YOUR BUSINESS
have a clear answer to their training questions , top candidates could be lost to competitors who provide better support .
You won ’ t just attract younger talent with development and training — you ’ ll keep them with you . Advisors and planners who feel supported and equipped to succeed are far more likely to stay and grow with your firm , and that reduces turnover and increases the odds that your firm will reach its goals faster ( and with much more focus ).
What Next-Gen Firm Training Looks Like
So what does this “ comprehensive training ” actually entail ? It ’ s more than just onboarding and ensuring someone knows how to do their job within your firm . Instead , it requires a structured system that prepares advisors to handle the complexities of financial planning .
Comprehensive training ensures that next-generation advisors don ’ t just learn the “ what ” but also the “ how ” and “ why ” behind financial planning , setting them — and your firm — up for long-term success . This training should include :
• Core skills : You should help young professionals master competencies like critical thinking , adaptation and flexibility , values-centered advice , and communication skills .
• Real-world application : You should also give them exposure to real clients and real-life scenarios , whether you ’ re using training videos or role-playing to build their problem-solving abilities .
• Soft skills : You ’ ll want to teach them to excel in client communication , emotional intelligence , and team collaboration .
• Ongoing support : You ’ ll want to give them regular coaching , feedback and clear development paths to ensure continuous growth .
Process-Based Training Versus Competency-Based Training
You should know the difference between these two concepts .
Process-based training means you teach a young planner the steps to follow during a client meeting , such as how to greet the client , present a financial plan and confirm next steps .
While process training ensures consistency , competency-based training equips planners to navigate more complex client situations confidently and professionally .
Now compare that to competencybased training , which helps them develop the skills and judgment to navigate real-world client situations , not just workflows . The latter requires skills like active listening , critical thinking and emotional intelligence , which helps planners adapt to unexpected client questions or concerns .
While process training ensures consistency , competency-based training equips planners to navigate more complex client situations confidently and professionally .
The Value Of A Next-Gen Training Program
A competency-based training program not only allows you to attract and retain exceptional talent . It also helps your firm in several ways :
• It boosts valuation : Firms with strong training systems are less owner-dependent and more scalable , which increases valuation .
• It boosts operational efficiency : Welltrained advisors work more effectively , standardizing processes and reducing inefficiencies .
• It boosts return on investment : The ROI for training is exponential with this kind of program . It improves client retention , enhances employee satisfaction , and drives long-term profitability .
When Should Firms Implement A Next-Gen Training Program ?
Does your firm really need a next-generation training program ? The answer is yes if you find yourself at one of these three points :
When you ’ ve just made your first nextgen hire . For many firms , the first hire happens in a rush . You need help , you need them fast , and training at this point is often an afterthought . While this is normal , let ’ s take a minute to reflect on a new job where we were left to our own devices and had to “ figure it out ” as we went . That didn ’ t go very well , did it ? Leaving a new hire — especially a younger person — without the tools they need to succeed can lead to disappointment on both sides . Of
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