Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with

financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading

financial advisors navigated the inevitable challenges that arise on the path to success

and get insight from leading industry consultants about how to break through to the next

level in your advisory business. And now here's your host, Michael Kitsis. Welcome everyone.

Welcome to the 427th episode of the Financial Advisory Success Podcast. My guest on today's podcast is

Sten Morgan. Sten is the owner of Legacy Investment Planning, a hybrid advisory firm based in Franklin,

Tennessee that oversees $220 million in Assets Center Management for 90 client households.

What's unique about Sten though is how he realized that the team that helped his firm

reach an initial level of success as a million-plus dollar practice was not the team he'd

need to take it to the next level,

and ultimately found that he had to turn over 100% of his original team, led by a new director

of operations, who eventually restaffed the entire firm in order to rebuild the team

for the next stage of growth. In this episode, we talk in depth about how Stan recognized that

while his firm appeared to be performing well in terms

of AUM and revenue and other business metrics, its culture was not resulting in the collective

skill set and team member initiative needed to reach the growth goals.

How Sten handled difficult conversations with team members to find the best resolution for

both them and for the firm, which quickly brought his firm's head count down from eight to four,

and why Sten decided to hire a new full-time director of operations to serve as an integrator

and make even more changes to get both staffing and day-to-day firm operations back on track.

Let's talk about how Sten and his operations director implemented a new five-step process for hiring,

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