Welcome everybody! Welcome to the 413th episode of the Monetary Advisor Success Podcast!
My visitor on right this moment’s podcast is Kevin Leahy. Kevin is the CEO of Connecticut Wealth Administration, an RIA primarily based in Farmington, Connecticut, that oversees roughly $4 billion in property underneath administration for 1,100 shopper households.
What’s distinctive about Kevin, although, is how his agency has constructed a systematized inside advisor coaching program to effectively onboard younger new expertise straight out of faculty, sustaining a robust advisory expertise pipeline as his agency has grown to $4 billion in AUM by each natural development and acquisitions of retiring advisors (whose purchasers may be transitioned to Kevin’s up-and-coming younger advisors) whereas sustaining a excessive stage of service with a comparatively low 35-to-1 client-to-advisor ratio.
On this episode, we discuss in-depth about how Kevin’s agency’s new rent coaching program ramps up by the primary 6 months, beginning with an preliminary 90-day stage that makes use of standardized case research to show the agency’s monetary planning course of and evaluate and enter knowledge into the agency’s techniques, adopted by a second 90-day stage that builds new hires’ confidence of their shopper communication expertise by conducting mock shopper displays and receiving constructive suggestions from friends and present advisors, how Kevin’s agency makes use of a software program platform known as Playbook Builder to compile coaching supplies (together with movies, PowerPoint displays, and phrase paperwork) in a centralized location and create a extra systematized onboarding and coaching course of, and the way Kevin sometimes assigns new hires as soon as they’ve accomplished this 6-month coaching program to service groups not primarily based on having complementary expertise to the lead advisor, however reasonably primarily based on having related strengths to higher align the workforce with its purchasers’ most well-liked planning type.
We additionally speak about how Kevin sources entry-level hires not solely amongst current school graduates, but in addition from a strong paid internship program that enables his agency to vet interns earlier than committing to a full-time provide, why Kevin’s follow of bringing on a number of new hires at one time each retains the agency forward of hiring wants and promotes effectivity by permitting these cohorts to undergo the coaching course of collectively, and the way Kevin has discovered that this 6-month coaching course of has paid off (although the brand new hires add restricted worth throughout this preliminary coaching interval) as practically all staff who’ve gone by this coaching are nonetheless with the agency, saving the agency the money and time in turnover prices it might in any other case face to exchange hires that do not work out.
And make certain to hearken to the tip, the place Kevin shares why his hiring course of places a premium on figuring out people who mesh nicely together with his agency’s 8 core values and emphasis on teamwork (and within the case of skilled advisor candidates, hunting down those that would possibly favor an ‘eat what you kill’ strategy that does not slot in Connecticut Wealth Administration’s team-oriented tradition), why Kevin determined to create a centralized planning workforce to make sure constant service for every shopper even because the agency’s common shopper AUM and complexity grows, and the way Kevin’s agency has grown not solely by acquisitions, but in addition by rising its pockets share amongst purchasers obtained in these offers by demonstrating a better stage of service than they could have beforehand been accustomed to that leads purchasers to develop much more with the agency over time.
So, whether or not you are thinking about studying about constructing an inside advisor coaching program, use an internship program to maintain a agency’s expertise pipeline full, or preserve a agency’s core values because it grows over time, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Kevin Leahy.
