Our recruiting firm reviews the job descriptions and career tracks of hundreds of firms each year, and one thing that continuously stands out is how often firms emphasize tenure as the primary driver for upward mobility.
We realize tenure is an important factor because someone may indeed need to be employed by the firm for a certain number of years to accumulate the skills needed to move up, but this shouldn’t be the only driver. Firms should also have an individualized career development plan in place for each member of their team.
Think of the career path as strategic and the career development plan as tactical. When creating these plans, firms should focus on manageable time periods, especially for newly hired employees.
Here is an example of a career development plan for a young planner.
Associate Financial Planner
In this role, you will spend approximately 90% of your time developing your technical competency and supporting the planning team in servicing the firms’ existing and new clients.
After one week, we expect you to be able to access and perform basic navigation of our core systems including CRM, portfolio management, shared filing system and financial planning software.
After 90 days, we expect you to be familiar with all processes and procedures involved with the financial planning department.
After 180 days, we expect you to be able to give anyone in the firm a summary of any client. This includes state of residence, occupation, income, net worth, AUM and tenure with the firm.
After one year, we expect you to have completed 12 full financial plans using our financial planning software, and presented between 10% and 25% of the client meeting agenda items.
After two years, we expect you to become the financial planning software in-house expert, and presented between 25% and 50% of agenda items.
After three years, we expect you to train new team members in the financial planning software, and be presenting between 50% and 75% of agenda items.
These requirements, particularly any anticipated timelines, work best when mutually developed to avoid someone stating they were too lofty when performance is assessed later.