Succession Planning Is about Taking Care of Your Firm’s Future Research data has highlighted a lack in succession planning as a potential trouble spot for aging advisory businesses for several years. Firms can successfully execute an ownership transition plan that has a strategic approach to institutionalizing business, and create a sustainable and transferable value as… Read more
Flexible Work Options
There’s a worrisome shortage of talent in our profession. Take a look around: More advisers are retiring, there’s a lack of new planners, yet there’s growth in demand for financial advice. The consulting firm Moss Adams has estimated that the industry could face a shortfall of more than 200,000 advisers by 2022. Now, more than… Read more
If advisory firms can tackle career development problems before they start, they’ll also solve their succession challenges by developing the next generation of leaders. The industry is evolving, and advisers need to move away from the kind of ad-hoc career development that has defined the business in the past. This has meant that employees’ jobs… Read more
Career Path
When working with firm owners I typically hear, “we don’t have people with the right skills for the demands of this business.” Conversely when I interview employees of advisory firms I hear, “this firm doesn’t take advantage of half of my skills that I have to offer.” It is often evident that there is a… Read more
Money Talks
Talking Points to Ease End-of-Year Compensation Discussions That time of year is almost here – performance reviews and compensation discussions. I know that most managers (and employees) dread these hour long rites of passage. You may be asking; do I have up-to-date data to benchmark my compensation levels? Does my budget accommodate increased salary ranges… Read more
The traditional annual performance review is losing favor with some advisory firms, but without a systematic approach to reviewing advisers, operational and support staff performances how can you objectively determine pay raises, bonuses and promotions? Therein lies the dilemma many advisory firms face as they head into the employee annual review process. I hear from… Read more
Some call them millennials, others call them Gen Y. Some even call them echo boomers, because their parents are part of the baby boom generation. Whatever you choose to call them, this group, made up of people born roughly between 1977 and 1992, makes up the largest proportion of the U.S. labor force. This means… Read more
What if running an advisory firm felt more like managing a strong college squad, known for its teamwork, rather than a team that merely celebrated its all-stars? What if your entire crew took joy in rallying together, applauded each member’s successes and celebrated winning new clients? Strong teams, not stars, deliver the best service, and… Read more
How do you know if you are currently paying your employees at competitive levels? And what merit increases are warranted for each position? Are you utilizing the appropriate mix of base and variable compensation based on the type of position? These are common questions we are asked when clients engage us on a compensation project… Read more
In an increasingly competitive job market, firms that link internship programs into their recruitment strategy are well-positioned to compete for the best talent graduating from universities and colleges. The main barrier or excuse I hear from advisors on hiring an intern is, “I don’t have time to train an inexperienced person.” I encourage advisors to… Read more
