Create a Sustainable Practice by Developing New Talent

investmentnews.com:

There’s more than one way to shine a penny—or in this case, to grow your advisory business. While adding new clients is critical, when you’re building a legacy, it’s not the only important approach. Another way to create a sustainable practice is by developing new talent.

Hiring an associate advisor can help you grow, evolve, and drive success for years to come, whether you’re a solo practice, or part of a multiadvisor firm, or large-scale enterprise.

When bringing another advisor into your firm, you may think it’s best to choose someone with an established book. But finding the right fit can be a lengthy process. Instead, consider hiring a next-gen associate advisor, which brings several benefits:

Growth your way: With an associate advisor, you’ve got a clean slate—someone who will take your lead and adapt to your way of doing business. When ready, they can work with your lower-tier clients, freeing you to focus on serving your top clients and strategizing with your team to drive growth.

The next-gen connection: If you have clients whose children aren’t a regular part of meetings, you may risk losing those assets when they’re passed on. Who better to work with the next generation of clients than next-gen advisors?

Bringing on advisors who understand how to market to and work with those younger, would-be clients will give you a better chance of keeping the assets in-house.

Fresh ideas: Having new eyes on how your practice operates can provide perspectives you haven’t considered, such as how implementing new software, investigating new ways to improve efficiency, or adopting social media use can improve the practice.

Business continuity: If you don’t have a succession plan in place yet, now may be a good time to start