Key Steps for Developing Your Firm’s Next Generation of Leaders

Establishing an effective leadership development plan for early career advisors is an essential component of a long-term growth strategy.

By Dina Sonenshein, practice management consultant, Commonwealth Financial Network

In building a successful firm, you’ve shown you’re skilled at focusing on both short- and long-term aims. But just as hiring the right advisors is important for achieving near-term goals, establishing an effective leadership development plan for early career advisors is an essential component of a long-term growth strategy.

By making a clear path for today’s next-gen advisors to become leaders of tomorrow, you’re setting your firm up for a bright and sustainable future. When considering your firm’s leadership development plan, keep the following steps in mind to create a path to partnership for the next generation of advisors:

The future of your firm depends on its people. Commonwealth regularly consults with advisors to help them prepare their firms’ early-career employees for new phases of leadership. Whether you’re at the beginning of your firm’s journey or building on years of growth, by putting a comprehensive leadership development plan in place, you’ll help next-gen advisors grow their careers and pave the way for ongoing success. Click here to learn more!

This post originally appeared on The Independent Advisor, a blog authored by subject-matter experts at Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Latest news

California Bans ‘Resort Fee’ and Other Hidden Charges

But other legislation would let restaurants charge a mandatory gratuity or other surcharge as long as it is displayed clearly on the menu.

Losing a Spouse Hits Most Women Hard Financially: Thrivent

Many widowed women had no financial conversations or plans in place before their spouse died, Thrivent's new survey finds.

Schwab Survey Finds Increased Opportunities for Advisors

Americans are most likely to seek financial guidance from an advisor, and three-quarters avoid social media influencers, the survey reveals.

The Sky’s the Limit for CEO Pay

Companies now must disclose how much CEO stock holdings increase when the market rises.

Advisors Boost Allocation to Private Markets as Client Interest Grows

Over half the investment advisors surveyed by Hamilton Lane plan to allocate 10%+ of clients’ portfolios to private markets this year.

Virginia Leads in Personal income, West Virginia is Last: WalletHub

A new WalletHub report lets you see how your state ranks in personal income for the top 5%, bottom 20%, and total population.