Why Staff Development is Important in Your Wealth Management Business

Wealth ManagementConsider these staff development tips from Summit Brokerage to reshape the success of your company.

You’ve built a fruitful wealth management practice and have hired terrific employees, but there is still so much work to be done in order to have continued success. One key area to focus on is employee development, an often ignored or overlooked area by management that can lead to the loss of talented employees and cost you money with continual staff turnover.

Staff development is a hot topic today and with good reason. Managers and business owners want to know how to bridge the gap between finding great employees and keeping them for the long haul. The answer may be found in a recent Harvard Business Review study that analyzed the job desires of over 1,200 young high achievers. The study highlighted that the top reason behind many early exits of these top employees was due to lack of employee-development efforts in the form of mentoring, additional training, and coaching. While these employees shared they value the opportunity for more responsibility in their job and high-visibility positions, formal development via their managers was also crucial in their decision process regarding staying or leaving the company.

Still wondering why you should focus on increasing employee development within your business as an independent advisor? Here are a few reasons to keep in mind:

  • It will increase loyalty. Having a solid employee development plan that provides ongoing training, development, and mentoring to employees can make them feel important, valued and in turn, makes them loyal to your company. Development may also come in the form of continuing education, offering seminars or conferences, or a book allowance to help them stay educated in areas related to your business. All of these possibilities will entice talent that desires to grow and continually better themselves, and those are the people you want working for you.
  • It saves you money. Bringing employees onboard and training them costs you money, which is why keeping employee turnover low is crucial. It’s been said that “a good employee is like money in the bank.” When you pour into the lives of your employees, you can be assured they will be more confident, well-trained, and feel respected and proud to be part of your company. It can also lead to more productive and efficient employees who aren’t searching for jobs elsewhere. Think of staff development as an ongoing investment in the success of your wealth management practice.
  • It generates employees that are promotable. Wondering what else a comprehensive staff development program can do for your company? It will help you better understand the strengths and weaknesses of those who work for you and help them work on these areas through proper training and continued education. This in turn will lead to employees who are promotable as time goes on and create excitement in employees who want to grow, learn and excel in their career.

Another important aspect of building into your employees is that your efforts become very clear to your clients. They will see if your employees go the extra mile, stay employed in your practice on a long-term basis, and are advocating for your business when you aren’t present.

Consider the potential path of your wealth management business and devise an employee development plan that can reshape the future of your practice. To learn additional business tips as an independent advisor, visit www.SummitBrokerage.com. Summit Brokerage Services has been voted the #1 boutique independent broker dealer in the country. Let us show you why! To experience the Summit difference, learn more about our network of independent financial advisors, and begin creating your financial planning documents, visit https://www.summitbrokerage.com or call us at (800) 354-5528.

 

About Summit Brokerage Services, Inc.

Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.

 

About Cetera Financial Group

Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial planning advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions.  Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations.  Independent financial advisor support resources offered through Cetera include award-winning wealth management and financial planning and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology.  For more information, visit www.ceterafinancialgroup.com.

*”Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services.

 

All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.

 

Content created by Summit Brokerage Services, Inc.

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