/michael-p-connaughton-cfp%C2%AE-clu%C2%AE-chfc%C2%AE-5601535/
https://www.lead-advisor.com/
https://jobs.lead-advisor.com/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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