Building a strong team of professionals is crucial to a financial services firm’s long-term success and business succession efforts. Unfortunately, recruiting and training can be among the toughest challenges facing business owners.
Our firm has found success by guiding young professionals through a five-year articling program. This requires new hires to work with a mentor while learning every aspect of the operation and obtaining their CFP and/or CLU designation. During this period, the new advisors are paid a stipend and a bonus. When they begin to see clients, they receive a percentage of the revenue generated.
When they have completed the program and attained their designation, the board decides whether to make them a partner in the firm. At that time, the articling financial advisor can opt to buy the book of business they have been servicing from their mentor.
What recruiting and training methods have been effective for you? What challenges do you face when it comes to building a staff of quality professionals? How do you find great new agents, and how do you keep them?
