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Summary: Owners of financial advisory firms seem to be dragging their heels when it comes time to plan for the future of their business after they have retired or died. According to a recent report from FA Insight, fewer than half (44%) of surveyed advisory firms said they have an adequate succession plan in place. Yet the share of firms with owners who are three years or less from retirement has more than doubled in the past four years.
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Summary: VIDEO: Neesha Hathi of Charles Schwab Advisor Services says recruiting at RIAs often lacks structure and overlooks the need for diversity.
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Summary: A financial-advice firm is only as good as its people — a fact that can add tremendous pressure to integrating a new hire into an existing team.With this in mind, we talked to a few advisors about their experiences looking for the right fit in a new employee. Their missteps and solutions offer strategies for how to build a capable team that supports growth and expansion.
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Summary: Last week, at Bob Veres' Insiders Forum in Phoenix, I attended a great presentation on succession planning by Pershing's Mark Tibergien and Gabe Garcia. They addressed the reluctance many advisers have to plan for and execute a succession strategy because they view it as an "ending" of their leadership.
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Summary:So you want to hire young planning talent. It's a timely goal as the planning industry continues to struggle with a severe lack of qualified younger recruits, at the same time that many young planners complain they can't find work.
