Who knew if we would get hrough the year when every- thing imploded last March?
Of course, your revenues might nothave fully recovered, and there is a lotof uncertainty still within our political, financial and economic systems,but chances are you made it through.However, as the firm leader, you haveto continue making informed decisions to move the business forward.Waiting for certainty will cause you tomiss opportunities.
The good news is our informationindicates strong new client and assetgrowth, which shows that Americanconsumers need an advisor more thanever to help them navigate these trying times. Some of those Validators andDo-It-Yourselfer prospects, who werevery confident in February, now arerethinking their decision and are hiringfinancial planners.
Most industry practice management
consultants say that firms should hire if
they are growing and are at 75% capac-
ity, or if they are not growing and are at
100% capacity. Are you in one of these
camps? If so, here are three actions to
take to help propel your business for-
ward in 2021:
• Start the hiring process now —
Many firms have already done this, and
in fact New Planner Recruiting had its
second best quarter ever last quarter
with the recent surge of advisory firms
hiring in the face of the pandemic recov-
ery and market rebound.
If you’re thinking about hiring as
well, get the process started because the
closer we get to the holidays and 2021 —
the harder it becomes to hire someone
as end-of-year client planning and per-
sonal time become all encompassing.
For our more experienced positions,we secure candidates now who likelywon’t start until after 3/31, when bonusesare paid. If you take the approach of, “I’llwait until we get closer to have a betteridea of my needs and the candidate can’tstart right away anyway… ,” warning: thetalent pipeline may not be as strong.
• Reward current team members —It pays to thank employees for their hardwork during this disruption, and inhelping your firm run smoothly.
As we have seen, pandemics are majordisruptors that can cause stress andanxiety in both the personal and professional arenas. Consider awarding yourteam “preserving through the pandemic”cash (a few hundred to a few thousanddollars) or time off (day or two wherethey can truly unplug), or both.
Yes, finances might be tight right now,but you don’t have to spend a lot on thisand it truly is the thought that counts.That goes a long way to reinforcing yourcommitment to your team.
• Implement Work From Elsewhere
(WFE) protocols — Contrary to what
the media and other industry consul-
tants say, not everyone wants to WFE
indefinitely. We talk to candidates,
mostly millennials aged 20-40, who are
ready to get back to their offices for the
camaraderie and desire to meet with
clients in person.
Make sure you have the flexibility
built into your culture, though, so peo-
ple can choose to be in the office when
they want to (and not when they don’t).
If you aren’t comfortable with 100%
flexibility, consider a hybrid option that
allows those who want to WFE a set
number of days per week or month.
Keep in mind that it is your peoplewho helped get your firm through thelast seven months, and will help youget through the next seven as well. Dowhat you can to acknowledge, rewardand show your gratitude for their effortsand start laying the groundwork for afabulous 2021!
Caleb Brown is co-founder and CEO ofNew Planner Recruiting and hosts TheNew Planner Podcast, which you find atnewplannerrecruiting.com/category/podcast
THE NEW SCHOOL
By Caleb Brown
3 Ways to Improve Your 2021
It’s been a rough year, but making timely hires and rewarding your team
are essential going forward.
Zerbor/Shutterstock
