Practice Management Clinic: Human Capital – Building Stronger Teams

The first Practice Management Clinic of 2025 focused on Human Capital, specifically the topic of Training. Facilitated by Kathy Lintz (Matter Family Office) with panelists Courtney Pullen (Matter Family Office), Andy Wolfgang (Cerity), Laura Ilkiw and Julie Melwani (BBR Partners), the session examined training, onboarding, leadership development and technology-driven learning solutions to support professional growth and retention. Below is an article that features ideas, topics and challenges discussed at this Clinic.

 

To learn more about our ongoing Practice Management Clinic sessions click here.

 

Please note: Topics, recommendations, lessons learned and best practices described below came from the discussion of industry professionals with expertise who have worked in the field for at least two decades. The information is shared for informative purposes only; we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability or completeness, and your reliance on any information is solely at your own risk.

 

UNHW Institute Practice Management Clinic: Human Capital
Feb 2024

Practice Management Clinic: Human Capital – Building Stronger Teams

A well-trained, highly skilled team is at the heart of every successful wealth management firm. However, as firms navigate an increasingly complex financial landscape, ensuring employees receive effective training and professional development remains a challenge. This was the central focus of the UHNW Institute’s February 2025 Practice Management Clinic, where industry leaders shared insights on optimizing training, onboarding, and ongoing talent development.

Facilitated by Kathy Lintz of Matter Family Office, and supported by a panel that included Courtney Pullen, also of Matter Family Office, Andy Wolfgang of Cerity Partners, and Laura Ilkiw and Julie Melwani of BBR Partners, the clinic encouraged participants to share insights into competency models, mentorship programs, and strategies to integrate emotional intelligence into training programs.

Building a Strong Foundation: Structuring Training Programs

The clinic emphasized the importance of structured training programs that provide a clear pathway for employees at all levels. Firms that fail to invest in structured training often struggle with inconsistent service delivery, misaligned expectations, and talent retention challenges.

Key Takeaways:

• Define Training Levels: Establish progressive learning levels (e.g., 100, 200, 300, 400) to provide a structured growth path for employees, from foundational knowledge to expert-level proficiency.
• Balance Technical and Soft Skills: While financial expertise is essential, training should also focus on client communication, emotional intelligence, and relationship management.
• Align Training with Firm Goals: Ensure that training modules reflect the firm’s strategic objectives and client service standards.
• Leverage Internal and External Expertise: Create a well-rounded curriculum by combining in-house subject matter experts and external training programs.

By clearly defining training levels and expectations, firms can build a culture of continuous learning and professional growth.

Onboarding and Talent Management: Retaining Top Talent

Successful onboarding and long-term talent management play a critical role in reducing turnover and fostering a strong, engaged workforce. The first 12-24 months of an employee’s tenure are especially crucial in determining their long-term success within the firm.

Key Takeaways:

Onboarding New Employees

• Stage the Onboarding Process: A phased onboarding approach helps new hires gradually assimilate into the firm, preventing information overload and increasing retention.
• Set Clear Expectations Early: New hires should have a clear understanding of their career trajectory, firm culture, and performance expectations.
• Mentorship is Key: Pairing new employees with experienced mentors fosters a sense of belonging and accelerates learning.

Ongoing Talent Management Strategies

• Develop Strong Managers: Leadership training for managers ensures they can effectively guide team members and support their professional growth.
• Encourage Internal Mobility: Providing clear career advancement opportunities within the firm reduces turnover and enhances job satisfaction.
• Regular Feedback and Coaching: Ongoing feedback and coaching sessions help employees refine their skills, set goals, and address challenges proactively.

A thoughtful approach to onboarding and talent management ensures employees feel supported, engaged, and motivated to build long-term careers within the firm.

Addressing Challenges in Training & Development

While firms recognize the importance of training, many struggle with implementing effective programs due to time constraints, resource limitations, and the challenge of balancing technical and human capital development.

Key Challenges & Solutions:

• Time Constraints: Employees, especially senior leaders, often have limited time for training. Solution: Offer on-demand learning options and integrate training into daily workflows.
• Ensuring Consistency: Without a structured approach, training delivery can be inconsistent across teams. Solution: Standardize training content and methodologies across the firm.
• Upskilling Senior Leaders: Many senior professionals lack formal training in managing human capital. Solution: Provide targeted leadership training to help them become better mentors and team builders.
• Balancing Technical & Soft Skills: While technical knowledge is critical, soft skills are equally important in client relationships. Solution: Incorporate role-playing exercises, client simulations, and communication workshops into training programs.

By proactively addressing these challenges, firms can create more effective and sustainable training initiatives.

The Role of Technology in Enhancing Training & Measuring Success

The digital transformation of wealth management presents new opportunities to enhance training through technology. Firms that integrate digital tools into their training programs can improve accessibility, efficiency, and engagement.

Key Takeaways:

• Measure Training Effectiveness: Use data analytics to track employee progress and the impact of training on service delivery.
• Offer On-Demand Learning: Digital learning platforms, video tutorials, and interactive e-learning modules allow employees to learn at their own pace.
• Support Remote & Hybrid Teams: Virtual training sessions can help to ensure consistent learning experiences for all employees, regardless of location.
• Utilize AI & Automation: AI-driven training tools can personalize learning experiences based on employees’ strengths and areas for improvement.

By leveraging technology, firms can make training more dynamic, measurable, and scalable.

Actionable Next Steps for Firms

To strengthen training and development, firms should consider the following next steps:

1. Refine Training Structures: Implement a multi-tiered training program to ensure employees develop skills progressively.
2. Enhance Onboarding Programs: Adopt a phased approach that extends beyond the first few months, ensuring new hires integrate smoothly.
3. Foster a Culture of Continuous Learning: Encourage employees to pursue ongoing education through mentorship programs, professional certifications, and industry conferences.
4. Invest in Leadership Development: Equip managers and senior leaders with the necessary skills to mentor and develop their teams.
5. Leverage Technology for Training and measurement: Use digital tools to track learning progress and assess the effectiveness of training initiatives.

Lessons Learned & The Path Forward

February’s Human Capital and Training Practice Management Clinic reinforced the idea that a firm’s success is directly tied to the strength of its people. Structured training programs, thoughtful onboarding processes, and ongoing professional development are critical to creating a knowledgeable, engaged, high-performing team.

By prioritizing continuous learning, leveraging technology, and refining talent management strategies, wealth management firms can ensure their professionals are well-equipped to navigate the evolving financial landscape and provide exceptional client service.

As firms move forward, fostering a culture of learning will not only enhance employee retention and satisfaction but also drive long-term business growth and success.