How one RIA firm is redefining professional development for advisors

In an industry where relationships drive value and talent is the engine of growth, Wealthspire Advisors is setting a new course for professional development with an ambitious initiative.

Launched officially in September, the “Find Your People” program is designed to attract and retain next-generation talent, sustain firm growth, and keep company culture at the heart of every advisor’s journey.

The program is helmed by Michele Walthert, managing director and head of advisor success. As part of that role created in 2023, Walthert says she aims to remove obstacles for advisors, allowing them to engage clients more directly rather than navigating internal hurdles.

“My main goal is to remove obstacles for our advisors to spend more time with clients and with prospective clients,” Walthert says. “Whether it’s training, best practices, technology – you name it, it’s in my wheelhouse, and I’m trying to solve problems.

“Our business is built on relationships, whether it’s client relationships or relationships we have with our people,” she says. “We thought we could address a couple challenges – like attracting and retaining next-gen talent and sustaining firm growth – through a program like Find Your People.”

Goodbye cold-calling, hello next-gen branding

Walthert’s journey in financial services began in the early 2000s at a large wirehouse firm, where she recalls “smiling and dialing” – the weapon of choice for book-building – was already becoming difficult. That approach, she’s convinced, is a non-starter for early-stage advisors looking to make it in the independent space.

“Today, clients are looking for relationships, authenticity, and expertise,” Walthert says. “That’s really hard to convey when you’re just on the phone doing a cold call.”

Rather than having young advisors work through long contact lists, Wealthspire has next-gen branding and referral workshops, which aim to help them develop their voice and cultivate networks organically.

“We’re focusing on building the skill set for advisors to have a really good sense of who they enjoy working with and who they want to serve,” says Walthert. “It’s about developing a personal brand they can use through social media and starting to make a name for themselves within their own network.”

At Wealthspire, she says the next-gen recruitment journey begins with a robust internship program. After a three- to five-year exposure period to learn about the business, they’re ready to be introduced to the next-gen branding course, which helps them identify their niche and develop a strategy for content creation, networking, and client engagement.

“We help them get comfortable with that delivery so they can utilize it not only today, but throughout their careers when they’re out in the network and talking to people,” Walthert explains.

Helping senior advisors build a legacy

Aside from nurturing newcomers, Wealthspire has an executive leadership development initiative for senior advisors, which helps encourage them to build their legacy by mentoring junior talent and planning for succession.

“The idea of transitioning out of those relationships and having somebody else take the reins is a little bit daunting,” Walthert says. “We help them figure out a plan to transition out of relationships, so it’s not just an overnight decision to retire.”

Many of the firm’s rainmakers have entered the program, though she says the firm has no strict asset or tenure requirements to participate. Instead, selection is based on a senior advisor’s willingness and potential to provide guidance.

“It’s more about who is raising their hands, saying they need the support, or people we’ve identified as someone who could really mentor junior talent well,” Walthert says.

Similar to many of the most productive advisory firms, Walthert describes a multi-tiered teaming system for client relationships at Wealthspire, including a lead advisor (senior), a service advisor (mid-level), and an advisor associate (junior). This team-based structure gives junior advisors the opportunity to experience a variety of styles and philosophies, helping them develop their own authentic approach.

“We do that to help young advisors, especially, develop their own style so they can create their own personality and be their own advisor without trying to be like somebody else,” Walthert says.

A cure for career-pathing risk

The need for structured career development has never been greater. Recent research by Devoe points to a decline in RIA firms offering defined career paths for advisors, with only 38% of surveyed advisors saying their firms provide such paths, down from 53% just three years ago.

For Walthert, the numbers are a symptom of broader changes sweeping through the industry. “Career pathing is getting harder because the industry is evolving so quickly,” she says. “Consolidation, technology, and changing client expectations are making it more complex.”

While there’s no silver bullet to address the need to create continuity across wealth firms, Walthert is confident in Wealthspire’s strategy of providing structure, mentorship, and skill-building for both aspiring and experienced advisors.

“It really provides clear steps for people to take in order to build a skill set that we believe will make them successful,” Walthert says. “And it allows for mentorship along the way and for advisors to be their authentic selves, serving people in the best way they can.”