IDEAL Plans Ideal Advisors

Ep. 31 Sourcing and Supporting New Advisors

November 01, 2020 Richard E. Boone Season 1 Episode 31
IDEAL Plans Ideal Advisors
Ep. 31 Sourcing and Supporting New Advisors
Show Notes

We are an aging industry.  Studies show the average age of a financial advisor is 50 years old, with some 45% over the age of 55.  In fact, close to 40% of advisors are likely to retire in the next ten years.  So there is an existential threat to our industry and there could be a very real personal threat to your ability to attract a viable successor.   

This episode is focused on how you can attract and support new advisors to your practice.  

There are numerous benefits to you for adding someone, not the least of which is a successor.  Many advisors are simply looking to improve their own business or they may be looking to create a larger organization (the OSJ model).

Some benefits to adding new advisors are enhanced scale, depth, revenue, competitiveness, or even access to new markets.  

By listening to this podcast you will learn the steps to determine which kind of advisor to attract, what you should expect from them, what they should expect from you, and how to make the final hiring decision so you can have a more profitable and survivable business.