Envestnet Elevate Summit 2023: Succession Planning in Advisory Firms
by: Amanda Umpierrez
A panel during the 2023 Envestnet Elevate Summit centered on how hiring diverse candidates and implementing digital technology are key to succession planning and building multi-generational practices. The strategies become even more crucial once advisors realize that the needs of their younger clients vastly differ from previous generations, said Patrick Delaney, vice president and insights leader with T. Rowe Price. “Most of you have built your books on the backs of Baby Boomers,” Delaney told attendees. “You need to evolve and adapt because for their children, the role they want you to play is vastly different than from the last years.” Miriam Lewis, chief inclusion officer at Principal Financial Group, said, “Step out of your comfort zone and embrace it. With this, you’ll be able to create meaningful context.” This extends to recruitment and hiring as well, added Delaney.
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