The typical financial planner decided to pursue their career path for the opportunity to be of service to others, and grows an advisory firm over time by delivering value to their clients, and getting referred to others seeking the same value. Yet by serving clients on an ongoing basis, it is virtually inevitable that the advisor will eventually reach their personal capacity of clients that can be served, and need to hire a new advisor to support (and perhaps eventually, take over) some of those client relationships.
The problem, though, is that few financial planners have ever had to hire, train, and develop other financial planners – a challenge most of us become acutely aware of when we hire our first paraplanner or associate advisor for support.
Join Michael Kitces, and expert guests Penny Phillips and Philip Palaveev, at our next Kitces Office Hours, where they’ll discuss what exactly paraplanners and associate advisors should be doing to create value as quickly as possible, how senior advisors can establish expectations about what success looks like for paraplanners and associate advisors, and the keys to creating a development pathway that increases retention and allows the firm to efficiently scale.
