In my career working with advisors, I’ve often discussed the importance of incorporating time-saving technology and selecting the right custodian. In the hunt for increased productivity, however, it can be easy to overlook the human element. For many reasons, attracting and retaining top talent to serve clients and manage operations is critical to the success of your business.
Challenge your team
Try to provide your team with more meaningful responsibilities. If your back-office and client-service teams are little more than paper pushers, chances are your staff doesn’t feel very challenged. They may be performing administrative tasks that are necessary, but others that could easily be automated and don’t add much value.
The key to attracting and retaining top talent is allowing your staff to do meaningful work. This means aligning employees with their skill sets and interests. It also means challenging them with activities that...