Welcome everybody! Welcome to the 413th episode of the Monetary Advisor Success Podcast!
My visitor on as we speak’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 beneath 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 school, sustaining a robust advisory expertise pipeline as his agency has grown to $4 billion in AUM by way of each natural development and acquisitions of retiring advisors (whose purchasers will 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 way of 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 find out how to assessment and enter information into the agency’s methods, adopted by a second 90-day stage that builds new hires’ confidence of their shopper communication abilities by conducting mock shopper shows and receiving constructive suggestions from friends and present advisors, how Kevin’s agency makes use of a software program platform referred to as Playbook Builder to compile coaching supplies (together with movies, PowerPoint shows, 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 abilities to the lead advisor, however reasonably primarily based on having related strengths to raised align the group with its purchasers’ most well-liked planning type.
We additionally discuss how Kevin sources entry-level hires not solely amongst current faculty graduates, but additionally from a strong paid internship program that permits his agency to vet interns earlier than committing to a full-time supply, 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 (despite the fact that the brand new hires add restricted worth throughout this preliminary coaching interval) as almost all workers who’ve gone by way of this coaching are nonetheless with the agency, saving the agency the money and time in turnover prices it will in any other case face to switch hires that do not work out.
And be sure to hearken to the tip, the place Kevin shares why his hiring course of places a premium on figuring out people who mesh nicely along with his agency’s 8 core values and emphasis on teamwork (and within the case of skilled advisor candidates, hunting down those that may want an ‘eat what you kill’ method that does not slot in Connecticut Wealth Administration’s team-oriented tradition), why Kevin determined to create a centralized planning group 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 way of acquisitions, but additionally by growing its pockets share amongst purchasers obtained in these offers by demonstrating a better stage of service than they may have beforehand been accustomed to that leads purchasers to develop much more with the agency over time.
So, whether or not you are fascinated by studying about constructing an inside advisor coaching program, find out how to use an internship program to maintain a agency’s expertise pipeline full, or find out how to 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.
