Blog

Utilizing Finders, Minders, Grinders Effectively

January 14, 2022 By: Alyssa Van Auker

Happy New Year! To continue to capitalize on the momentum you gained last year, start this year off right by making sure you have your teammates in the correct roles within your firm. Having the right person in the wrong fit role (the “wrong seat”) substantially detracts from any efficiencies and scale you have achieved. In our work with firms across the country, we see top candidates not be able to deliver top-tier results because, sometimes, they are in the wrong spot. In this month’s ...

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Oct15

Hiring Multiple People At Once: Silly or Smart?

October 15, 2021 By: Caleb Brown

We had a recruiting client recently ask us what the pros and cons were for hiring, onboarding, and training multiple people at once, since they had only planned on hiring one person, but were considering hiring up to three at one time based on the candidates we brought to them. Since this firm had never hired more than one person at a time before, we thought in this month’s article we would point out some of the advantages and disadvantages of bringing on multiple people ...

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Sep15

Vaccination Status Best Practices

September 15, 2021 By: Caleb Brown

Many financial planning firm owners we talk to are all wondering the same thing, “How do I ensure all of my employees become vaccinated?” Amid another huge wave of COVID-19 cases and the spread of different virus variants, vaccination efforts are becoming more urgent. Many questions are arising for employers regarding if or how to support vaccination efforts and what risks they take with mandating vaccination for their employees. It is important to employ a solid vaccination program that carries ...

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Aug13

Timing your Second and Third Hires

August 13, 2021 By: Caleb Brown

In this month’s article, we pick up where we left off last month and examine when to make your 2nd and 3rd hires for your firm. 2nd hire Hiring firms have multiple options at this level similar as well. If you are seeking immediate relief with planning based tasks, but not necessarily looking to substantially grow your firm by adding clients and staff, the paraplanner option can be an effective solution. Keep in mind, though, that you will be capped by the number of relationships you can ...

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Jul14

Timing Your First Hire

July 14, 2021 By: Caleb Brown

Much of our time in hiring engagements with financial planning firms involves discussing team structure, role development, and overall hiring strategy. In particular, we spend a lot of time discussing with business owners about when they should hire, and for what role at various points in their business. Obviously, every firm is different and there are some variances, but many successful firms have followed this path. Nonetheless, below is a chart to help ensure you are ...

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Realigning Expectations in the Current Talent Market

June 17, 2021 By: Caleb Brown

Recruiting top talent is especially challenging right now. The last three consecutive quarters are as tough a talent market as I have seen in my 20 years in the profession. As an already tight, pre-Covid, talent pool is being squeezed even further by firms who put their hires on hold last year are now scrambling to make their 2020 and 2021 hires this year. Due to this surge of hiring, demand for talent has doubled, and talent supply has mostly stayed the same, further driving up prices, ...

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May10

Transitioning Clients to the Next Generation Planner Effectively Part 2

May 10, 2021 By: Caleb Brown

Last month we shared with you the reasons to hire a new planner and transition clients and in this month’s post we conclude our two part series with tips on when to transition clients, how to transition clients, and how to overcome pushback you may receive. When to Transition Clients Timing will differ - Every firm is different and not everyone will be ready to take on client relationships at the same time. It will largely depend on your service model, client type, ...

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Apr21

Transitioning Clients to the Next Generation Planner Effectively Part 1

April 21, 2021 By: Caleb Brown

Recruiting new talent for your firm right now is very difficult. Those seeking to attract talent in this highly competitive environment must have a detailed plan for showing their new planner how the firm will help them get to where they want to go professionally. One of the best ways to do this is for firms to involve new planners in client meetings from the very beginning, so they can start learning the craft! Then once they have developed the confidence, maturity, and skills that you ...

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Mar17

Leading Your Team to Better Results

March 17, 2021 By: Caleb Brown

The firms we work with are busier than ever right now, and aren’t showing any signs of slowing down. This is a critical time for financial planning firms to continue the momentum, so you want to ensure you are getting the most out of your team to capitalize on the opportunities that are ahead of you. You have probably had some team members step up over the last year to tackle the new challenges your firm faced, but what about the others in your organization who might not have stepped up ...

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Feb19

How To Avoid Turnover

February 19, 2021 By: Caleb Brown

Virtually every firm owner has at some point experienced the challenging financial and non-financial impacts of staff turnover. The estimated financial cost, depending on the source, can range anywhere from 1-3 times a departing team member’s compensation. This is not the most detrimental cost though – even worse is the psychological impact of frequent turnover in firms, and how it causes the existing team members to lose confidence in their leader(s), increases the difficulty to ...

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