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It's true, financial advisors are sweethearts. You got into this business because you sincerely want to help folks succeed financially, meet their goals and live their dreams. This is a great quality in a financial advisor!
However, it's not always such a great quality in a human resources manager. Time after time, advisors call me because they have someone in a position they know is just not quite right, they can't see a future for them with the firm or they just generally irritate the advisor. We talk and talk about the employee and then, after listening to a litany of excuses as to why the employee is still there, I say "Sounds like it might be time for a change". The shock in their voice is palpable. How could I suggest such a thing... what kind of heartless person could I be?
Maybe I am a little bit of a mercenary when it comes to this but my clients pay me to look out for what is best for them. Now, don't get me wrong. Those of you who have read any of my postings relating to hiring, training, etc. know I am a huge advocate for taking great care of the RIGHT employees. However, if you have someone who you are just keeping because you're either too nice or loyal to make a change or because you're too big a wimp, you are not doing anyone any favors.
Hanging on to someone like this is actually very selfish. If you know you have someone who you do not see in the long term picture of the firm, you have an obligation to let them know. They need to be either searching for a new position or a new career.
If you find yourself in this position, have a plan for transitioning this person out and bringing in a new, better fit. Don't just throw them out.. .talk to them about it. Be honest. The majority of the time you will find that while their feelings are going to be hurt (it's only natural), they will appreciate your honest approach to helping them move on.
Call me if you'd like to discuss this further.
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.