Follow the leader?
Thing is, whether due to, for example, the pending retirement of its founder and current CEO or spurred by growth targets that have fallen short, your investment advisory firm needs fresh executive leadership, according to selectadvisorinstitute.com.
One of a number of questions you should ask yourself: should the new leader currently be a member of your firm or not?
Prior to arriving at a decision, bear in mind:
Three reasons to hire from the outside:
- Internal employees may lack the leadership ability
- It’s time for a shakeup
- Removing top talent from the competition
Three reasons to promote from within
- Save time, not to mention, money
- Your firm’s already on the right track
- Retention and morale
The need for new talent in commodity management’s made all the more important to move off the back burner considering financial advisors managing assets valued at trillions of dollars are preparing to head into retirement, according to financial-planning.com.
Yet, it’s not an easy road for those breaking into the industry, reported Cerulli Associates. In 2022, more than 72% of early career "rookie" advisors didn’t break through and left the profession in the rearview mirror.
