Finding great people is one of the biggest challenges in Professional services and no different in Accounting Firms.
Finding the right person to lead and build the Financial Planning business within an Accounting firm is difficult.
Not only do you need to find a person who is a great Financial Adviser (think amazing communication skills, ability to ask great questions and listen with empathy) but they also have to understand the nuances of Accountants and Accounting Firms.
A tough ask!
How do you attract this kind of talent?
There is no magic bullet, but there is a way you can set yourself apart from the other Accounting Firms who need a great Financial Adviser to lead your business.
You have to share your vision for the business with them, tell them how you see the business growing, their important role in this and ultimately the personal rewards that you will all share in as a team.
Getting top talent in your Financial Planning business is like attracting the star footballer to your Football Club.
And there has been no bigger star than Lance ‘Buddy’ Franklin to change clubs in the last 10 years.
How the Swans got Buddy
For those of you who follow AFL (more than likely those reading in the southern and western states of Australia) you will know who Lance ‘Buddy’ Franklin is. For those who follow NRL think Cameron Smith. He is a star of the game, the last player to kick 100 goals in a season and a two time premiership player with the Hawthorn Football club in Melbourne.
At the end of 2013, Buddy had played long enough with the one club to qualify for what is known as Free Agency.
Another club could put in a contract offer for him to leave his current club and it was up to Buddy to either take the offer (vastly more than his current club was offering) or stay for less money.
All the talk was that Buddy was going to leave and go to the AFL’s newest club, the Greater Western Sydney Giants.
But last minute, he came out and signed for the other Sydney team, the Swans.
How did the Swan’s get his signature?
Buddy had signed for 10 years on a sum of money that was unheard of (was rumoured to be $9M over the 10 years but would have likely been more when endorsements, sponsorship and bonuses were added in).
In 2013, the Swans had been one of the most successful clubs winning the 2005 & 2012 premierships and making finals almost every year. In an era of equalisation, how did they manage to get one of the games great players?
The sold Buddy on the Vision of the club.
The culture of the Swans is well known in AFL circles. They are known by their name that started before they were moved from South Melbourne to Sydney – the Bloods.
It’s a culture that does not tolerate individuals. Everyone in the team is clear on their role. They play for each other and are clear on what is expected of them and what is acceptable both as a player and a wider representative of the club.
They expect to be successful and each player knows that the sacrifices they make and actions they take lead them to the success they strive for.
Since joining the club in 2014, Buddy has lead the Swans to two Grand Finals (the last game of the year to decide the premier – in 2014 and 2016) and finals in the other two years.
The Swans sold buddy on the culture and vision of the club and how they saw him being a major part in that.
They took a long term view and saw Buddy being a part of the club for a 10 year period (in business this would be the equivalent of 25 years).
This is exactly what you as the Accounting Partner needs to do when attracting top talent to lead and grow your Financial Planning business.
Create a vision, a plan and a culture that breeds success and attracts successful people who will thrive in that environment.
Where do you start?
The Solution is Simple
Create the blueprint, the plan, the vision for your Financial Planning Business.
Use this plan and vision to get the attention of top talent to help you run your business and use them as leverage to attract further top talent.
What’s stopping you?
Accounting Partners, create your compelling vision and one page plan for your Financial Planning Business.
If you want to know how, reach out and we can have a chat about creating a successful and profitable Financial Planning business for you.