Hey folks, if you recently brought on a new producing team member or plan to, come share your thoughts on the trials and tribulations of finding "the one".

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As a recovering wholesaler myself, I have seen countless 'partnerships' fold in short order because the Senior really only wanted a grunt to do the work he didn't *want* to do. I determined I wouldn't do that to my guy (when I find him/her).

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I haven't brought anyone one but I'm hoping to within the next 12 months so this is very interesting to me.

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My plan as of right now is to hire out of the financial planning graduate program at U of A and groom them myself as an associate. If they start to feel that they want to try and make partner then we will have to figure that out at that time. I'm looking for a good support planner and not a producer right now. If you think this a a good/bad plan then I'm all ears!

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@McBee I've had conversations with a few 4-5 potentials. A few referred from some favorite wholesalers. They are the eyes and ears of your city. They know people who may be in motion. Having said that I haven't closed a deal. Thus the reason for me starting this 'Bowl'

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@McClellan I like the idea of mentoring and grooming and training. I excel at coaching in general. What I would worry about is the time I will invest in this young person. You're talking about bringing on another Cost Center, like rent or telephone or assistant. I am hoping to find a Profit Center with my addition. A way to "franchise" my knowledge (and systems and brand) without the lad having to pay ME a franchising fee... he/she just needs to pay me a piece of the action. If that makes sense.

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@McClellan What will you need to pay that grad from UofA?

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I've brought on 2 guys that started out as interns, straight out of high school, both fully licensed in 1 year and both staying on to continue to build the firm.

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How are you guys finding people? Are you trying to hire a brand new advisor or o e that is already at another firm?

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@durable It's looking like ~$53k for a graduate level hire. I'm sure I'll have considerable cost for their benefits as well.

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Hear people having success w/ intern program which I am starting up soon. I found recent hire from bank trust dept. Key to me is to be willing to share the ownership in time and build them a path and expectations to get there. Also, be true to your instincts on fit and if it isn’t a fit, separate sooner than later. Waited too long to separate from a prior mis-hire. For new hire, created an associate to partner time frame with ownership transfer concepts from David grau’s books (fp transitions). Also, younger emp’ees need more feedback that anyone over 40 expects. I’m only 43 but I’m learning about 30 something’s as I go 😊.

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FA2 - I can’t remember if it was that Grau book or the one on Succession planning that is a little older (2014 I think). I read both of them so not sure.

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Same here. Although I have 'interviewed' several but couldn't make an appealing deal with them

What do you think is a good deal to team with a new PMD or trainee from another program?

@Founder, Wealth Advisor 1 - Are you referring to “Buying, Selling & Valuing Financial Practices - The FP Transitions M&A Guide”?

H

1) I look for people new to the industry with really good communication skills. I’ll teach them the rest. 2) Interview lots of people and don’t make any offers until you find someone who is really, really good. You will regret anything less! 3) Once they start getting experience and skills, pay them well. If they’re good and you cheap it out, they’ll be gone. (Recruiters comb LinkedIn every day. Your team member will get calls) 4) If they’re 3-4 years with you and they’re really good, have a solid career path for them that possibly includes some equity

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