Forming a team is a decision that can significantly shape the future of a financial professional’s business. But it isn’t just a business decision—it’s about forming relationships that require mutual respect, trust, and time to flourish. There are also implications for clients that warrant careful consideration. When contemplating the idea of teaming up, ask yourself the following questions:

• What do you aim to achieve by forming this team? For example, do you want to transition your business to another financial professional upon retirement, broaden your services (e.g., wealth planning, investment implementation, insurance), or grow your business?
• What do you want your role to be? Consider your strengths, passions, relationships, and innate skills.
• Do you expect the team member to bring their book of business? Is this important to you, or is it not a priority?
• How much training are you prepared to offer? Are you looking for someone who’s new to the industry and can be mentored, or would you rather have someone with experience who can instantly contribute and create impact?
• What new contributions would you value? Are you seeking someone who will focus on financial planning? Or would practice-management tasks like book segmentation, creation of client-service models, business marketing and branding, or conducting educational client seminars and appreciation events enhance your practice? On the other hand, is your measure of success the amount of net assets a person brings in?
• How do you think your current team members (this could be other financial professionals, support staff, etc.) would respond to this shift? Do any current team members have the capability to step into this prospective new role?
• What’s your work philosophy? If you dedicate 12 hours a day, do you expect the same commitment from other team members? Do you enjoy being a snowbird for one month a year while prospecting on the golf course? Is this something your potential new team member would also enjoy?
• How does your family feel about the idea of expanding your team? Are they in favor of it or do they have reservations?
• Do you have family members who are interested in joining your business down the line? Does your prospective new team member have relatives they’ve envisioned working with someday?
• What conversations have you had with any existing or former employees, friends, or relatives about working together in your business? Does each person know where they (and you) stand in that process?
• What duties do you anticipate this prospective team member will be performing? Are the activities clearly defined? Can results be monitored and are they measurable?
• Do you intend to split a portion of gross production with this prospective team member, or pay them a salary? Each firm has a variety of compensation structures and will impact you differently. Knowing what options are available and the pros and cons of each is imperative before you move forward.
• Have you ever been part of a team that dissolved? If yes, what effect did that experience have on you that might be influencing your decisions? Have you consulted with an impartial third party about forming a team to ensure that your preconceived notions aren’t causing you to miss any crucial details?
• What’s your greatest concern or fear about expanding your team? What are you most excited about when you ponder forming a team?
• What is your gut instinct? I often say in my coaching sessions, “The only time my gut led me astray was when I didn’t listen to it.” Have you taken time to truly listen to your gut? Are you attempting to fit a square peg into a round hole, or do you believe the partnership will be a winning combination?