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Summary: Most firms subject new hires to trial by fire. As a result, many say they experience disorder, lack of clarity, and confusion. Very few firms, even the best, engage in thoughtful training. This suggests that advisors can do better when it comes to preparing team members to succeed. Considering the time and thought required to design, develop and deploy formalized training programs, it’s no surprise that the advisory profession doesn’t have a mature training model. Here are some ways to help new hires thrive.
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Summary: That year-end bonus no longer motivating staffers as it once did? Maybe it’s time to revamp the compensation model, an Advisor Perspectives blog suggests.The blog acknowledges decades’ worth of research showing that employees find motivation in things other than compensation — “achievement, recognition, work that’s challenging and fulfilling, autonomy, and the opportunity to learn and progress,” for example.
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Summary: Call it the secret sauce, the black box or the hidden magic: What, exactly, do high-performing advisory firms do differently than their less successful peers? Fidelity Investments drew back the curtain last week, offering key insights from the firm’s latest RIA Benchmarking Study to a packed room of advisors attending Fidelity’s annual Inside Track NYC Conference.
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Summary: The right hires -- made in the right way, and at the right time -- are critical to retaining talent and fueling growth for financial advisory firms.That’s according to three innovative advisors who shared some of their human capital secrets this week at the FPA’s annual conference and via a new white paper.
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Summary: As the RIA business becomes more competitive, effectively creating and utilizing public relations and marketing techniques to distinguish yourself from the rest of the pack is becoming increasingly important. It is important to establish strong, positive connections with journalists and other media sources. Strong public relations can help to combat the trend in scandals and general distrust that many have with RIAs. Finding a niche is important because that is where the growth of the firm will begin.
