RIA Talent Advantage®

The majority of the client base at most RIA firms is aging;¹ as a result, there's a new impetus to meet the needs of younger investors, who currently control $3.8T² in investable assets. A robust talent development strategy can help you train your staff to serve the next generation of clients.

An effective talent development strategy can help your firm:

• Attract and retain younger advisors,
   
• Create a pipeline of high-performing talent,
   
• Increase diversity and inclusiveness through mentorship and/or sponsorship by senior leaders,
   
• Strengthen employee engagement,
   
• Reduce expenses associated with extended vacancies,³ and
   
• Strengthen your succession planning.

By prioritizing people as one of your most important investments, you'll be creating a signature firm culture, offering the client experience investors are looking for, and helping to ensure your firm's long-term success.

Here are some tactics to help you develop talent at your firm:

• Create clearly defined career paths with well-defined expectations.
   
• Develop a mentorship or sponsorship program that matches senior leaders with junior staff.
   
• Invite junior staff to join senior leaders at networking events.
   
• Cultivate an "open door" policy to encourage junior staff to share their ideas and have one-on-one discussions with senior leaders.
   
• Hire external coaches to serve as safe and reliable sources of feedback.
   
• Invite junior staff to client meetings and hold debriefings afterward.
   
• Build accountability into partner behaviors by linking compensation to talent development.