Maybe your star performer is moving away. Or maybe you realized on the morning drive to your one-person wealth management practice that you could generate more business if you didn't have to spend so much time on paperwork. Whatever your circumstances, hiring a new staff person can be challenging.

Certain ideas, strategies, and procedures become best practices because other people's experiences and research have proven that they produce desired and reliable results. Applying such practices to your business is, therefore, likely to have a positive and measurable effect. With that in mind, I've collected some best practices for financial advisors to help you find greater success with the myriad roles you play in your firm.

The process of creating an organizational structure that supports your firm's unique strategic goals is both an art and a science. No one structure works for every firm. In fact, you will need to update and improve your advisory firm's organizational design frequently as your business changes and grows. Doing so can increase productivity, drive desired behaviors, and enable effective, efficient performance.

As younger people join the workforce, many advisors find themselves managing a multigenerational wealth management team. Leading people of different age groups—each with their own unique values, behaviors, and methods of communication—can be challenging. But these differences also present an opportunity to leverage and capitalize on the diversity and new ideas that multigenerational teamwork brings to the workplace.

Managing and leading a team of employees and staff can be challenging. But it is also one of the most critical roles you perform for your small business. By adopting certain practices of successful advisory firm leaders, you can help bolster productivity and create the company culture that you've always aspired for. Best of all? You can rest assured that these strategies will never go out of style—no matter how markets, regulations, products, and trends may change.