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Summary: The statistics on the unhappy fates of family businesses are well known in the wealth-management world. Only 30 percent of family businesses make a successful transition from the founders to the second generation, 13 percent make it to the third generation, and just 3 percent make it to the fourth.
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Summary: Few companies aim for high turnover and low productivity. Yet many lack a clear strategy for onboarding new staff, and the lack of an onboarding process has been shown to increase employee turnover and decrease productivity.
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Summary: Ric Edelman is looking to hire a successor.The founder of one the largest RIAs in the country is actively headhunting for a new president and chief operating officer for Edelman Financial Group -- and hopes the new hire will ultimately replace Edelman himself as CEO.
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Summary: Hiring millennials can pump new life into an aging advisory workforce. Keeping them around and making sure they’ll succeed is another matter, says The Wall Street Journal.
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Summary: Not all of the interaction between advisers and clients is qualitative. For the many quantitative tasks that can eat up precious time, I think hiring an intern can be a great solution. Interns are especially useful for projects that are repeatable and finite. For example, this summer my firm's two interns are updating all of our investment-policy documents, a task we perform every three years.
