Enjoy the current installment of "weekend reading for financial planners" - this week's issue focuses on practice management and career development, and starts off with an article highlighting the recent results of the FPA's Compensation and Staffing survey, which shows modest but steady gains for financial planners with strong growth for operations and compliance positions in advisory firms.
From there, we look at a number of articles focused on the development of newer planners, including a discussion by Mark Tibergien of the challenges of hiring new planners and training them, some coaching tips from Angie Herbers about how to train and develop newer planners, and some guidance from Dave Grant about the virtue of both being a mentor and seeking one out.
We also have a few articles on the tools of the practice, including a review of a new web-based software that can help clients reconstruct cost basis for legacy investment positions, a discussion of Schwab's new launch of 105 no-transaction-fee ETFs (which still have the same expense ratios as transaction-fee versions on other platforms), a review of Windows 8 and why advisors are expected to ultimately adopt it widely, a discussion of how to measure the ROI of your marketing efforts, and an article that provides a thoughtful reminder not to take your front-of-office look and staff for granted and remember that it's still the first impression most of your prospective clients will ever see.
We wrap up with two articles that look more broadly at the factors that determine success for an advisor, including one suggesting that maybe sheer passion isn't as important as we make it out to be and that honing your craft to be an expert is more important for success, and an interesting discussion suggesting that the key for success for sales, business development, and leadership is not in being an extrovert but instead a steady balance between introversion and extroversion. Enjoy the reading!