Tamara Morey
Asking practices to share their people plan with us often results in blank stares, nervous laughter or a quick subject change.
Is it because the term “people plan” sounds too corporate for smaller teams? Too warm and fuzzy, without enough action and results? Or maybe it just sounds like another document that’ll get written once and never looked at again.
But here’s the thing – when it comes to running an advice practice, your people are the biggest investment. We’re talking hundreds of thousands (if not millions) of dollars spent every year on your team. Do you have a plan for how you’ll invest that money to get the best return? Or are you just hoping for the best and throwing salaries at the problem?
Given the significant investment in your team, it’s crucial to have a strategic approach to managing this resource. This is where a well-designed people plan comes into play.
Right now, the biggest roadblock to practice growth isn’t finding new clients or streamlining processes – it’s finding and keeping the right talent. A solid people plan doesn’t just help with hiring; it gives you a clear direction for all people-related decisions in the year ahead, helping you maximise value, keep your people happy and retain your best talent. A win-win for everyone.
But what makes a people plan go from average to great? Can you simply dust off a previous year’s plan and run it back? Probably not. The game is changing.
This brings me to Friday movie nights in our house. After a long week, I use the opportunity to spark debate with my pre-teen and help him see the world through a different lens (while I remain comfortably horizontal).
Our 12-year-old is a mad sports fan. Basketball, soccer, AFL, NFL – you name it, he loves it. Like many kids his age, he dreams of being a professional athlete. Right now, he’s set on becoming an NFL running back. This would be great, except for a few minor details: he’s average height, has a slight build and lives in regional Victoria, oceans away from any NFL league.
At the risk of crushing his dreams, I’m gently trying to steer him toward the business and leadership side of sports. The kid can hype up his teammates like nothing else, and he’s a born negotiator. So, we watched Jerry Maguire. He wanted to be Cuba Gooding Jr. Then we watched Moneyball, and while the lesson is yet to land for Mr. 12, it got me thinking.
What if we used the Moneyball approach to rethink how advice practices build and manage their teams?
If you’ve seen Moneyball, you’ll know it’s not just a film about baseball – it’s a masterclass in rethinking how we build winning teams. And while your financial advice practice may not be swinging for literal home runs, the lessons from the Oakland A’s strategy can help you rebuild, optimize, and future-proof your people plan.
The old playbook doesn’t work anymore
Traditionally, financial advice businesses have recruited based on the candidate’s education and the belief that experience = success. The same way baseball teams used to chase “star” players with high batting averages, advice firms have often gone after the most experienced paraplanners, the most charismatic advisers or the admin whiz who “does a bit of everything.”
The problem? That approach is outdated, expensive and often ineffective.
Instead, financial advice firms need to think differently about talent – focusing on performance, skill sets, and cultural and strategic fit rather than outdated hiring models.
The right seats before the right people
Before recruiting, get clear on what roles truly matter. Ask yourself:
- Do you truly need another full-time adviser, or could upskilling your support team give your existing advisers more capacity to see clients?
- Is hiring another admin support the best solution, or would smarter processes, role redefinition, and targeted incentives boost productivity within your current team?
- Can refining your client value proposition (CVP) and service model reduce workload bottlenecks and improve overall efficiency before adding headcount?
Before making hiring decisions this year, map out the real gaps in your practice. Not just in job titles, but in functions, capacity and efficiency. This will ensure that every hire is a strategic investment – not just a quick fix.
Data over gut feel
Billy Beane, the Oakland A’s manager in Moneyball, didn’t make decisions based on gut feel. He used data to identify undervalued players who contributed in ways traditional scouting overlooked.
For financial advice firms, this means looking beyond the standard “experience + qualifications” checklist and instead asking:
- Who actually moves the needle in terms of client outcomes and business profitability?
- Is there untapped potential in our existing team than can be leveraged? One of the greatest pleasures in our work is uncovering “diamonds in the rough” within a practice and coaching them to be a star player.
- How can we measure and optimize productivity rather than just throwing more people at the problem?
Find the right people in unexpected places
The best talent isn’t always where you expect it. In Moneyball, the team found bargain players with unconventional skills – just like advice firms can find high-potential candidates outside the usual hiring pool.
How can you apply the same tactics?
- Expand your recruitment reach: Could you attract better talent by offering hybrid or fully remote roles? Many practices still resist this change, but it’s a game-changer for hiring flexibility and removing growth restraints.Your talent pool is no longer limited to your region – it can be Australia-wide.
- Recruit for culture before experience: By hiring for cultural fit first, you build a team that is cohesive, engaged, and motivated to work towards a shared goal, ultimately leading to better outcomes for clients and the business. You’ll also see higher employee retention.
- Consider outsourcing for non-traditional tasks. Could an experienced outsourced team handle key functions more effectively and cost-efficiently than an in-house hire?We’re seeing high-quality onshore providers take on traditionally in-house tasks like strategy and associate work, and review file preparation. The key is finding the right outsourcing partner to make it a success.
This year: build smarter before bigger
Financial advice firms don’t need the biggest payroll to be successful; they need the right people in the right roles, supported by smart processes and technology.
So, before you post that next job ad, ask yourself: “Are we building a team for the future, or just repeating the same old recruitment mistakes and hoping for a different result?”
March 19th, 2025
Published on Advisely