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The RARE Advisor: How to Build a Rainmaker Team

The RARE Advisor: How to Build a Rainmaker Team
Aug 10
2023

The number one hiring mistake that most financial advisors make, especially when it is one of their first hires, is hiring someone just like themself. In this episode of The RARE Advisor, we’ll discuss what qualities you should look for in a new hire.

 

Recently, I spoke to you about the fact that you are likely terrible at paperwork - it's most likely just not how you're wired. And it's really important to understand how you are, in fact, wired, and how the rest of your staff and your team is wired.

At USA Financial, we use a system called the Kolbe Index that breaks things down into: Fact Finder, Follow Thru, Quick Start, and Implementer. I am a 6-3-9-2. (6 on Fact Finder, 3 on Follow Thru, 9 on Quick Start, and 2 on Implementer). What you'll generally find is that, for the most part, financial advisors tend to either run high or score high on Fact Finder and/or Quick Start. I happen to be a bit of that combination.

When you're looking for other staff, you don't necessarily want or need to duplicate yourself. In fact, it's probably the worst thing you could do. Even though you might like hanging out with somebody who acts like you and thinks like you, the reality is... to build a team, you need people who don't act like you, don't think like you, and aren't wired the same way. We are all hardwired in certain different sections or sequences, and we're not going to change that. And if we try to change it, we're going to make that person miserable and they're not going to last in the job. So, we want to hire someone based on how they're wired, and whether that wiring fits with the job at hand. Don't duplicate yourself. You are the rainmaker, so let's build a team around you. For example, we want to find a high Follow Thru person who's going to have an excellent attitude towards doing paperwork, that is highly organized, that is going to run your database and your systems and your processes behind the scenes in ways that are far more efficient than you ever would. Especially because if you're a successful financial advisor, those aren't the things you're wired for. And we want to build a team.

I don't need to put 11 quarterbacks on the field. I need one quarterback and then a team around them so that we can get in the endzone.

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The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is also a podcast! Subscribe today via Apple Podcasts, Google Podcasts, or your preferred podcast listening service for easier on-the-go listening.

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