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Summary: Given the large number of solo practitioners and silo practices that make up the planning universe, succession planning is typically a difficult problem. Replacing a seasoned sailor with a fresh recruit is replete with challenges and can carry a significant risk.
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Summary: For advisory firms, three favorites of Beverly Flaxington, principal at adviser coach The Collaborative, are the DISC, StrengthsFinder and Kolbe assessments. These, as well as the 16PF Questionnaire, the Caliper Profile and other personality tests, can help reveal what the interviewer can't see and won't hear from the interviewee.
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Summary: New research from InvestmentNews and TD Ameritrade Institutional shows that an increasing number of firms are looking to add NextGen advisers in 2016 – and that there is a significant short-term impact when firms bring NextGen talent into their organizations. Most notably, firms that have NextGen advisers appear to be growing faster than firms that do not - and are ultimately more successful in increasing revenues and improving profitability.
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Summary: One of the most common misconceptions regarding succession planning is: “I’m young and healthy. I’ll think about succession planning when I’m closer to retirement.”
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Summary: We all know it takes many years and plenty of gray hairs to build a great financial advisory practice, right? Maybe not. If you do it correctly, you can build a successful business much faster than you may have ever thought possible. Research by my firm, CEG Worldwide, has found a select group of advisors who are green in terms of experience, but are generating great success in their businesses.
