Page 33 - Investment Advisor April/May 2022
P. 33
THE FAST TRACK
By Angie Herbers
4 Steps to Building Effective Training
Programs for Associate Advisors
Treating new employees like the professionals they are also increases
loyalty to the firm.
he future of every advisory firm colleague. They already have profession-
rests on its ability to retain tal- al accomplishments and development,
Tent. And the most effective way and your job is to help them build on that
to ensure the loyalty of younger col- foundation. Let’s look at the four areas to
leagues is to demonstrate the extent to focus on in a training program:
which the firm cares about them and
their careers. 1. PERSONAL DEVELOPMENT
One of the most impactful ways to do This refers to transitioning trainees to
this is by creating an in-house training a more independent lifestyle. Client
program to transition associate advisors service associates without professional
into senior advisors. Building a path and education and licensing generally serve
a process to advancement can not only in a supporting role. But young advisors
instill loyalty but also develop produc- who have a pertinent educational back-
tive advisors who ultimately will help ground and licenses are professionals.
your firm grow. Thus, they have a different code of
Building a path Effective training programs are conduct. For example, it’s their respon-
and a process to built around four elements: personal sibility to show up quickly when a cli-
development, professional develop-
ent needs help, and to take care of their
advancement can not ment, exceptional service and manag- own personal and professional needs
only instill loyalty ing expectations. How the training is independently to be able to help others.
The industry has a propensity to take
imparted is as important as the subject
but also develop matter itself. young associate advisors and make them
It needs to be consistent and ongo-
nurses, as it were, before they can be
productive advisors ing — a senior advisor can’t compress all doctors. Even if they already have their
who ultimately will their technical and client communica- CFP, they’re made to slog through years
tion knowledge into a few cram sessions
of support work before they can talk
help your firm grow. and expect others to absorb it. People with clients. That’s a good way to create
grasp information as we need it to per- dissatisfaction, whereas treating these
form our jobs. If information appears colleagues as professionals — like young
irrelevant or useful only in the distant doctors in residency — is a key compo-
future, it will not be retained, and the nent to keeping them.
trainer ultimately will be disappointed. Another result of personal devel-
Teaching paradigms are important, opment training should be the team
too. Many senior advisors see associate member building relationships with col-
advisors in a student role. That’s some- leagues of diverse backgrounds. They
what true — they’re learning as they go. should develop resiliency through the
But the professor-student model isn’t achievements and setbacks of being in
the right one in a business setting. the business. On a related note, per-
Instead, your job is to be helpful — and sonal development includes the abil-
equally professional — to your junior ity to identify and manage exhaustion,
APRIL/MAY 2022 INVESTMENT ADVISOR 31
