Hire, Train and Leave - a new whitepaper released by Caleb Brown and Michael Kitces of New Planner Recruiting, LLC. The study, the first of its kind focusing exclusively on the new planner community, provides valuable insights for firm owners as to why new financial planners perform and think as they do. It is a must read for any business owner that has a new planner or is considering hiring one and wants to improve their business.
Executive summary
The financial costs of mismanaging professional staff can be a huge hurdle for
financial planning firms. It is costly for a firm owner to hire a new planner, train
that new planner, and then eventually have that new planner leave to join a
competitor or become a competitor themselves. This study examines the issues
surrounding the Hire, Train and Leave (HTL) phenomenon to determine if it really
is a risk for firm owners. The goal of our research was to reach out to the new
planner community to garner their thoughts about HTL. There were several
interesting findings from our data: First, HTL does not appear to exist in any overt
way. Young planners generally enter into employment situations in a good faith
effort to find a long term match. However, their skills at finding a match are
undeveloped because they are inexperienced and usually don't have as robust a
network as they need to find a fit. As a result, if the firm does not do an especially
good job trying to evaluate the candidate, the position, and make a match, the
firm is at an elevated risk of having the candidate leave in a short period of time.
Consequently, to the extent that a firm can be more active and successful in properly
evaluating young candidates to determine an appropriate fit, the risk of HTL is dramatically
reduced.
After reading the full report, firm owners will be able to:
1. Have an understanding of what the next generation of financial planners are seeking in their careers and positions within financial planning firms
2. Gain insight into why younger planners change firms
3. Reduce future expense and hassle of employee turnover
4. Learn what it takes to hire the right fit and keep them for the long term
5. Hear in New Planners' own words what they like and dislike about their firms
6. Have access to some of the best practices compiled from NPR's' extensive research while placing candidates nationwide.
This is a must read for financial planners to keep a pulse on the new planners they will be hiring to fill the addition of professional positions that will be created in financial planning firms to effectively service the impending retirement of the baby boomer generation. Don't miss out and be at a disadvantage when recruiting, securing and retaining top human capital for your business!
To download the full report click here and it will be emailed to you.