Welcome everybody! Welcome to the 413th episode of the Monetary Advisor Success Podcast!
My visitor on at present’s podcast is Kevin Leahy. Kevin is the CEO of Connecticut Wealth Administration, an RIA primarily based in Farmington, Connecticut, that oversees roughly $4 billion in property beneath administration for 1,100 shopper households.
What’s distinctive about Kevin, although, is how his agency has constructed a systematized inside advisor coaching program to effectively onboard younger new expertise straight out of school, sustaining a powerful advisory expertise pipeline as his agency has grown to $4 billion in AUM by way of each natural progress and acquisitions of retiring advisors (whose purchasers will be transitioned to Kevin’s up-and-coming younger advisors) whereas sustaining a excessive stage of service with a comparatively low 35-to-1 client-to-advisor ratio.
On this episode, we speak in-depth about how Kevin’s agency’s new rent coaching program ramps up by way of the primary 6 months, beginning with an preliminary 90-day stage that makes use of standardized case research to show the agency’s monetary planning course of and tips on how to evaluation and enter knowledge into the agency’s programs, adopted by a second 90-day stage that builds new hires’ confidence of their shopper communication abilities by conducting mock shopper displays and receiving constructive suggestions from friends and present advisors, how Kevin’s agency makes use of a software program platform referred to as Playbook Builder to compile coaching supplies (together with movies, PowerPoint displays, and phrase paperwork) in a centralized location and create a extra systematized onboarding and coaching course of, and the way Kevin sometimes assigns new hires as soon as they’ve accomplished this 6-month coaching program to service groups not primarily based on having complementary abilities to the lead advisor, however somewhat primarily based on having comparable strengths to higher align the workforce with its purchasers’ most well-liked planning fashion.
We additionally speak about how Kevin sources entry-level hires not solely amongst current faculty graduates, but in addition from a strong paid internship program that permits his agency to vet interns earlier than committing to a full-time provide, why Kevin’s apply of bringing on a number of new hires at one time each retains the agency forward of hiring wants and promotes effectivity by permitting these cohorts to undergo the coaching course of collectively, and the way Kevin has discovered that this 6-month coaching course of has paid off (despite the fact that the brand new hires add restricted worth throughout this preliminary coaching interval) as almost all staff who’ve gone by way of this coaching are nonetheless with the agency, saving the agency the money and time in turnover prices it will in any other case face to exchange hires that do not work out.
And make certain to take heed to the top, the place Kevin shares why his hiring course of places a premium on figuring out people who mesh effectively together with his agency’s 8 core values and emphasis on teamwork (and within the case of skilled advisor candidates, hunting down those that would possibly favor an ‘eat what you kill’ method that does not slot in Connecticut Wealth Administration’s team-oriented tradition), why Kevin determined to create a centralized planning workforce to make sure constant service for every shopper even because the agency’s common shopper AUM and complexity grows, and the way Kevin’s agency has grown not solely by way of acquisitions, but in addition by growing its pockets share amongst purchasers obtained in these offers by demonstrating the next stage of service than they may have beforehand been accustomed to that leads purchasers to develop much more with the agency over time.
So, whether or not you are occupied with studying about constructing an inside advisor coaching program, tips on how to use an internship program to maintain a agency’s expertise pipeline full, or tips on how to preserve a agency’s core values because it grows over time, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Kevin Leahy.
