Ep 427: Finding The Director Of Operations That Can Rebuild Your Team To Get To The Next Level with Sten Morgan
Mar 4, 2025
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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.
Sten Morgan's decision to rebuild his advisory team centered on identifying cultural misalignments that hindered growth for Legacy Investment Planning.
His five-step hiring process emphasizes the importance of extensive candidate evaluation, including interviews and practical assignments, to enhance team quality.
By adopting a proactive hiring strategy, Sten ensures operational efficiency and prepares his firm for future needs before they become urgent.
Deep dives
The Need for a New Team Structure
Sten Morgan realized that to elevate his advisory firm, Legacy Investment Planning, he needed a team that aligned with his vision for growth. Despite initially achieving a revenue of over a million dollars with his previous team, the cultural dynamics hindered the initiative and skillset necessary for further expansion. Morgan faced the difficult decision of letting go of all team members and starting anew by hiring a dedicated operations director. This restructuring allowed him to build a team better suited to meet the demands of quick scaling and to foster a productive and engaged workplace culture.
Effective Hiring Strategies
Sten implemented a five-step hiring process designed to identify the best candidates for his advisory firm. This comprehensive approach includes resume reviews, screening calls, asynchronous video interviews, in-person meetings, practical assignments, and team debriefs. By waiting to interview multiple candidates for each position, he has been able to avoid settling for less qualified individuals too soon. This strategy not only ensures that the firm finds great talent but also enhances the overall hiring experience and outcomes.
Proactive Talent Acquisition
Sten advocates for a proactive hiring strategy by encouraging firms to plan for future needs, rather than reacting to immediate requirements. He emphasizes that by identifying and hiring candidates for positions expected to be needed in the future, businesses can maintain operational efficiency and lessen the stress of last-minute recruitment. Morgan suggests that the foundation for successful hiring begins long before the actual vacancies arise. Building a pipeline of possible candidates allows firms to position themselves advantageously and keeps potential hires engaged with the organization.
Iterate to Elite: A New Framework for Growth
Sten developed the 'Iterate to Elite' framework as a systematic approach for refining ideas and strategies within his practice. The tool emphasizes that initial concepts are often suboptimal, necessitating several iterations before reaching a viable version to implement. By encouraging proactive iteration and outside feedback, Morgan aims to prevent past mistakes and to ensure that his ideas are well-vetted before execution. This framework fosters a disciplined yet creative environment where team members can innovate while minimizing risk.
Coping with Change and Building Capacity
Sten's journey has required him to manage significant changes, particularly as he transitioned the firm from one structure to another, while also addressing personal and professional challenges. Despite the tough decisions made during the restructuring process, he emphasizes the value of learning from those experiences and being adaptable. He stresses the importance of maintaining focus on the ultimate goals while weathering the difficulties that come with growth and transformation. His willingness to reflect on and discuss setbacks has further empowered him to build a stronger, more resilient organization.
Redefining Success in Advisory
Sten defines success as building a thriving advisory practice that operates effectively without his constant involvement, allowing him to focus on strategic growth and outreach activities. He emphasizes that true success involves empowering team members to take on leadership roles within the firm and ensuring that they can operate independently. This shift in perception indicates a deeper understanding of organizational dynamics and the need for sustainable growth strategies. Sten’s commitment to fostering talent and creating an impactful firm environment represents a pivotal transformation in his approach to advisory practice.
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.
