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Firms who contact us are sometimes struggling with the dilemma of whether to hire a planner who will stay in an Associate role permanently, or the more traditional planner hire who will progress along a career path to an eventual Lead Planner role. Below are a few of the opportunities and challenges for the permanent Associate hire to consider when contemplating how and where your next hire might fit within your organization. Opportunities for Long Term Associate Hire: Management – ...
In last month’s article, we reviewed how to successfully integrate a successor into your organization. This month, we will discuss how to groom them into becoming the leader you and your firm need them to be. At this juncture, you presumably have already identified, screened, and selected a successor candidate, and have made progress towards integrating them into the organization. Once they are fully integrated, the majority of your remaining time at the helm should be directed to grooming ...
In last month’s article, we reviewed some key attributes to consider when selecting a potential successor for your firm. This month, we will discuss how to successfully integrate them into your organization. Integration into the following three key areas of the business, position the future successor for the most likely chance for a successful outcome. • Client Service – Because financial planning is primarily a relationship based business it is a delicate process concluding the relationship ...
It seems as though succession planning is covered in the major news outlets every day now. It is true that we are a graying/grayed profession, and there is a lot of debate on the best way to go about alleviating the problem of the next generation continuing on with what the founding generation started. This month’s article is the first post in a three part series addressing the succession planning issue that many of the founding members of firms are facing and often unprepared for. We find ...
Over the last few years, candidates have had an increased focus on what technology the firms they are considering employ. So much so, that we have witnessed firms actually lose a few candidates that could have been excellent planners to fin tech start-up types. With that in mind, this month's post is to challenge you to take a look at your current technology infrastructure to see if your firm is meeting the mark. 1. Utilize Software: Believe it or not, we have firms contact us that do not ...
It is no secret that I am an advocate of the next generation of financial planners, and consistently rebuff efforts of those who try to stereotype all of the ~ 80 million members that make up Generation Y (Millennials) as lazy, arrogant, entitled, and overall, just bad, etc. I am realistic, though, and in speaking to dozens of candidates from these generations each week and seeing some struggle in firms (even though lots more succeed), I will acknowledge that there are certainly a few out ...
When I am out traveling the country speaking with new planners seeking to enter the financial planning profession and firm owners seeking to hire them, I often see many of the same mistakes being made. Recently, Carly Schulaka, Editor of the Journal of Financial Planning asked me 10 questions which I have included below that will hopefully assist all parties to experience a much smoother interaction. However, you must click here if you are interested in my answers. Enjoy! 1. One of your areas ...
Procrastination; It runs rampant in our instant gratification, I-need-it-yesterday society. In fact, I have to admit I am writing this article in the eleventh hour. You may even be reading this as a way to distract yourself from preparing for the big client meeting that is set for Monday (Hint: Go ahead and close this now if that's the case. I will not mind your delay in reading this article as much as your client will mind!). In this month's article, I wanted to provide you with a few resources ...
“Saying what needs to be said at the right time, to the right person, in the right manner is managerial courage.” —Michael M. Lombardo and Robert W. Eichinger (1996), “FYI For Your Improvement: A Guide for Developing and Coaching” Terminating an employee can be one of the most nerve-wracking and difficult things a business owner has to face in her/her career. When a team member is underperforming, the effects can ripple through the entire organization, whether it be: co-workers becoming ...
As the season of year-end employee reviews has wound down, growing firms are now turning their attention to hiring for 2015, from filling new full-time positions to getting a head-start on interviewing for summer interns. Accordingly, this month we will discuss a few ideas to ensure your employee benefit package is still competitive to attract the best and brightest candidates with the most potential. While new planners seeking to enter the industry are primarily interested in the work they ...
It's that time of the year again! It is time to take inventory of where you are, get rid of what is not working now, decide on new goals for the future, and make changes to help achieve those goals. Strategic planning is on everyone's mind, not only for their personal goals, but also for their firm's goals. In today's post, I want to briefly touch on strategic planning from a staffing perspective. If you have heard of the mastermind concept, it is possible that you have already established ...
Hiring a new employee can be a difficult and lengthy process to navigate. Firms often do not have a formal documented hiring process to follow (or may have never even hired a professional staff member before!), thereby exacerbating the situation. In instances where a firm does have a process in place, some either have no screening measures to evaluate and vet the prospective “fit” of their candidates, or alternatively, screen so much that candidates deem it excessive and burdensome to go ...
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