From Adviser Guide:
Q: What are the pros and cons of developing potential?
Internal routes are generally cheaper than external training courses or qualifications but it comes down to what is appropriate.
Keith Richards, distribution and development director of Tenet, said a business also has to be at the right stage to enable it to develop candidates internally – for example, a small business may not have the resource to train someone in house without it impacting on day-to-day business, or are simply too busy with their workload.
Quite a few of Succession’s partner firms develop graduate intake or para-planners for example, by allotting time with a full financial planner.
Effectively, Tim Parsons, business transition director of Succession Advisory Services, said it was learning on the job but this way they gained a great understanding of the softer skills that often you can’t learn on a training course.
He said: “We have found this a really effective way of weeding people in or out of face-to-face financial planning. Some people are great technically, but they just can’t talk to clients.
“I’ve also found that with some advisers, helping them move from a transaction-based relationship with their client, to a fee-charging one, can be a real problem.
“It doesn’t matter how much you train them – and this might take training courses plus shadowing another fee-charging adviser – it may be that the individual is no longer fit for your business.”
More in this guide
- Q: How do I assess my workforce?
- Q: What are the pros and cons of assessing your workforce?
- Q: How can I spot potential?
- Q: How can I develop potential?
- Q: How should I approach hiring?
- Q: What are the pros and cons of different ways to hire?
- Q: How do you create a culture that retains talent?
- Q: Is succession planning worth it?