Financial Advisor Success

Ep 413: Building An Internal Advisor Training Program To Solve The Talent Pipeline As A Growing $4B Advisory Firm with Kevin Leahy

Nov 26, 2024

Kevin Leahy, CEO of Connecticut Wealth Management, shares insights from his firm's innovative training program that successfully nurtures talent straight from college. He emphasizes the importance of structured onboarding, focusing on both technical skills and communication. Leahy discusses the challenges of attracting younger advisors amid retirements and highlights the benefits of hiring in cohorts. He also elaborates on maintaining core values during growth and fostering strong client relationships, showcasing how effective training can create a robust advisory talent pipeline.

01:30:00

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Episode guests

Kevin Leahy

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Episode notes

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Quick takeaways

Kevin Leahy's firm emphasizes a structured onboarding program that trains new advisors in both technical processes and client communication skills.

The cohort-based hiring approach fosters teamwork among new advisors, enhancing their learning experience and building supportive relationships during training.

Maintaining a low client-to-advisor ratio allows the firm to deliver personalized service, boosting client retention and supporting sustainable growth strategies.

Deep dives

Systematized Training for Advisors

The episode discusses a structured internal training program implemented by Kevin Leahy's firm, designed for onboarding new advisors directly out of college. This program is divided into two 90-day stages; the first focuses on foundational knowledge through standardized case studies that introduce the firm's planning process, data review, and system input. In the second stage, new hires enhance their client communication skills through mock presentations and constructive peer feedback, which helps build their confidence in client interactions. This systematic approach not only prepares new advisors for their roles but also fosters a sense of camaraderie as they progress together through training.

Intro

4min

Bridging the Talent Gap in Financial Advisory

17min

Evolving Clientele and Service Standards in Financial Advisory

2min

Building an Effective Training Program

20min

Navigating the Training Journey

18min

Fostering Community and Support in Certification Training

2min

Building Tomorrow's Advisors

6min

Navigating Growth and Client Relationships

15min

The Fulfillment of Financial Advisory: Building Lasting Client Relationships

3min

10.

Defining Personal and Professional Success in Advisory Firms

3min

Kevin Leahy is the CEO of Connecticut Wealth Management, an RIA based out of Connecticut that oversees approximately $4 billion in assets under management for 1,100 households. Kevin's firm stands out for its systematized training program designed to onboard and develop young talent straight out of college, effectively maintaining a robust advisory talent pipeline. This approach has supported the firm through organic growth and strategic acquisitions, ensuring a smooth transition of clients from retiring advisors to new ones, all while keeping a low client-to-advisor ratio of 35-to-1.

Listen in as Kevin shares how his firm's structured new hire training program starts with comprehensive initial training on systems and financial planning processes, followed by a focus on enhancing client communication skills. He also discusses sourcing new talent from a vetted internship program and how hiring in cohorts optimizes learning and integration. You'll also learn about the interview process Kevin's firm uses with veteran advisors, how his firm is able to maintain its core values as it grows, and more.

For show notes and more visit: https://www.kitces.com/413

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Financial Advisor Success

Ep 413: Building An Internal Advisor Training Program To Solve The Talent Pipeline As A Growing $4B Advisory Firm with Kevin Leahy

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Systematized Training for Advisors

Utilizing Technology for Efficient Training

Cohort-Based Hiring Strategy

Focus on Core Values During Hiring

Growth Through Client-Centric Practices

Remember Everything You Learn from Podcasts