Scenario
Firm principal has intent of hiring an advisor who has potential to become a partner in the next 5-7 years.
- Provide consultative services to create a progression model and compensation structure.
- Subsequently source, interview, & complete suitability.
- Will also be leading search for an additional operations team member.
Goals
Requires someone in an advisor capacity that can eventually take over the practice in 5-7 years, while Bill reduces his hours. Could also require additional operations staff as new business comes in.
Background
- Age: 62 years old, male, lives in the GTA, married with 2 adult children.
- Products sold: Individual investment and insurance products, some group benefit and retirement plans.
- Business structure: Incorporated with 4 operations staff, and one associate advisor (retiring) whose book Bill purchased 2 years. ago. Owns office space in a suburb of Toronto.