In this article, Senior Financial Planning Nerd Sydney Squires discusses how to construct an associate advisor onboarding plan that guides an associate advisor through their first year, establishes clear checkpoints for progress, yet still allows enough flexibility to grow with the new advisor!<\/p>\n
A few key principles can make the onboarding process smoother for both the associate advisor and their manager. First, clarity: both the advisor and manager should be able to clearly define the core financial planning skills that a new hire is expected to develop in their first year. Second, measurable progress: the plan needs objective standards and measurable benchmarks so that everyone can track development and stay accountable.. Third, balanced structure and flexibility: while the plan should serve as a clear ‘guiding star’ for the new advisor, it also needs room for adjustments as the advisor’s strengths and preferences emerge.<\/p>\n
One effective way to structure the onboarding process is to organize the skills that the associate advisor will ideally learn in their first year into key categories. We have provided an onboarding plan template for advisors to download, which breaks up the skills list into two primary categories: 1) client communication skills (e.g., meetings, email communication, and phone calls), and 2) technical skills (e.g., building an initial financial plan). As the onboarding template is filled in over the year, the advisor and manager can review the plan during check-ins to assess progress, identify challenges, and highlight what feels most fulfilling in the role. Additionally, having a one-stop reference sheet with resources – such as compliance guidelines and broker-dealer help desk contacts – can minimize routine questions and streamline the learning curve throughout the onboarding process!<\/p>\n
The key point is that while onboarding associate advisors is often a highly individualized process in small firms, a clear, structured onboarding plan ensures managers and associates stay focused on the big picture as the advisor learns and takes on new responsibilities at a sustainable pace. Ultimately, a little planning, a collaborative attitude, and strong communication (with a good sense of humor!) can go a long way in developing confident, competent, and autonomous advisors!<\/p>\n