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Summary: With the average age of a financial advisor over 50 and nearly 1/3rd of all financial advisors projected to retire in the next 10 years, there is a rapidly rising demand for next-generation talent to replace them. And the demand is only further amplified by the ongoing shift of the advisory industry from commission-based compensation to (recurring) AUM fees, which for the first time make it viable for advisory firms to hire a deep bench of Support and Service advisors to retain existing clients without any need to be responsible (or successful) at finding their own new clients.
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Summary: The fact that they have a new home and continued financial advice is a testament to pre-planning, according to the principals in both firms.It also shows the importance of having a succession plan in place, even while firms are successful and the partners are healthy, and of revisiting that plan regularly.
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Summary: In this guest post, practice management consultant Teresa Riccobuono of Simply Organized shares the most important factors for successfully hiring a great administrative employee, including developing not only an effective job description and also a functional job posting (which is not the same thing and can help save a tremendous amount of time)
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Summary: My team shuts their doors all day long. I’m a very social person and as leader of the firm I want to engage and have discussions about what’s working and what’s not. Even if I have impromptu meetings to discuss things, they will rarely participate unless directly asked for their opinion.
