Many advisors create vertical teams hoping not only to grow a business, but also to create a potential successor for the practice down the road. Sounds like a great plan, but when is the last time you evaluated how successfully your team is functioning?
Too often, seasoned financial advisors are completely oblivious to the cues that their team is about to derail. There may be tenured junior advisors or support staff working with you who are no longer as effective or satisfied in their roles as they were when they began. You may be reluctant to let them go because of their long history with you or the firm. Perhaps you have made a personal investment of your time or resources into someone on your team, only to be shocked when they resigned their position. Misreading the signs of an employee's level of engagement can have far-reaching negative implications for the continued success of your practice.
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