Learning Should Never Stop

Although advisors are educating themselves, they need to pay more attention to educating their employees. Advisors may be far removed from the inner sanctum of big corporations, but they can still emulate the incentive and retention programs employed by the most successful corporations. One best practice advisors could adopt: creating a career track and professional development plan for key employees. A plan that enables employees to upgrade their knowledge base and skills-perhaps through continuing education or conferences-can be an important retention tool. Employees who see no personal growth potential, career upgrade or clear path to promotion often leave for a firm that provides such opportunities. Moreover, a valued employee who upgrades hisher skills can use those newly learned abilities to benefit your business.

According to our latest survey, fewer than one in four advisors (22%) send their employees to seminars and nearly one-third (33%) said they do nothing to help employees grow professionally. Yet each respondent noted that they regularly upgrade their own skills (See Practice Edge June, 2006).

Not surprisingly, it's harder to sponsor continuing education courses, send employees to seminars and absorb the related expenses if you are a small firm. On the other hand, the alternative-losing your most valued employees to more competitive firms-is even more expensive.

In the end, by improving your employees' education and offerings, you'll be rewarded with an increased number of productive and satisfying business relationships within your practice. It creates a win-win situation for everyone, raises engagement levels and increases work output. In short, it's an important investment in your future.