creating customized career tracks dave grant, cfp® founder, fee only consulting
TRANSCRIPT
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Creating Customized Career Tracks
Dave Grant, CFP®Founder, Fee Only Consulting
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Who am I?Certified Financial Planner TM
certificant
Over six years of experience in the Fee-Only profession
Run RIA “Finance for Teachers” and consulting firm “Fee Only
Consulting”
Financial Planning magazine : Columnist and blogger
Founded NAPFA Genesis: a group of 150 NAFPA members under 33
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The usual process
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Job 1 – Wait 3 years to advance
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Job 2 – Same track as everyone else
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What is the problem?
Advisors have diverse educational backgrounds
“How can I train a compliance officer?”
Succession plans are limited without knowledge of staff
Do you know the top talents of each of your team members?
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What is happening now? (1)
Development plans don’t exist
“Accidental development”
Skills development in areas of non-interest
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What is happening now? (2)Isolated development, no team-element
Company-focused development
Another scenario: “Reactive” Development
Leads to: - Frustration - Ill-equipped and under-trained staff - Skills at odds with firm needs
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What is the solution?Defined company vision
Custom tracks for all staff (3-5 years)
Tracks should incorporate company and individual goals
Through discovery, tracks should be designed to compliment current skillsand strengths
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What difference will a career track make?
Manager: What if I put a lot of time, effort and money into developing my team and they leave?
Coach: What happens if you don’t and they stay?
Supported strategic plans Increased morale
Increased staff retentionDetailed and specific succession plans
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How do I make a career track?Understand your team member
Understand your strategic plan
Outline which skills need developing
Provide resources for assistance
Split the track into various sub-sections: Basic work habits; Relationships with colleagues; Relationships with clients; Business development; Technical knowledge, etc.
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I don’t want to make my own, what now?
Fee Only Consulting provides three options:
- Pre-made plan
- Basic plan
- Retainer relationship
www.feeonlyconsulting.com
30% off
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Keep in touch
Website: www.feeonlyconsulting.com
Email: [email protected]
Phone: 224-357-8625
Writing (Print): Financial Planning magazine (column every other month)
Writing (Online): Financial Planning magazine (various posts per month)