The best leaders in this business deploy several key people development strategies by:
o Providing work that matters
o Systematically increasing responsibility
o Engaging in discussions on aspirations and opportunities
o Actively mentoring their associates
o Measuring progress
The worst leaders use money as a substitute for active management, as a way to send signals, or as a way to avoid difficult discussions with staff. When one considers the acute talent shortage confronting the advisory profession, those leaders who make human capital a key part of their strategic initiative, will be the real winners when the market eventually returns to normal.