The Industry and most Advisors are acutely aware of the need to develop the Next Generation of Financial Advisors. Clients are asking themselves many of the same questions that you are asking them. Namely, when will you retire and are you properly planning for your future? Bringing in younger Advisors bridges the gap between the generations. Younger Advisors relate better to your clients children. They bring in a different calibre of expertise. And, there is the issue of transition and succession that finally gets addressed. But, before you take the plunge, if you are an experienced Advisor, on boarding the Next Generation must be properly addressed. Here are a few issues that must be considered to have a highly functioning team:
1) You must know your leadership style. One approach does not fit all personalities. You must hold your self accountable and course correct if needed.
2) Managing numerous people, all who have different personalities, is a challenge. Build relationships with every team member.
3) Define roles and embrace differences. Wealth Management is a highly complex business that has many facets. Advisors with different areas of expertise will provide added value to your client
4) All team members expect and deserve a review with your feedback. Take time to review all employees similar to the time you would take going over a Financial Plan with your best client.
5) Reward and acknowledge a job well done. Scold in private but always praise in public.
6) Celebrate with the team whether its a birthday, hitting a goal, anniversary, etc., People want to have fun even if the job is demanding.