From Adviser Guide: Succession Planning
Q: How do I assess my workforce?
Having a concise understanding of your business and your staff is key to being ultimately successful.
Tim Parsons, business transition director of Succession Advisory Services, said it is important that your staff are fully integrated into the ‘business’ first, and are not of the old mind-set that laboured the point about individual relationships with clients – the old world has gone.
Mr Parson said his business helped advisory firms assess the following:
1) Are your advisers really fulfilling a role that is a sub-set of the corporate plan or are they just blithely ploughing their own furrow?
2) How do your administrative or para-planners fit within the team?
3) Are they equally incentivised?
4) How crucial to your operation are they?
5) Have you fully worked out how much they cost per hour and are they fulfilling their roles?
6) Is your business known for retention or do staff members tend to leave within a year?
7) What are the career paths available?
If you are going to run a business properly and ultimately are looking at succession issues, Mr Parson said then you must understand that your staff - including your advisers - are a key component of your success so don’t take your eye off the ball.
A rigorous plan should be implemented so that you review and make time for staffing issues.
Performance management is key, according to Keith Richards, distribution and development director of Tenet.
Mr Richards said line managers should have regular one to ones with their team members, allowing them to assess development needs and identify skills gaps and all staff; including directors.
He said: “As part of a strategic human resource plan, every position has a role profile which gives a clear picture of its purpose, responsibilities, key or main activities and any qualifications or technical specialisms required.
“This enables us to conduct needs analysis and create plans to bridge any skills gaps.”