TEAMS HAVE PROLIFERATED IN FINANCIAL SERVICES over the past ten years, and for good reason: Advisors who work in a team generally do better than those who work on their own. Some financial services firms have more than 50 percent of their advisors in teams. The team structure works well in financial services in large part because of the productivity and client-service (retention) improvements they afford. While being on a team is not a prerequisite for having a million-dollar practice, being on a good team can increase the probability of reaching $1 million and can reduce the time it takes to reach it.

Among the advantages of teams are:

Deeper Expertise: Teams often specialize so that each team member can be an expert in something ...

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