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From Adviser Guide: Succession Planning

Q: How do you create a culture that retains talent?

Reward and recognition are the key drivers here - identifying talent and rewarding it accordingly.

By Emma Ann Hughes | Published Aug 10, 2012 | comments

Reward and recognition are the key drivers here - identifying talent and rewarding it accordingly - but this does not have to be a monetary reward, according to Keith Richards, distribution and development director of Tenet.

Mr Richards said he could be offering further development opportunities such as the chance to increase qualifications, a new job title or other benefits.

Mr Richards said: “We aim to have a culture that is high performing and is not restricted by skills or knowledge.”

In Succession’s experience, particularly in the run-up to the Retail Distribution Review (RDR), Tim Parsons, business transition director of Succession Advisory Services, said there was a considerable element of “build it and they will come”.

There are many firms which lack direction, he added.

Often Mr Parsons said he found there were a number of disaffected advisers and support staff within such organisations, frustrated at the lack of vision and strategy.

A well run, properly managed business can attract new, high quality staff, simply by being well run and managed, he added.

Mr Parsons said: “Darwin would have had a field day – there is real evidence of adaption to take advantage of change and we are seeing the fittest survive.”

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