One of the biggest motivators for candidates seeking a new position is the opportunity for upward mobility within the firm. In our latest career satisfaction survey, we asked candidates how soon new planners expect to be promoted to a lead advisor and over 47% of Gen Z interviewees expect to be promoted in the first three years. What superiors look for when determining if you are ready for a promotion, is if you are already doing the job and how much of the job you are already doing.   

Demonstrate how you provide value:

Everyone’s timeline is different, but a good indication that you are ready for a promotion is when you are providing more value to the firm, and taking on more responsibility than what was initially asked of you. When you are starting to not just meet, but exceed expectations, start a list of what you are doing above expectations of your current position like bringing in clients, generating additional revenue, generating assets under management, increasing profit, serving clients without supervision, and freeing up time of your superiors by taking substantial items off of their plates.  This shows management that you are delivering value and have earned consideration, and are capable of a greater role.

Improve your technical knowledge:

The more you know, the better you can serve clients. Take notice of areas in your firm that could benefit from an increase in technical knowledge and educate yourself! This includes areas like estate planning, student loan planning, small business planning, social security, and college funding strategies. Being able to offer additional technical competence enables you to serve your clients more thoroughly which can lead to an increase in referrals. This technical knowledge also can set you apart from everyone else in your firm as the go-to expert in a certain niche which gives you more leverage in seeking promotions.  

Prove your leadership skills:

Any promotion you get is likely to include more responsibilities; for example managing other people or managing more client relationships. Having the ability to manage, motivate, and mentor people both in person and virtually can further set you apart from other managers. Managing people is a difficult skill to develop and those who can do it well are currently in demand in the financial planning profession. 

The ultimate decider comes down to how you provide value to your firm. The more value you are providing, and can prove that you are providing, the better your odds of getting your desired promotion and pay increase. If you are already doing, or have done these things for your firm, compile a list of what you have done and set up a time to speak with your supervisor to talk about a promotion. Good Luck!