Early in the life cycle of a financial planning firm, once it grows beyond a few seasoned principals, comes the day you-perhaps with your partners-hire your first new young associate planner. It's an important step for your firm, and for the profession.

Like the rest of the country, financial planning is graying, just as stiff regulatory and market challenges require that critical wisdom be passed to the next generation. As a firm, you want the best and you want to keep them, whether they are advisors leaving wirehouse and brokerage firms or graduates of financial planning programs. The biggest challenges you face are ensuring that the seasoned veterans joining you bring as many of their clients with them as possible, providing a career development path for young planners and holding on to all the new talent.

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