To maximize the return on your investment:
Many advisors view training and development as one and the same. Both are necessary to help an associate advisor achieve their goals and yours. But there are significant differences.
Your plan should encompass both training and development and a method for tracking your new hire's progress and accomplishments.
Leading and managing are not the same, but both are necessary for success. Depending on the structure at your practice, you may have to play both roles or split those duties with someone else, so it's important to understand the differences.
Leading requires a balance and an understanding of your associate advisor's capabilities. Early on, they may require extra help and supervision. As they grow, you will need to give them more autonomy.
The key is to get to know your new associate's needs and capabilities and discuss with them the level of supervision they may require and your timetable for giving them more independence.
Hiring an associate advisor requires a leap of faith that can initially leave you with more questions than answers.
Ideally, the commitment, planning and effort you put into bringing on a new member of your team starts long before you embark on the hiring process. If you've already hired someone, it's never too late to start building a plan and setting the wheels in motion to get your new team member on the path to success.
To help you get started developing a plan to successfully hire an associate advisor, be sure to download your free copy of Securities America's Associate Advisor Compensation Guide. This helpful resource will help you determine the right role for your associate, how you should compensate them and tips to help you avoid some common compensation mistakes.
Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc.
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