In this episode, Adam Figura sits down with advisor and author Tyson Ray to unpack one of the biggest challenges facing advisory firms today: how to build a strong G2 (next-generation) team. Tyson explains why most firms are hiring the wrong way—looking for “mini rainmakers”—and why the real key is to hire and develop caretakers who can serve existing clients exceptionally well. He walks through Form Wealth’s internship-to-advisor pipeline, how they mentor young advisors in the real world (not just in textbooks), and why embracing trends like the RIA model and AI is critical for long-term succession and firm value.
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Chapters
- 00:01 – Welcome & Topic Setup
- Adam welcomes listeners and introduces the focus of the episode: building your bench and growing a strong G2 team for succession and scalable growth.
- 01:09 – Meet Tyson Ray & His Aha Moment
- Adam introduces Tyson’s background as CEO and founding partner of Form Wealth Advisors, his recognition in the industry, and his work on succession and mentorship.
- 01:52 – What Firms Are Doing Wrong with G2
- Tyson explains how most founders try to hire a younger version of themselves—a rainmaker—and why that model rarely works given time, energy, and mentoring constraints.
- 03:12 – From Rainmaker to Caretaker
- Tyson shares the mindset shift: hiring advisors who care for existing clients rather than chase new business. He describes his realization that many client meetings had no complex problems left—just ongoing check-ins and life updates.
- 05:36 – The Power of the Caretaking Role
- How hiring people who love people (and details like the dog’s name and trips) allows founders to focus on complex planning and business building, while caretakers deliver high-touch service and help make the firm the rainmaker.
- 07:03 – Why “Unlearning” Is So Hard & The Internship Solution
- Tyson talks about the difficulty of un-brainwashing experienced advisors and how that led him to build an internship program with a local university to start with a clean slate.
- 07:53 – Designing the Internship Pipeline
- The origin story of their first intern, how her tech skills immediately improved office processes, and how they structured her senior year to work part-time in the firm.
- 09:31 – Attracting Top Intern Talent (Not the Leftovers)
- Why they now receive hundreds of applications for just a couple of spots—and why you want students who are applying for next summer’s internship in the fall, not scrambling in May.
- 10:40 – Front Desk to Back Office to Client Meetings
- Tyson outlines the three-month rotation:
- Month 1: Reception/front desk, handling mail and paperwork, learning forms and flows.
- Month 2: Exposure to both front and back office roles.
- Month 3: Sitting in client meetings, observing senior and G2 advisors in action.
- 12:42 – People vs. Data: Finding the Right Seat
- How they use real-world work to determine if someone is more client-facing (people-tilted) or back-office (data-tilted), and why today’s interns need help building face-to-face communication skills.
- 13:55 – One Year of Shadowing & Task Ownership
- The G2 sits in meetings for about a year; the senior advisor assigns them follow-ups in front of the client and debriefs afterward so they understand not just what to do, but why.
- 16:08 – Removing the Sales Burden & Paying Salaries
- Tyson describes shifting G2s to salaried roles focused on caretaking, providing revenue stability and making it easier to serve clients well even in volatile markets. He also explains how former interns now lead the intern program.
- 17:37 – Investing Back into Your Practice
- Why solving the G2 problem requires reinvesting profits into people and systems—not just lifestyle—and why ROI shouldn’t be measured in six months.
- 20:08 – Retention Through Career Path & Leadership Opportunities
- Adam and Tyson discuss how giving G2 advisors leadership responsibilities (like owning the intern program) creates a clear career trajectory and keeps them engaged for the long term.
- 20:52 – Industry Trends Advisors Underestimate
- Tyson talks about the rise of the RIA/hybrid space and the shrinking number of advisors versus the growing number of clients needing help—and why firms must learn to do more with less through technology.
- 22:16 – AI, Productivity & The Future Advisor
- A candid discussion about AI: it won’t replace advisors, but it will replace advisors who refuse to use it. The winning model is a tech-leveraged, highly relational advisor.
- 23:52 – Final Advice: Start with One Intern
- Tyson’s closing advice: start somewhere, don’t hinge everything on one intern or hire, and view the process as a chance to give back and let fresh eyes improve your business.
- 25:00 – About Total Succession & Where to Learn More
- Tyson shares details on his new book Total Succession, how it guides advisors through their own planning process and explores succession options, and where listeners can find it (totalsuccession.com and Amazon).
- 25:48 – Closing & Thank You
- Adam thanks Tyson for joining the show and wraps up the episode with a message of encouragement for advisors building their next generation.
Key Takeaways
- Stop looking for the “younger you” rainmaker. Most founders try to hire a mini version of themselves who will sell and grow the business—but this usually fails.
- Hire caretakers, not hunters. G2 advisors should primarily be responsible for caring deeply for existing clients and delivering your firm’s planning process, not carrying the burden of sales.
- Mentorship is non-negotiable. Young advisors leave when they don’t get time, feedback, and consistent joint work with senior advisors.
- Internships are your farm system. Form Wealth built a university-based internship program that attracts proactive students early (applications the fall before the summer) and turns the best fits into full-time hires.
- Use internships to test “fit” in three arenas. Front desk/reception, back office/data work, and sitting in client meetings reveal who’s more people-oriented vs. data-oriented.
- Train by shadowing and task ownership. For about a year, G2 advisors sit in meetings, take on follow-up tasks (“Adam will get that for you…”), and debrief afterwards to understand the why behind each step.
- Remove the sales burden and pay a salary. Tyson’s G2s are salaried caretakers, which creates stability, reduces stress in down markets, and lets them focus on service, not production.
- Build a teaching ladder. Former interns who are now CFP® advisors help train the next class of interns, so knowledge compounds and doesn’t rest solely on the founder.
- Underestimated trend #1 – The RIA evolution. The growing RIA and hybrid space is essentially recreating the old regional firm model and changing how advisors affiliate and scale.
- Underestimated trend #2 – AI as a multiplier, not a replacement. Clients won’t leave advisors for AI—but they may leave advisors who don’t use AI for those who do.
- Start somewhere—and don’t hang your hopes on just one hire. Not every intern or G2 will be a fit, but each one is a chance to improve your business and theirs.
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Quotes from the Episode
- “Stop trying to hire the younger version of yourself. What you need isn’t another rainmaker — it’s a caretaker.” — Tyson Ray
- “Clients don’t leave advisors for AI…but they will leave an advisor who doesn’t use AI for one who does.”— Tyson Ray
- “You have to mentor G2. You can’t outsource your culture, your process, and your client experience.”— Adam Figura
- “If you're not reinvesting in your practice, you’re never going to solve your G2 problem.”— Tyson Ray
- “Going slower at the beginning allows you to go exponentially faster later.”— Tyson Ray
- “The internship program has become our farm system — and it works because we built it intentionally.”— Tyson Ray
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Contact Information
- Guest – Tyson Ray
- Form Wealth Advisors
- Website: totalsuccession.com
- Book: Total Succession (available on Amazon)
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Disclosure
The views depicted in this material are for informational purposes only and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC nor any of its representatives may give legal or tax advice.
Pete Bush, Bill Bush, and Andy Bush are registered representatives offering securities and advisory services through Cetera Advisors, LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser.
Adam Figura is a registered administrative assistant of Cetera Advisors, LLC, member FINRA/SIPC.
Today’s guest is not affiliated or registered with Cetera Advisors, LLC. Any information provided by our guest is in no way related to Cetera Advisors, LLC or its registered representatives.
Cetera is under separate ownership from any other named entity.
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