Succession planning is a common topic in the wealth management industry today, with approximately 40% of financial advisors planning to retire within the next 10 years. Diane Compardo, managing partner and leader of the Compardo, Wienstroer, Conrad & Janes Team at Moneta Group, recently shared her insights with the Wall Street Journal about what firms need to do now to attract and retain top talent and future leaders for the years ahead.
“With an aging population of advisers, there has been a lot of talk in the industry about succession planning,” Compardo tells the Wall Street Journal. “But if you want to grow your firm, replacing yourself isn’t enough—you have to plan for growth, too.”
Compardo outlined the steps her firm is taking now, including introducing the partner-in-training program to help grow and develop the up-and-coming leaders in manageable steps.“Potential partners-in-training should have the ability to build relationships with clients. They should be focused and highly driven. They need to be resilient, extroverted and have a philanthropic outlook,” shares Compardo. “Once nominated, partners-in-training enter a three- to five-year program to help them master four core competencies: business development; leadership and management; technical knowledge; and client relationships.”
Compardo acknowledges that a training program is easier to implement with the resources of a larger firm, yet that doesn’t mean it’s impossible. But it does mean you need to start now.“If you’re pondering succession, time is of the essence. Planning for succession well before the need enables you to build a firm that thrives not just today, but one that will be around for your current clients’ grandchildren and great-grandchildren,” she emphasizes.
To read the full article featuring Diane Compardo, click here.
 According to research by Cerulli Associates