Senior people need to be willing to allow the junior people to make money and get paid for their efforts as they ramp up. Meanwhile, the juniors have to be patient and know that, though it's a long runway, ultimately they'll be able to buy a business that is several times larger than they could develop on their own."Gene Diederich, cheif executive, Moneta Group. |
Firm Shares Tips for Succession Planning
Kelly Kearsley | Wall Street Journal Online, February 2014
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Summary: The St. Louis-based Moneta Group knows a thing or two about creating a lasting business: The registered investment adviser started as an insurance agency in 1869. Still, when it realized four years ago that many of its top people would be retiring in the next decade, the firm intensified its focus on succession planning. The firm's chairman, Peter Schick, now 67, developed a succession plan for his advisory team, which centered on mentoring younger advisers and providing the resources necessary to become principals.
Senior people need to be willing to allow the junior people to make money and get paid for their efforts as they ramp up. Meanwhile, the juniors have to be patient and know that, though it's a long runway, ultimately they'll be able to buy a business that is several times larger than they could develop on their own."
