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For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

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Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

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Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

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Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

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Practice Management

The Case for Real Teaming

In a contest for the best advisory practice structure, teaming would be the winner. More advisors are creating or joining advisory teams than ever before.

If there were such a thing as a contest for the best advisory practice structure, teaming would be the winner. For the past 10 years, more advisors have created or joined advisory teams than ever before. Given the number of advisors who have embraced the team structure, it’s probably safe to say that it’s more normal for an advisor to be on a team than it is for an advisor to be a sole practitioner. But why is the team approach so popular with today’s advisors? The main reasons relate to the opportunity teaming gives advisors to leverage each team member’s:

  • Unique strengths and talents 
    Each of us possess unique strengths and talents. As a member of a high-functioning team, it’s common for each team member’s contributions to be closely tied to their particular strength and/or area of expertise. At a functional level, great teams usually divide the responsibilities: client acquisition, analytical skills (financial planning and portfolio management), and client service.
  • Existing book of business 
    Many advisors join teams after they’ve been in the business for a while. The benefit of bringing a book of business to a new team is that it gives new team members the opportunity to analyze the book of business and the individual client groups with a new set of eyes.
  • Natural market 
    Our backgrounds, knowledge, and experience make us the people we are. As we make our way through life, we cross paths with all kinds of people, many of whom would benefit from the services provided by our advisory team. It’s also probably true that the people in your “universe” aren’t the same people your teammates know. The breadth and reach of you and your teammates’ natural markets set up a situation where the sum of the parts is exponentially greater than it would be.

Despite the fact that we’re all familiar with the positive aspects of teaming, many teams in our industry haven’t reached their full potential. Why? Because they’ve failed to fully diversify their teams. Sure, there may be four or five financial advisors on a team where there used to be two, but just adding bodies doesn’t qualify as diversifying. It’s human nature to surround ourselves with people with whom we share similar backgrounds and experiences, but we often fail to remember that what’s true for us is also true for our prospects and clients. Consider the millennial woman of color who is going through a difficult divorce. Would she relate to a 55 year-old white male financial advisor who has been married to the same woman for 30 years, or would she be able to relate more to a woman advisor who has experienced divorce herself? Likewise, would a 50+ year-old male prospect who just lost his high-paying job relate more to a female advisor who’s new to the industry or a male advisor who’s built an impressive track record and team? In both cases the answer is obvious. The prospect or client looking for a financial advisor will choose the team that they believe has the individuals capable of understanding them and their situation.

At the same time, financial advisors have been busy building advisory teams, the country has also been changing. English isn’t the only language spoken here anymore. Go into a public institution and you’ll see announcements and directions written in four or five languages, yet it’s still uncommon for us to hear languages other than English being spoken in our advisory offices. Today, more women in the workforce hold leadership positions than ever before, yet the percentage of female financial advisors in our industry never moves beyond the mid-teens. And although most advisors have been trained to understand the positive aspects of “true” diversity, most financial advisory practices become teams by adding additional bodies, individuals who resemble one another in terms of age, gender, and color.

While the sheer increase in the number of teams in the industry has demonstrated that advisors tend to be more productive when they work in groups, even greater opportunities exist for advisory teams that are comprised of individuals who are truly diverse. But finding diverse talent isn’t easy. To create a diverse team, you’ll have to make a conscious decision and expend energy to seek out, meet with, and form alliances with individuals who don’t look or think like you. If you can find those individuals in the industry, that’s great, but if they aren’t in the industry already, you will have go to their communities, identify them, and bring them into the financial services industry. If you make the effort, you will build a real team, and success will follow.

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