Barron's Advisor Tony Parr and Jeff Price: Empowering Advisor Teams to Succeed
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May 28, 2024 Tony Parr and Jeff Price discuss strategies for empowering financial advisor teams by focusing on career planning, transparent compensation structures, and incentivizing team roles. They emphasize the importance of industry benchmarks, inclusive workplace culture, and fostering financial transparency for team well-being and success.
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Built Partners From Interns
- Tony built his leadership team by promoting former interns into partner roles over decades.
- This internal farm-team approach created a clear succession ladder and cultural continuity.
Family And Interns Fuel Growth
- Jeff described hiring both his biological son and a long-time intern who became a partner and calls him his 'business son.'
- He uses internships and college hires as the primary pipeline for long-term cultural fit.
Become A CEO Who Develops People
- Move from being a rainmaker advisor to a CEO who develops people and sees the bigger picture.
- Ask staff what they want to become and actively help them reach those goals.