Balancing a Multi-Generational Practice


Managing a multi-generational team with diverse roles and perspectives can indeed pose several challenges when it comes to making decisions about the future of the business and where to transition to. In this scenario we have the following players, the Senior Partner, Junior Advisor (potential successor), Biggest Producer (ACE), and the COO/Practice Manager. The differences in opinions and priorities among the Senior Partner, the Junior Advisor, Biggest Producer, and COO/Practice Manager can create friction and hinder the decision-making process.

Why? Because they each have a different view on what is necessary because they each see it through their role’s perspective.

Here are some reasons why this diversity of perspectives can be problematic:

Differing Priorities:

  • The Senior Partner may prioritize     maintaining the status quo, preserving traditions, or not wanting to     hassle with the package they will be receiving.
  • The Junior Advisor (Successor)   might be more forward-thinking and eager to implement changes for     long-term success.
  • The Biggest Producer may be     focused on short-term gains to boost their immediate performance.
  • The COO/Practice Manager may     prioritize operational efficiency and effectiveness in adopting new tools     and processes.

Communication Challenges:

  • Different generations often     communicate and interpret information differently, leading to     misunderstandings and misalignment.
  • Plus, you have variation in their     professional backgrounds and roles that can result in a lack of a common     language or understanding.

Power Dynamics:

  • The Senior Partner or Founder may     have a strong influence, potentially hindering open discussion on change     and the vision.
  • The Biggest Producer's opinions     may carry weight due to their performance, creating a power dynamic that     can overshadow other perspectives.
  • The Junior Advisor (the     Successor) might feel that they are the future of the firm, and they want     to be in a certain type of firm for their clients.

Resistance to Change:

  • The Senior Partner might resist     changes that challenge established practices or beliefs.
  • The Biggest Producer might resist     changes that could impact their current successful strategies and their     production.
  • The COO/Practice Manager might be     facing challenges in implementing new tools and processes that could     increase or accelerate production from their standpoint but are receiving     resistance from key team members.

Lack of Collaboration:

  • Team members may focus on their     individual interests rather than working collaboratively towards a shared     vision. It is very common and easy to see things through your perspective     because of your daily routine and success.
  • Silos or groupings may form,   which hinders effective communication and collaboration between team     members thus affecting the vision.

Decision-Making Delays:

  • Disagreements and conflicts may     lead to prolonged decision-making processes, impacting the business's     ability to adapt quickly to market changes and affecting the overall     vision.

To address these challenges and others, it's essential to foster open communication, create a shared vision, and develop strategies that balance the needs and perspectives of each team member. In these types of situations, it is most helpful to bring in a third-party resource such as a recruiter. A recruiter can often be the voice of reason and help with managing this process. The #recruiter can help with taking in the information from each of the team players mentioned above from the beginning and help with managing expectations, consolidate ideas so that there is a unified voice when going through the exploration and #due diligence process. The goal is to have a smooth transition as a TEAM and cross the finish line together.

Madison Professional Group- Financial Advisory Recruiters helps teams of advisors and sole practitioners navigating through the due diligence process to a smooth transition. We work with a portfolio of firms in the wealth management and financial services space. Please reach out and share your thoughts below. Ultimately, achieving our goals requires more than just talent and potential. It requires consistency and resilience. We must have determination to achieve our goals.

If you are interested in learning more and exploring the current landscape, please reach out.


Schedule a Free Consultation