Sten Morgan, owner of Legacy Investment Planning and a seasoned advisor overseeing $220 million in assets, shares his journey of transforming his firm's team dynamics. He reveals the challenges of rebuilding his original team and highlights the importance of cultural fit in hiring. Sten discusses his five-step hiring process, the need for operational efficiency before growth, and the benefits of interviewing multiple candidates. He emphasizes proactive talent acquisition and the value of strong leadership in navigating team changes for sustainable success.
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Transition to Financial Planning
Sten Morgan transitioned from insurance and AUM to offering financial planning.
Initially, he undercharged and struggled with client deliverables, but eventually found success charging for advice.
insights INSIGHT
Unexpected Success & Challenges
Sten realized that getting paid for advice led to more AUM and insurance deals.
This success, however, brought new challenges as the team became overwhelmed and the existing model broke down.
question_answer ANECDOTE
Team Accountability Issues
Sten's team lacked initiative, expecting him to solve all problems.
A senior advisor showed disinterest in company growth, impacting the firm’s culture and Sten’s capacity.
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Sten Morgan is the owner of Legacy Investment Planning, a hybrid advisory firm based in Franklin, Tennessee, that oversees $220 million in assets under management for 90 client households. Today Sten joins the show to share how he made the difficult decision to turn over his entire original team and rebuild with a new director of operations to create a stronger foundation for future growth. He explains how he identified cultural and operational misalignments, navigated tough conversations with employees, and structured his hiring process to ensure the right people joined his firm.
Listen in as Sten walks us through his firm’s five-step hiring process, why he insists on interviewing at least 4-6 candidates before making an offer, and the strategies he uses to work effectively with recruiting firms. He also shares why he's focusing on operational efficiency before engaging in a period of growth, how he proactively hires for roles before the need becomes urgent, and his structured approach to iterating on business ideas. If you're looking for insights on building the right team for long-term success, this episode is for you.
Financial Advisor Success 
