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How To Mentor the Next Generation: A 5-Stage Path to Building Advisor Talent from Within
Too many founders make a critical mistake when it comes to succession: seeking a successor who's a clone of themselves.
Tyson Ray and Kim Cochenour break down why letting go of that idea is the key to building a sustainable legacy.
Tune in to learn about the role of loyalty and the owner's responsibility to the next generation of advisors (G2), and to hear the hardest team-building lesson learned by Tyson.
- Tyson Ray kicks things off by stressing the importance of loyalty and the owner's responsibility of grooming the team, so that members can take over the reins.
- "The more you build a team that can run itself, the more your company is worth, the better the clients are going to be served when you're no longer there," says Tyson.
- Kim lists what she and Tyson often hear founders say about their G2 (and why they wouldn't be a good option for succession).
- Remember, today's successor doesn't have to be you, they're not going to be like you. They need to be coachable, consistent, and committed.
- As a leader, it is good to keep in mind that not every advisor wants to be the CEO, Kim notes… and that's ok. However, every firm needs to plan for who's next.
- Tyson opens up about how Kim came into his business and why she has been an excellent choice for the firm.
- Kim and Tyson touch upon the client service-focused training model they've established at their firm, as well as the role of mentorship.
- Tyson raises a point that will help you become a better mentor, teacher, and leader.
- Kim shares her favorite African proverb, while Tyson discusses the hardest lesson he had to learn about building a successful team.
- Tyson talks about what to do, as an advisor, if you don't have much of a runway to do a succession.
Mentioned in This Episode:
TotalSuccession.com
TotalSuccession.com/podcast
FORM Wealth Advisors
Tyson Ray
Kim Cochenour
Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)
Previous episode - What If You Don't Sell? Rethinking Succession with David Patchen
Bryan Sweet
Scott Danner
View all episodes
By Tyson RayToo many founders make a critical mistake when it comes to succession: seeking a successor who's a clone of themselves.
Tyson Ray and Kim Cochenour break down why letting go of that idea is the key to building a sustainable legacy.
Tune in to learn about the role of loyalty and the owner's responsibility to the next generation of advisors (G2), and to hear the hardest team-building lesson learned by Tyson.
- Tyson Ray kicks things off by stressing the importance of loyalty and the owner's responsibility of grooming the team, so that members can take over the reins.
- "The more you build a team that can run itself, the more your company is worth, the better the clients are going to be served when you're no longer there," says Tyson.
- Kim lists what she and Tyson often hear founders say about their G2 (and why they wouldn't be a good option for succession).
- Remember, today's successor doesn't have to be you, they're not going to be like you. They need to be coachable, consistent, and committed.
- As a leader, it is good to keep in mind that not every advisor wants to be the CEO, Kim notes… and that's ok. However, every firm needs to plan for who's next.
- Tyson opens up about how Kim came into his business and why she has been an excellent choice for the firm.
- Kim and Tyson touch upon the client service-focused training model they've established at their firm, as well as the role of mentorship.
- Tyson raises a point that will help you become a better mentor, teacher, and leader.
- Kim shares her favorite African proverb, while Tyson discusses the hardest lesson he had to learn about building a successful team.
- Tyson talks about what to do, as an advisor, if you don't have much of a runway to do a succession.
Mentioned in This Episode:
TotalSuccession.com
TotalSuccession.com/podcast
FORM Wealth Advisors
Tyson Ray
Kim Cochenour
Tyson's book - Total Succession: 5 Steps for Financial Advisors to Exit Confidently, Be Fully Compensated, and Keep Clients' Interests First (available for pre-order)
Previous episode - What If You Don't Sell? Rethinking Succession with David Patchen
Bryan Sweet
Scott Danner