TRANSITION TALK

There comes a point for many wealth management businesses where they find that though they have grown successfully over the years and increased their value leaps and bounds, they are a unable to move the needle in the increments they’re used to. The same strategies just aren’t as effective as they once were.

What is the reason for adding this person to the team? Is it simply a matter of capacity? Or are there some other opportunities you can seize in the process? Recruiting the right person can also address your goals to:

-    Expand your service offerings
-    Diversify your client base
-    Create improved operational efficiencies
-    Secure continuity of client service
-    Prepare for succession of business ownership

Understanding which of these align with your existing business plan will help you to tailor role descriptions and find the very best person. Setting the table for success requires vocalizing the right words, expectations and opportunities to your new hire at the outset. Additionally, this focus will help you to communicate what you can offer to attract your ideal candidate.

Enhancing Your Successor Traits as a Woman in Wealth 

Written by Jess Flynn, Communications Director at FP Transitions

Recent Bureau of Labor Statistics data details that women comprise 47% of the workforce, but just 29% of senior management positions. While more women are entering the financial planning profession, they are joining in marketing, administrative, or other staff roles within financial planning firms and related organizations. There is still a large gender inequity between females in leadership at these firms, and it becomes especially apparent as we look at the number of female owners in the financial advisory space.  

As advisory firms continue to build profitable, transferrable and enduring businesses, one critical gap in this process has been around attracting and retaining diverse talent. While many firms have openly committed to embracing diversity, equity and inclusion within their firm, the effects of this are yet to be seen in the broader financial services community.

Finding and recruiting talented professionals can be time consuming and intimidating. In this industry, online job boards like Indeed and Monster are not all that relevant. There are many other - better - places to locate up-and-coming talent. Whether you’re looking to recruit experienced advisory professionals, or fresh, new graduates, the following are 11 places for sourcing the best talent.

I recently checked in on a client and she mentioned that she had to remind her staff to take vacation. As a small business owner, she wears many hats including H.R. As she processed payroll week after week she noticed her staff wasn’t requesting PTO. Her immediate concern was that employees would lose their accrued time off if they didn’t use it. More importantly, time away from work is necessary to get rested and charge your batteries.

Admittedly, “going on vacation” in these times may just mean closing and locking the door to your home office or taking your laptop and files off of the dining room table and putting them away for a few days. However, depending on where you live, you may be able to go out and safely explore local parks and trails or even go camping.

Virtual meetings are becoming the new normal. Taking a few moments to arrange your visible workspace, leverage what have at home to improve lighting, and frame yourself onscreen can do wonders for looking your best through virtual communications. Our Video Marketing Specialist, Alex Moan shares some tips in the video below. 

Building a sustainable business requires reaching across the generation gap and tapping into the energy and talent of younger professionals.

Meet the faces of FP Transitions–the team of people passionate about your growth. We use our different perspectives and shared desire to help financial advisory businesses, of any size, reach their goals. We care about what we do, and we care about our clients.

All of us feel lucky to work for a company like FP, but more importantly we feel lucky to be a part of the success of your businesses. In this video, we're excited to finally express just how much we enjoy working with all of you every day.

Thank you for continuing to trust us to guide your business to the next level.