Displaying items by tag: recruiting

You don’t have to double check a wealth of sources like wikepedia to ferret outthe meaning of succession plaining; it’s simply the way you pinpoint and developing your organization’s possible leaders in the making as well as key employees, according to linkedin.com.

It abets your ability to make sure you maintain continuity, hang onto talent and get ready for changes that weren’t expected. That said, succession planning recruiting posed challenges and is susceptible to mistakes. 

How can you go about circumventing pitfalls and biases in the process? These strategies can help:

Assess your current and future needs

Develop a talent pool and a succession plan

Use objective and consistent methods

Involve multiple stakeholders and perspectives

Monitor and evaluate your results

Broadly speaking, talent development’s on the ascension – and fast – with succession planning squarely in the middle, according to sigmaassessmentsystems.com.

For senior managers and leaders of organizations who need to keep current on industry trends to help their team with the most effective and relevant growth opportunities, succession planning struts important implications.

SIGMA gathered a report on the State of Succession Planning for the year. Four emerging trends:

--Recruiting and retention of staff are the focus of most organizations

--Keeping up with Industry innovation’s key for many organizations to recognize

--Stepping up customer experience is a commitment among many leaders

--The transformation of their brand and culture’s a goal of a significant number of organizations

Each month, more than four million workers walked away from their job, according a 2021 U.S. Bureau of Labor Statistics report.

Although the advisor recruiting frenzy is certainly slowing down, two trends clearly standout. One is that LPL Financial has been a big winner with its variety of models and offerings for incoming advisors. The second is that Merrill Lynch has been a big loser with several high-profile exits.

This continued this week with two teams leaving Merrill Lynch who collectively manage over $1 billion in assets. The Coutant Group which is led by Kevin and Keith Coutant announced that they are leaving for UBS. The five-person group manages $700 million in assets with lead advisors Keith and Kevein having spent 23 and 20 years at the company, respectively. At UBS, they will be joining Soundview Wealth Management and continue operating in Connecticut. 

So far in 2023, UBS has recruited away nearly $4 billion in client assets from Merrill Lynch. Reportedly, the bank has been offering generous packages to brokers including guaranteed back-end bonuses and deals that are in the 400% range. 

The other major exit from Merrill was John Foley who managed $340 million in assets and left for RBC. According to reports, the exits are motivated by competitors offering more generous compensation and providing more freedom in terms of product recommendations and client relationships.

Finsum: Merrill Lynch has seen a steady stream of exits from advisors and brokers with large books. The latest are more than $1 billion in assets leaving for UBS and RBC. 

Financial advisors pour so much time and energy into building their businesses and cultivating high-quality relationships with clients. Yet, they often don’t put in a fraction of the thought when it comes to succession planning even though the implications are massive in terms of maximizing the firm’s value or ensuring that employees remain satisfied and business continues successfully operating. 

For ThinkAdvisor, Buckingham Strategic Wealth’s MIchael Kitces shares some advice on successful succession planning. He recommends starting with honest and frequent dialogue between owners and younger advisors who may have expectations about their role in the firm’s future. Older advisors can also choose to transition at their own pace and may give up certain responsibilities while continuing to do the parts of the job they enjoy. 

Part of this communication strategy is to be open about uncertainty rather than repeatedly changing plans which can lead to frustration. Another common mistake is to think about every decision as being binary rather than thinking about compromises between valid, competing interests. Finally, remember that succession planning is ultimately about maximizing the value of the firm in the present and setting it up for success in the future. 

Finsum: Succession planning is the final major decision that advisors will make in their careers. Here are some ways to maximize your chances of success. 

Think recruiting for succession planning is a piece of proverbial cake? Well, ha!

That’s because, to the contrary, errors can be common, according to linkedin.com. So, how do you increase your chances of sidestepping them in the recruiting process aimed at such planning? 

A few tips:

• Assess your current and future needs
• Develop a talent pool and a succession plan
• Use objective and consistent methods
• Involve multiple stakeholders and perspectives
• Monitor and evaluate your results

Now, ask yourself: if your most essential employees bolted – and bolted today – would you be up the old creek – or do you have a successor who had the knowledge, training and skills to pay dividends and fill the void?

Workplace data’s all that and more, according to hr.nih/gov. It can abet your ability to visualize your workforce, such as, for instance, the volume of employees eligible to call it a day. Well, leveraging data, you can visualize representation of the workforce, which is a great way to gain support – not to mention – interest, in succession planning.

Here’s a suggestion: in the course or workforce discussion, strategic planning – and as you break bread over your mission -- provide your leadership with a summary of workforce data, complete with the snapshot. Doing so will reinforce how important workforce planning is.

One of the biggest stories in the financial advisor recruiting world has been the exodus of advisors from Merrill Lynch to greener pastures. The big winners of these transitions have been LPL and Morgan Stanley. 

Last month, the Harris Rao Group, who is based in Phoenix moved to Morgan Stanley from Merrill Lynch. The team has a total of $630 million in client assets and generated $3.5 million in revenue last year. 

The group’s lead advisors are Christopher J. Harris and Nihaal M. Rao. Harris and Rao joined forces in 2005 and had been looking for a new home over the last couple of months. Both started their careers with Ameriprise Financial before joining Merrill Lynch in 2008. They were ranked #30 by Forbes in terms of wealth management teams.

According to sources, they wanted a place where there was less pressure to sell banking products and a more complete set of insurance products for their clients. Many of their clients are business owners, and they believe that Morgan Stanley offers better solutions for their needs.

Morgan Stanley also continues to aggressively recruit advisors and has been offering high-end deals to continue gathering assets. Over the last couple of months, they have landed just over $1.2 billion in client assets from Merrill Lynch. 

Finsum: Morgan Stanley continues to poach advisors from Merrill Lynch. The latest is a group from Arizona which produced $3.5 million in annual revenue.