Here are some things to remember and tips to consider.
1. BUSINESS PLAN BUY-IN
I will inform my new planners of business plans, as they might have some interesting input, and I realize they will have a larger degree of long term buy-in if they are a part of the conversation.
2. UP-TO-DATE TOOLS & EQUIPMENT
I will ensure my new planners have the best equipment and most up to date software/tools so efficiency doesn’t suffer.
3. KEEPING PROMISES
I will remember what I said and promised during the interview and hiring process in regards to their roles, responsibilities and career path and make sure I am holding up my end as long as they are delivering as expected.
4. EVALUATION MEETINGS
I will go to my new planner and let them know whether or not they are meeting or exceeding expectations by providing both positive reinforcement in addition to constructive criticism.
5. WORK WITH NEW PLANNNERS
I will spend time with my new planners, show confidence in them, exhibit patience with them, and view them as the professionals they are.
6. CLIENT EXPOSURE
I will let my new planner actually talk to my clients and even consider letting them practice honing their skills by presenting the analysis they performed.
7. CONSIDER FAMILY MATTERS
I will make an attempt to ask about my new planner’s interests and family outside of work because I understand that the family always wins. If things at home are out of sync, it will probably, at some point, affect his or her work. I understand that I might not be able to fix it, but do need to be aware nonetheless.
8. CHANGE THE CULTURE
I will consider adjusting the culture of the firm to attract younger workers and younger clients as I know the baby boomers can’t have the majority of the assets forever and the “experienced workers” will retire not too long from now.
9. DON'T DRAG OTHERS INTO DISPUTES
I will not involve my younger planner in disputes with my partners, where ownership is shared among multiple principals, and/or force them to choose between us.
10. NO PERFECT FITS
I will realize that there are no perfect fits out there and if I have solid team members I should do everything possible to ensure they are satisfied or another firm surely will.
Caleb Brown, MBA, CFP, is a past President of FPA NexGen and Partner in New Planner Recruiting, a recruiting firm that places financial planners in financial planning firms nationwide. He can be reached at www.newplannerrecruiting.com.