Case Study: RetireRight Pittsburgh

Location: Pittsburgh, PA
Owners: Don Settina, Founder, CFP® (Certified Financial Planner) and Cindy Settina, COO

RetireRight Pittsburgh established a relationship with us in 1998, and our long-term collaboration illustrates the benefits of employee retention and succession planning.

The firm’s founder, Don Settina, came to us shortly after launching his own firm.

He sought guidance on defining the roles of his new team members. He was rightly concerned that their current lack of clarity prevented them from understanding his business vision. He wanted our help to enable his team to contribute to the firm’s growth.

At the same time, retention of his existing clients was a priority. We evaluated his firm’s current ability to provide competitive services for wealth management and retirement planning.

We determined near-term and long-term strategies to pursue these concurrent goals:

  • Role definition
  • Staff retention
  • Revenue generation
  • Expansion of clientele
  • Leadership development

The process of role definition began with early stage validation regarding the market viability of the firm’s specialization. This step allowed us to understand unique strengths within the team and structure role definitions to leverage those internal assets.

We gathered data about:

  • Clientele
  • Company team
  • Service offerings

We identified the firm’s unique competitive advantages in retirement planning and wealth management led to a shared vision for the firm. Once the firm’s members had a firm grasp of their duties, and influence on revenue-generation, they improved their ability to function as a cohesive team, deliver effective service to existing clients, and retain them.

With new cohesion, the firm was in position to achieve growth. Satisfied clients led to more referrals for the firm. Our solutions prepared the team to efficiently absorb increased workloads.

This strategy has produced steady growth, avoided overwhelm of the team as the advisors broadened the firm’s network, and achieved notable impact on client loyalty and satisfaction.

While taking great care to cultivate a strong team foundation, we examined how to manage attrition.

Reducing loss of valuable employees involves an ongoing process that combines:

  • Strategic employee selection
  • Thoughtful onboarding of new employees
  • Adjustment of roles to match skills with company vision

The hiring and selection processes were improved, starting with clearly defined roles for every position. The interview conversations enabled both parties to understand whether there is mutual right fit. The clarity of job duties matched with inherent strengths is a hiring advantage, and the firm is able to attract top talent.

Recruitment, however, represents only one crucial step in a long process. By continually evaluating how each team member’s role contributed to company success, we could increase revenue by aligning roles with individual strengths as a competitive advantage. The alignment of talent with the firm’s growth plan enabled each member to contribute to growth.

Our methods empowered Don and Cindy to focus on what they do best for their business. The successful collaboration of team contributions to company vision and growth allowed us to stabilize employee retention over the long term and foster a results-oriented team. As a result, the firm:

  • Retained more clients
  • Enjoyed more referrals
  • Met and then exceeded goals for assets under management
  • Successfully transferred ownership

In January 2020, two senior advisors became new owners and partners of the firm. The new owners had the advantage of a strong team.This situation gave Don and Cindy the freedom to move forward with confidence, and they continue to serve as advisor partners to the firm’s new leaders.

Across two decades, we have provided the support needed to avoid or mitigate common problems associated with growth.

We also positioned the founders to transfer leadership without disrupting operations.

Scheduling a free discovery call with us at Firepower Teams could set you on the path for long-term success like RetireRight Pittsburgh.

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