Creating Customized Career Tracks

Dave Grant, CFP®Founder, Fee Only Consulting

Who am I?Certified Financial Planner TM

certificant

Over six years of experience in the Fee-Only profession

Run RIA “Finance for Teachers” and consulting firm “Fee Only

Consulting”

Financial Planning magazine : Columnist and blogger

Founded NAPFA Genesis: a group of 150 NAFPA members under 33

The usual process

Job 1 – Wait 3 years to advance

Job 2 – Same track as everyone else

What is the problem?

Advisors have diverse educational backgrounds

“How can I train a compliance officer?”

Succession plans are limited without knowledge of staff

Do you know the top talents of each of your team members?

What is happening now? (1)

Development plans don’t exist

“Accidental development”

Skills development in areas of non-interest

What is happening now? (2)Isolated development, no team-element

Company-focused development

Another scenario: “Reactive” Development

Leads to: - Frustration - Ill-equipped and under-trained staff - Skills at odds with firm needs

What is the solution?Defined company vision

Custom tracks for all staff (3-5 years)

Tracks should incorporate company and individual goals

Through discovery, tracks should be designed to compliment current skillsand strengths

What difference will a career track make?

Manager: What if I put a lot of time, effort and money into developing my team and they leave?

Coach: What happens if you don’t and they stay?

Supported strategic plans Increased morale

Increased staff retentionDetailed and specific succession plans

How do I make a career track?Understand your team member

Understand your strategic plan

Outline which skills need developing

Provide resources for assistance

Split the track into various sub-sections: Basic work habits; Relationships with colleagues; Relationships with clients; Business development; Technical knowledge, etc.

I don’t want to make my own, what now?

Fee Only Consulting provides three options:

- Pre-made plan

- Basic plan

- Retainer relationship

www.feeonlyconsulting.com

30% off

Keep in touch

Website: www.feeonlyconsulting.com

Email: dave@feeonlyconsulting.com

Phone: 224-357-8625

Writing (Print): Financial Planning magazine (column every other month)

Writing (Online): Financial Planning magazine (various posts per month)