Meanwhile, a senior advisor in the firm who was accustomed to leaning on the marketing department to generate leads, saw the firm stagnate and their numbers plateau. This advisor, unsupported and wary of its longevity, jumped ship and took clients with them. They opted for a firm with a more robust new hire and training process and stellar marketing department that would support their advancement.
Profitability remained in the single digits a year longer than expected, marketing virtually ceased, and every member of the team felt these burdens ripple into and suffocate the company culture.
After it was all said and done, it was a full year before the new advisor was able to sit with a client and do what needed to be done—and to no fault of their own. Since this firm’s transformation, the advisor has become a valuable asset for the firm.
The most haunting part of this case study is that it is certainly not an anomaly. These same missteps are made by countless advisory firms, large and small or rural and metropolitan. Luckily, there are ways to avoid this same fate.
Don’t skip this step!
The best business processes, onboarding included, are systematized and streamlined so as to save time and resources and improve productivity and culture.
But beyond the tactical benefits, they are investments in your human capital. They show your team that you value their time, are prepared to sacrifice some of your own to invest in their growth, and view them as an integral part of the firm.
Don’t let this true story be you. Start systematizing and making time for your onboarding process today.
As always, feel free to reach out if you have any questions or share with a friend if you think this information could add value. Good luck transforming your business!
Jennifer Goldman, CFP, is a business transformation specialist with Jennifer Goldman Consulting.