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