Like most Advisors, I’m sure that growing your revenue is a top strategic priority. Hopefully, you have your Business Development plan in place and are getting plenty of client referrals!
This, of course, is going to require great team members to service these clients and with the increasing demands of your clients and high-net worth investors in general, going forward, most advisory firms will not be able to service as many clients per staff member. So, this begs some questions:
- Are you actively seeking new team members? We have our clients creating an ongoing pipeline through social media and other resources?
- Do you need to hire now knowing that it could take three to six months to get that A Player in place?
- Do you have a process for identifying these individuals to prevent costly hiring mistakes?
- Do you have job descriptions and training schedules in place?
- Do you have a competitive compensation and incentive plan in place?
- Do you have career paths in place?
- Do you even know what position you need to hire for next?
According to Charles Schwab’s 2018 RIA Compensation Report, 73% of firms plan to hire staff in the next 12 months. The report goes on to say that one of the “5 Principles that set apart top-performing advisory firms” is the human capital. Virtually nothing can be accomplished without high-performing, top talent. (5 Principles that Set Apart Top-Performing Advisory Firms). Additionally, if you do need to hire, you are going to be facing some tough competition). At The Strategic Implementer, we have known these truths for years, so it is gratifying to see this confirmed in the Schwab study.
We have a proven hiring process (The Strategic Implementer Hiring Process) and we have worked with hundreds of great Advisors to assist them in acquiring and retaining top talent. Give us a call to see how we can assist you as well (Click to Schedule a Call).
Thanks for listening, Ginny