January 2022 Issue: Creating Non-Advisory Career Paths at Financial Planning Firms-Creating Non-Advisory Career Paths at Financial Planning Firms by Katie Calagui

Creating Non-Advisory Career Paths at Financial Planning Firms by Katie Calagui

Pdf Summary

Attracting and retaining talent is a major challenge for advisory firms, especially when it comes to non-advisory roles. The incoming generation of employees wants clear career paths and expectations. To address this, firm leaders need to focus on growth, delegation, and expanding service offerings.<br /><br />Leaders should embrace and promote a culture of growth and support it with a clear growth strategy. More clients and revenue create more career opportunities and responsibilities. Delegation is key for employees to take on more responsibility, and leaders must challenge themselves with new work to hand off responsibilities. Enlisting an executive coach can help leaders develop delegation skills.<br /><br />Adding value-added services for clients creates higher client retention and opens up new opportunities for employees to move upward or laterally within the firm. As a firm scales up and roles become more specialized, there should be career opportunities in various areas. When hiring, it's important to convey flexibility with career paths.<br /><br />Leadership plays a crucial role in the ongoing success of firms and their ability to attract and retain talent. Firm leaders should consider their own career paths and development plans. Building a management team, using professional management systems, engaging in executive coaching, joining peer groups, and enrolling in executive education programs can support a leader's ability to create opportunities and a culture of maximizing potential.<br /><br />In summary, attracting and retaining talent requires creating clear career paths, focusing on growth and delegation, expanding service offerings, and developing leadership skills. Creating a culture of growth and providing opportunities for upward and lateral movement are crucial for attracting and retaining talent in advisory firms.

Keywords

attracting talent

retaining talent

advisory firms

clear career paths

growth strategy

delegation

expanding service offerings

value-added services

client retention

leadership