The Kitces Report has made available for download an article focusing on the “high stakes” of training new advisors in the modern era. According to the article, “As while in decades past, firms didn’t put much into training new advisors (beyond basic sales training) and therefore didn’t have much to lose if a new advisor ‘didn’t make it’, modern advisory firms trying to develop a new advisor to be able to manage ongoing relationships (for ongoing revenue) have to incur far more salary expenses until that new advisor develops the necessary skillets to be a productive member of the team.” However, what is more crucial than a training program is adopting a “Growth Mindset” at your firm, which “fosters an environment that encourages learning and talent development, seeks out challenges, and understands that improvement is impossible without failure.”
Posted by Jessica Zhang, Associate Editor, Wealth Strategies Journal.
