Spend more to make more? Usually a sound business practice and one which many top producing Financial Advisors are adhering to.
More and more, we financial advisor recruiters are finding “teams” versus individuals who may be looking to move.
Hiring a Team to Grow Your Business
A “full” team (all with their Series 7 license) can include the advisor, his business manager, a full-time sales assistant and a junior advisor.
So how do these three team members contribute to growing the advisor’s business?
- Hiring someone to manage the business to improve contact management of clients, setting up regular emails and newsletters can improve an advisor’s efficiency.
- A sales assistant can do a lot of the legwork of financial planning, as well as help out with prospective clients and referrals.
- And finally, by hiring and training a junior advisor, smaller clients can be transitioned to him at the same time he begins building his own book.
All add up to relieving the advisor of routine matters that can be overly time consuming, thus allowing more time for prospecting and bringing in more clients.
Initially, there is time and energy spent, and a lot of advisors are hesitant to add staff, but the benefits can be huge. And they don’t all have to be hired at once. Might consider starting with an intern – one you can “groom.”