Michael Nathanson, chairman, CEO and president of the Colony Group has some interesting points to say about how to maximize the success of wealth management firms.

See related video here.

His main message: It all starts with getting the right people on board, and retaining them by developing their strengths. The Colony Group’s "human capital strategy" aims to achieve that by focusing on "attracting and retaining the right people, utilizing those people in the most efficient and effective manner," Nathanson says. He adds that this is achieved through specialization.

A clear, written career path is the most influential element of his human capital strategy. "I think people need to see how their careers are going to progress not just over the next year or two, but over the next 20 years," he says. Answering the question of ‘what's the path toward equity ownership?’ is key for employees, he explains.

“The best people want to understand that. If they're not asking those questions, you’ve got to ask yourself whether you have the right person and whether you want to hire that person,” he says.  

The video interview with Nathanson is based on an article in Financial Planning's April issue.

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