The financial advisory industry is currently facing a significant challenge. The average age of advisors is increasing, and there is a pressing need for new talent. Many advisors struggle with building a team and transitioning their businesses to the next generation.
In this episode David Grau Jr. interviews Jon Randall, an advisor and consultant, about the importance of finding, training, and compensating next generation advisors in the financial advisory industry. They discuss the challenges of building a team and transitioning businesses to the next generation, emphasizing the need for training programs focused on the business owner aspect. They also explore the benefits of hiring and training raw talent, as well as the importance of incentives and clear career paths in retaining talent.
David and Jon discuss:
- Benefits of homegrown talent and training individuals in-house
- Strategies for finding and attracting talent, including networking events and internships
- The importance of offering competitive salaries and incentives to attract and retain talent
- The need for a clear career path and advancement opportunities within a firm
- Training and developing junior advisors, including specialization and working in teams
- The challenge of founders letting go and allowing junior advisors to take the lead
- And more!