$150 Million CFP Firm Creates Novel "Residency" Training Program For Young Planners

Monday, April 18, 2011 23:20
$150 Million CFP Firm Creates Novel

Tags: practice management

Would-be doctors spend years learning on-the-job skills, and a Minnesota planning firm is taking a similar approach to helping trainees get their required three years of industry experience.

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Cornerstone Wealth Advisors in Edina, Minnesota is a four-planner shop managing $150 million. They're not especially interested in ramping up a huge internal talent pool, but are eager to create a path for new planners at the beginning of their careers.


The "residency" program leaves graduates with the three-year track record the CFP Board wants to see, but at the end of that term they need to find other jobs elsewhere.


It's an innovative arrangement, and we will have to see whether it spreads to other firms.




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