Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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Education Shakeup for Future Planners
From Financial Planning
Added on November 2015 in Plan for the Future
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Summary: To ensure that their students are receiving the real-life skills they need to succeed, the faculty and administrators in charge of these schools’ financial planning curriculums are working closely with local advisors to repurpose their programs. The mutual objective is to prepare the schools’ graduates to walk out of their classrooms and into jobs at nearby wealth management firms.
How to Scare Away New Talent- Follow these hints in your hiring process to avoid staff turnover
From Investment Advisor
Added on November 2015 in Plan for the Future
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Summary: The estimated financial cost of turnover, depending on the source, can range from one to three times the departing team member's compensation. This is not the most detrimental cost though — even worse is the psychological impact frequent turnover has on firms and how it causes existing team members to lose confidence in their leader, makes it harder to recruit new talent due to a perceived impaired culture and employee-unfriendly reputation, and leads to an overall downward spiral of morale.
What Does Junior Do?
From Financial Advisor Magazine
Added on November 2015 in Plan for the Future
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Summary: Junior” advisors are critical for the success of a firm, but their roles and responsibilities in an advisory firm are often misunderstood and frequently mismanaged. To begin with, “junior” advisors hate being called “junior.” They are often neither young nor inexperienced, and while they are not yet at the top of their professions, they can make an immediate contribution to the productivity and profitability of any firm.
Overworked and Clients Suffering? Hire a Manager
From Financial Planning
Added on November 2015 in Plan for the Future
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Summary: Many of the advisors we work with at my consulting firm come to us out of frustration that they have built the wrong organizational structure to support their firm. This often becomes a conversation about whether this is the right time to hire a professional manager to help run their business operations, freeing the advisor to spend more time with clients and to develop new client relationships.
5 Steps to Stepping Down From Your Firm
From Think Advisor
Added on October 2015 in Plan for the Future
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Summary: The pace of retiring advisors continues to accelerate, with almost 70,000 advisors with more than $2 trillion in assets under management retiring over the next decade, according to a new report from State Street Global Advisors.
