Growing and mentoring your team

The success of a wealth management practice relies not only on client acquisition and portfolio performance, but also on the effective growth and mentorship of team members.

A structured approach to developing junior advisors and administrative assistants ensures both continuity for clients and sustainability for the business.

Focusing on these two groups creates a balance between preparing the next generation of client-facing advisors and supporting the current client experience with strong operational excellence.

 

1. Junior advisors – Preparing the next generation

Junior advisors represent the pipeline of future leaders in wealth management practices. According to research by the CFA Institute¹, succession planning is one of the leading challenges for advisory firms globally, with many clients expressing concerns about who will manage their wealth if their primary advisor retires or transitions out of the business.

One of the most effective methods of preparing junior advisors and clients for your transition is early client exposure. By including them in client meetings from the outset, senior advisors give juniors the chance to observe interpersonal dynamics, learn how to frame advice and gain confidence in their communication skills. It also gives clients the opportunity to build rapport with junior advisors.

 

74% of advisors preparing for their succession believe early communication with clients is critical to their plan.2	Beyond observation, junior advisors should gradually be given active roles in meetings. For example, they may start by presenting sections of financial plans or handling specific follow-up items. This signals to clients that the junior advisor is an integral part of the team and builds trust in the continuity of service. A formal transition plan is also critical. Without one, practices risk client attrition during advisor turnover. Transition planning not only reassures clients but also empowers junior advisors by providing them with a clear career trajectory.

According to Cerulli Associates³, 70 per cent of high-net-worth investors say they would remain with a firm if a strong succession plan were in place, while only 34 per cent would stay if no plan existed.

 

2. Administrative assistants – The backbone of the practice

While much of the focus in wealth management succession falls on advisors, administrative assistants (often called client service associates) are equally critical to a firm’s long-term success. They are often the first point of contact for clients, managing scheduling, documentation and day-to-day communication. Their role is not simply administrative — it is relational and strategic.

 

75% of senior managers said the responsibilities of administrative staff have increased in the past 5 years.4	A recent study by OfficeTeams4 highlights that the roles administrative staff play are expanding, underscoring the need to invest in assistant development and career progression. Moreover, empowering assistants to use their unique talents to help grow the business can also have a significant impact. The survey also found that talented assistants can free up an average of eight hours per week for managers, while playing an integral role in the success of the business. Ignoring the importance of assistants creates operational bottlenecks and risks eroding client trust. By contrast, recognizing their contributions fosters loyalty, both from staff and from clients who value a consistent and attentive service experience.

 

Mentorship is mutually beneficial

Mentorship isn’t a one-way street. While junior advisors and assistants gain knowledge, confidence and exposure, leaders benefit just as much.

 

For the team, mentorship provides:		For the advisor, mentorship brings:
	Skill development Learning through real-world exposure.		Leverage and scalability As team members grow, they can take on more responsibility, freeing up your time.
	Confidence-building Having someone in their corner encourages them to take initiative.		Fresh perspectives  Juniors often bring new ideas, especially in technology and client engagement.
	Career satisfaction Employees who feel supported are far more likely to stay with the firm long-term.		Legacy and continuity Ensuring that your client relationships and practice thrive long after you’ve stepped back.

 

Studies back this up: Organizations with strong mentoring cultures have higher employee engagement (72 per cent) and retention rates (50 per cent higher) compared to those without⁵. In short, investing in people isn’t just “the right thing to do” — it pays off in measurable ways for both sides.

 

Conclusion

A strong practice is built by growing both ends of the team: Junior advisors who are learning to lead and assistants who keep everything running smoothly. Junior advisors need real client exposure and a structured transition plan, while assistants need recognition, training and empowerment to contribute beyond administration.

And at the heart of it all is mentorship. When leaders commit to guiding their team, everyone wins. Clients feel confident, juniors step up, assistants feel valued, and leaders create a sustainable practice with a strong future.

 

 

¹ CFA Institute. “Cultivating the next generation of wealth managers.” CFA Institute. Feb 6, 2025.
https://www.cfainstitute.org/insights/articles/next-generation-wealth-managers-development
² Goff, Robert. “Want to retire happy from an advisory career? Start planning now.” Investment News. March 15, 2024.
https://www.investmentnews.com/opinion/want-to-retire-happy-from-an-advisory-career-start-planning-now/250839
³ Horton, Chayce. “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets.” Cerulli Associates.
https://www.cerulli.com/reports/us-high-net-worth-and-ultra-high-net-worth-markets-2023
⁴ Keir, Katie. “How to make the most of your support staff.” Advisor.ca. Updated Dec 6, 2023.
https://www.advisor.ca/practice/planning-and-advice/how-to-make-the-most-of-your-support-staff/
⁵ Davis, Krissy, Gaughan, Tony, Cloud, Julia, and Dannemiller, Doug. “2023 investment management outlook.” Deloitte. Oct 7, 2022.
https://www.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/investment-management-industry-outlook-2023.html

 

 

This material is for general and educational purposes only and is based on the perspectives and opinions of the owners and writers. It is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, financial or other professional advice. Investors should always consult an appropriate professional regarding their particular circumstances before acting on any of the information here.

 

Worldsource Financial Management Inc. is a mutual fund dealer. Worldsource Wealth Management Inc. is a dual-registered firm, both as a mutual fund dealer and an investment dealer. Both Worldsource Financial Management Inc. and Worldsource Wealth Management Inc. are members of the Canadian Investor Protection Fund (CIPF) and the Canadian Investment Regulatory Organization (CIRO) and subsidiaries of Worldsource Group of Companies Inc., a wholly owned indirect subsidiary of the Fédération des caisses Desjardins du Québec (FCDQ), which is part of the Desjardins Group.