Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
You've worked hard to make your financial advisory firm a success. Going to school, earning certifications, getting that first client, building your brand ... creating a successful firm requires staying on top of many moving parts. Obviously, your credentials are important, your clients play a huge role in your business, and a well-thought-out marketing plan is critical
But community is the most important resource in your toolbox, especially for female financial advisors.
You hear the word “community” tossed around a lot. "A community of women supporting women." "A community to fall back on." But what does community mean?
For some, the concept conjures up images of professional women sitting around a living room swirling Chardonnay and nibbling on canapes, gabbing about work and exchanging tidbits of information. While community can look like this on the outside, it is much deeper than that.
Here are the top four reasons you shouldn't underestimate the importance of community.
1. Collective wisdom and intelligence
The first major benefit of being a part of a community is collective wisdom. Don't know how to do something? Odds are someone in your community does, or, if they don't, they can point you in the right direction. Are you unsure of how to solve a problem? Reach out to your community. There is strength in numbers and value in diversity of thought.
2. A built-in sounding board
It's always helpful to have a sounding board to bounce thoughts and ideas off of; having a community can be just that. Female financial advisors have the potential to gain immense value from running ideas by others in their network, as adding an outside perspective makes space for you to think things through. Even the simple act of explaining your ideas and thought process out loud can make a world of difference when it comes to clarifying your plans and goals. Additionally, having your thought process challenged in a safe space can lead you to stretch the limits of your mind and develop new ideas.
3. The option to pool resources
Another benefit of being a part of a larger community is the ability to pool resources. As a financial advisor, having efficient technology, marketing, portfolio management, and compliance resources is especially important to the success of your business. However, as an independent firm owner, these costly resources are a financial burden. From financial planning software subscriptions to IT and tech support, banding together and pooling resources can make a huge difference in significantly cutting down on individual firms' costs.
4. Succession planning
Succession planning can be complicated. How do you find the right person to take over your role when you move on? Just because someone is a hard worker and excels in their own position doesn't necessarily indicate that they will be a good fit for your job. To find a successor, spend ample time getting to know a candidate and observing how they handle various challenges and situations. Luckily, as a part of a community, you automatically have a pool of qualified like-minded peers who you can vet over time.
Bridget Grimes and Katie Burke co-founded Equita Financial Network out of a need to fuel business success while empowering other women in the financial services industry. Equita became the first platform solely focused on women-led financial planning firms, designed to encourage women to make the leap into launching their own practice and provide solutions to support them every step of the way. Equita is a way for like-minded women to not only share resources and run their business at an affordable cost, but to also share ideas on everything from best practices to help with questions regarding client issues.
At Equita Financial Network, we pride ourselves on the network we have built - a network rich with the knowledge, experience, and perspectives of successful like-minded women. We understand how valuable women’s ideas, opinions, and experiences are to our industry, and we will continue to foster and cultivate a community for professional women to collaborate and share best practices and solutions. Reach out to learn more about joining Equita.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
