Considering those who will follow in your footsteps is important for so many reasons, not the least of which is succession planning. Applying the thinking we’ve been discussing with regard to succession planning throughout this month, weigh the questions below as they relate to those advisors whom you view as less experienced, or even as your potential future competition. Rather than viewing them from this perspective, consider how they might instead become part of your advocate network, and eventually part of your succession plan.
With an open mind, consider how including these advisors in your professional networks, or even eventually as part of your team, might positively impact your business:
Of course, these are all questions that should be considered in any partnership, but thinking about these elements specifically with regard to how you will grow and develop your team is crucial when it comes to building out your networks.
Consider that around two-thirds of advisors don't have a clear plan in place when it comes to their succession. Use your approach to building out your advocate networks as an opportunity to kill two birds with one stone, by simultaneously considering the aspects you need to account for the future success of your team.
Powerful Coaching Questions from this Article:
1. How does opening up your breadth of center of influence and advocate relationships change your perspective on your business?
2. How are you considering sucession planning when creating your center of influence and advocate relationships?
3. How can you engage with, rather than compete with, other advisors in your network?