Teaming has gained momentum in the wealth management industry due to its numerous benefits, including higher organic growth rates and expanded service offerings. However, to be effective, strong teams will require collaborative leadership, consistent communication, and a shared vision among members to realize synergies, according to The Cerulli Report—U.S. Advisor Metrics 2025.

Cerulli’s research finds just over half (51%) of all advisors operate in a team structure, with advisors in the wirehouse and hybrid registered investment advisor (RIA) channels most likely to work in multi-advisor teams (64%).

Operating as a team offers numerous advantages for advisors seeking organic growth. According to the research, the average assets under management (AUM) for team-based practices are more than three times higher than solo practices, while annual organic growth is more than double ($20.3 million versus $8 million).

Team-based practices are also more likely to employ dedicated professional and administrative staff, which fosters greater specialization, creates capacity, and allows for offering a wider range of services through expanded expertise. According to Cerulli, 37% of team-based advisor practices employ specialized staff, and 28% of practices have dedicated financial planning or investment staff.

“Financial planning is a fundamental service provided by many advisor practices and is crucial for attracting new clients and encouraging them to utilize a wider range of available services and products,” says Andrew Blake, associate director. “Advisor practices that incorporate at least one planning specialist or paraplanner will be better positioned for expanding their financial planning capabilities,” he adds.

As practices grow their advisor headcount, Cerulli recommends they scale their specialized staff, especially the number of financial planning specialists. “Large multi-advisor practices are expected to become more common as consolidation continues and as pooling resources becomes increasingly feasible,” says Blake. “Larger advisor teams will require greater support, and firms will need to add resources and hire more specialized staff to make them as efficient as possible,” he concludes.