BUT…you need to do your homework first and find out what career path that assistant is on and the only way to find that out is to ask them.
Focus on the short term (two to five years out, versus long term, because generally, they are younger staff) If they want to be a financial advisor, do they want to be “client-facing” or behind the scenes doing research, etc.?
Once they have indicated where they “see” themselves, evaluate their skills in relationship to the skills needed for success in the role they see themselves in. (If they can’t sell or close the deal by bringing in new business, you will be wasting your time and theirs).
If you see a match, and you’re willing to invest the time and training, a Financial Assistant can become an Associate Financial Advisor and be a vital part in growing your practice and reaching your production goals
Here’s a situation. I found the perfect guy to be my Financial Assistant. The problem is I’m a little wary that he’ll leave once he has learn all the skills and knowledge he needs. Any advice on how to hold on to a potential Associate Financial Advisor? Thanks in advance.
This would be a perfect opportunity for you to find out what his future career goals are. If he would like to grow into a Financial Advisor role eventually, you can discuss ways for him to grow with your firm. You can offer him incentives for building his own book at your firm and train him on how to get started. As long as he knows you will provide him with the option of being in a producing role and there is room for growth with your firm, he will be much less likely to leave you.
A financial assistant is a great asset to anyone who’s running a business. It can be hard trying to keep up with the financial planning and running the business at the same time. Do you think it would be a good idea to hire a college student in this role?