How Firms Can Train Exceptional Financial Planners

Financial planning is an evolving profession. Clients have access to far more resources and tools than in the past, and they expect more than just basic advice and support from financial professionals.

If you want your firm to thrive, you need to invest time and energy into training a team of exceptional financial planners. Effective training isn’t just about meeting clients’ needs today — it prepares your team to drive the entire profession forward in the future.

Training excellent financial planners isn’t as straightforward as it seems. Let’s look at some of the most commonly overlooked aspects of training and see what it takes to build confident, competent planners who will move our entire profession forward.

The Missteps Firms Make When Training

Many financial planning firms offer training to employees, but these programs often overlook what it really takes to be a successful financial planner. Specifically, most financial planner training programs focus on the processes of planning — what planners typically do on the job. However, an effective training program must go beyond the process and help financial planners develop critical thinking skills to adapt quickly to real-world client scenarios.

Additionally, many training programs spend too much time focusing on technology. Financial planners must know how to use planning software and other tools. But planners also need to learn how to balance technology with their own judgment and communicate technical information to clients in a meaningful way.

Finally, many training programs neglect soft skills. A successful financial planner needs strong communication, emotional intelligence, and relationship-building skills. These traits aren’t generally included in formal education (such as CFP® certification courses) or internal training programs, which can leave planners unprepared to serve their clients effectively. 

What Exceptional Financial Planner Training Really Looks Like

So, how do you build a training program that thoroughly prepares your planners to serve clients well? Start by thinking beyond the process, tools, and systems.

It’s important to teach new planners your firm’s processes and SOPs. However, a good training program also focuses on core competencies and skills. 

What skills do your planners need to help their clients? Critical thinking, problem-solving, and flexibility are some of the most important aspects of financial planning. 

As you’re building (or refining) your firm’s training program, make sure it develops a planner’s soft skills along with their financial planning techniques. A well-rounded program produces exceptional planners who feel empowered to guide their clients.  

Remember, training shouldn’t stop after onboarding. There’s always more to learn, so it’s important to give your employees access to ongoing coaching, feedback, and professional development opportunities. This ensures that they can continue to grow with your firm

Elements of Financial Planner Training That Drive Success

As you build a training program for your planners, make sure it includes these key elements:

  • Real-world scenarios: Textbook examples don’t always prepare planners for the nuances of real client situations. Use case studies, role plays, and live examples to help planners prepare for the complexities of client work. 
  • Mentorship and feedback: Allowing new planners to work directly with established employees gives them the chance to benefit from the unique insights and practical expertise that come with experience
  • Confidence-building experiences: Communicating with clients takes practice, and most new planners feel nervous, especially in challenging situations. Structured training scenarios give planners the chance to practice their communication skills in a safe environment, which helps build confidence.
  • Team collaboration: While financial planning involves a lot of individual work, collaboration is also important. Make sure your training program includes elements that help planners learn how to work together to deliver exceptional client outcomes.

With a training program that includes these elements, you can feel confident that your planners have the tools and support they need to provide excellent service to your clients.

Training Moves the Profession Forward

Updating and expanding your firm’s training program can be a significant investment. But the results are worth it!

Highly trained financial planners are crucial for your firm’s success, and they also help advance the entire profession. Good training produces confident professionals who are ready to be creative and innovate new approaches to financial planning.

Additionally, investing in your team’s professional development can help your firm attract the best talent and significantly improve retention rates. Hiring new planners requires a lot of time and money — retaining a loyal team is far more cost-effective. 

Clients tend to prefer working with the same planner long-term, so firms with low turnover rates often have an easier time attracting and retaining loyal clients.

How Financial Planning Firms Can Commit to Better Training

If you’re ready to invest in your firm’s training program, where should you start? The first step is to evaluate your existing program. 

Does it include the key elements discussed above? Can you identify any missing components based on the tasks that your current employees find challenging?

Once you have the answers, follow these steps:

  • Start with a vision: Identify your firm’s long-term goals and values, and then develop a training approach that aligns with those priorities.
  • Invest in competency-based training: Focus more on developing critical thinking and decision-making skills instead of just teaching planners to follow strict, inflexible processes. 
  • Incorporate real-world applications: Help planners learn how to handle complex client scenarios with hands-on practice. Role plays, case studies, and practice meetings are effective training methods for real-world situations. 
  • Support continuous growth: Give your planners the chance to continue improving their skills through ongoing professional development opportunities, such as coaching, mentorship, and feedback loops.

Once you’ve created a comprehensive training program, continue to evaluate it regularly so you can make adjustments to address new aspects of this profession.

Ready to Be a Firm That Moves the Profession Forward?

Highly skilled financial planners are the foundation of a successful firm. Even if your firm only hires planners who already have good credentials (like a CFP® certification), it’s still crucial to develop a strong internal training program. Doing so helps prepare planners for success and sets your firm apart as one that’s committed to helping shape the future of this profession.

Along with teaching planners about your firm’s processes and systems, find ways to develop their confidence, core competencies, and soft skills. Offer ongoing support and feedback so your planners can continue to expand their expertise throughout their careers.

Are you ready to start training exceptional planners? The Amplified Planning Accelerator makes it easy. This 4-month training accelerator gives your firm the tools, guidance, and support you need to train top-notch planners fast. It’s a customized training program that’s affordable and effective for firms of all sizes! 

If you want to build a team of experienced planners quickly, join the upcoming Accelerator cohort. Get all the details and sign up!