Perhaps you’ve already started, or maybe you’re just considering it, but at some point, advisors who want to build an elite practice must build a personal internal team that can offer the services their clients want. Wealthy clients want a one-stop shop, and very few advisors are able to do it all themselves. In fact, I don’t know any elite advisor who hasn’t pulled together a team of highly qualified professionals.
Advisors often hire someone who can complement their own skills (i.e., someone who is strong where they are weak) and, thus, allow the company to offer additional services. Others look for a mini-me to double down on the strengths that set the practice apart. Still, others look for the brightest people—those they just have to have—and then create roles for them. In my case, I always identified a need and then found the right person to fill that role. But no matter which strategy you decide works best for your specific situation— and often it really is just how you personally want to work—I think teams work best if you start with two specific hires:
Your First Hire – The Trusted Assistant
The person you hire first can set the tone for the rest of the team, so you want to give it some real thought. Normally, the first hire will be a shared sales assistant or client associate. These are the people who keep your practice running smoothly, leaving you free to focus on revenue-producing activities. They answer the phone, handle the documentation, and are the first line of defense in servicing the needs of the clients. As you grow your business, this person will become the practice manager. My practice manager keeps my calendar, organizes and runs the team meetings, and is responsible for gauging revenue and profitability goals. She helps segment clients, and deals with the internal workings of the firm, including compliance, marketing, and management. Overall, she keeps me away from the time-draining things necessary to manage a practice or business. My first assistant was with me for twenty-seven years. I can honestly say my business wouldn’t be what it is today without her help.
Your Second Hire – The Rainmaker
The second hire is typically somebody who is going to help source business, because if you are not growing your business, your business is dying. This person could be someone just starting out that you’d like to train and help get established, or it could be an experienced pro. The person, however experienced, needs to be driven, motivated, organized, energetic, and have a great work ethic, as well as a thick skin. This person should always be prospecting and thinking of ways to bring in new clients.
After you have someone onboard to handle the administrative part of the business, as well as someone who can help bring in new business, additional personnel will depend on the size and focus of your practice or company. Ultimately, sourcing good people is crucial to the successful future of your team.