Last week, a financial planner named Bill posted this question on the blog:
As a late starter in the independent business, I find myself needing… …the right person to assist and grow the business, and succession. I am willing to train a newly graduated student but am afraid that I would not be able to challenge him (her) sufficiently so as to retain the new hire. Growth of the business is highly dependent on the right person and I would not want to retain solely on compensation. Any thoughts?
Bill hits on an issue that is the key to the success of any growing advisory practice: retaining professional employees to whom he can hand off firm ownership when he retires.
Bill’s instinct is exactly right: It’s not about the compensation. Rather, it’s about business growth.