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Are You Creating Capacity for Growth?
According to the recent study by Investment News, advisory firms are continuing to grow at a pretty healthy clip although sources of revenue have shifted (here is a link to the Executive Summary -Investment News Study of Pricing and Profitability - Executive Summary. This study was formally
entitled “Financial Performance”.)
The study also showed that Advisors created a great deal of capacity last year adding staff at all levels. When asked about the growth tactics they have employed over the last two years to create capacity, 45% of responding advisors stated they had hired new staff.
What does this tell us? That with an unemployment rate at 3.9% and an already existing talent shortage at all levels, it is going to continue to be difficult to recruit the top players. Recruiting time continues to grow as advisors are employing many tactics to hang on their top talent. Prying someone away from another firm is becoming increasing difficult.
Now, just to be clear, there are “bodies” out there you can put in a role. But, since study after study has shown that the fastest growing, most successful firms only hire “A” players, we are assuming this is what you are looking for when we talk about recruiting times. We won’t hire anyone other than an A player as we have seen the effect on our retainer client firms that have or have had a non-A player.
Recruiting in this environment is tough and getting tougher. We have a proven process in place and do it all for you. From helping you write the ad, determining salary and benefits, culling resumes, having initial calls with candidates to employing assessments, offer letters and training schedules. We have it all in place and we have a great success rate – over 90% of the candidates we hire are successful in their positions and are still there years later. We’re proud of this and we’ve worked hard to achieve it. Our Hiring Process
If you are going to need to create capacity in the next 6 to 9 months, now is the time to start. Give us a call and we can see if we are a good fit to work together.
Thanks for listening, Ginny
Ginny Hudgens, President and Owner of The Strategic Implementer, started out in the financial services industry in 1992 as a Vice President in the Investment Banking Group of J.C. Bradford & Co., a regional brokerage firm purchased by PaineWebber (now UBS) in 2000.
In August of 2000, she accepted a position with a financial advisor, his only employee at the time, as the "jack of all trades". At the time of her employment, the firm had approximately $7 million in assets under management. Later, as the COO of the firm, she and the advisor built the firm to over $115 million in assets under management. Ginny was responsible for managing all aspects of the firm, leading team strategy sessions and implementing the initiatives that drove the firm growth.
In March of 2006, she started The Strategic Implementer to share her skills with other advisors who are READY to take their business to the next level. Her background has put her in the unique position of knowing exactly what it takes to build a successful advisory firm.
Ginny has written for and been written about in such publications as The Journal of Financial Planning, Investment News and Bob Veres’ Inside Information. She is frequently asked to speak and has spoken to groups including several FPA chapters, Geneos Wealth Advisors in Denver and the 2013 FPA Business Solutions Conference.
Ginny is a 1988 graduate of the University of Louisville with a B.S. in Business Administration (concentration in Finance). She is married and her husband has two grown sons, one who served his country in Iraq for 15 months and his younger brother, who is now her associate in The Strategic Implementer. Ginny serves on the Board of Directors for the Louisiana State University CFP Program.