Executive Summary
Many advisory firm owners face a dilemma as they reach capacity: they know they need help with planning work and would like to hire an associate advisor, but they may be uncertain about what, exactly, to delegate. Since associate advisors rarely prospect or manage their own clients today, it can feel challenging for firm owners to envision what the associate would do full time that would provide a real return on investment. Without a clear delegation strategy, though, both the lead advisor and the associate both risk running into frustrations, inefficiencies, and missed opportunities for growth.
In this article, senior financial planning nerd Sydney Squires explores how small firms can accelerate ROI on associate advisors. The key is to delegate in ways that reduce the senior advisor's time spent per client. Doing so frees the lead advisor to focus on business development, deepen relationships with complex clients, or simply avoid burnout. Kitces Research finds that solo advisors typically spend about 20 hours per first-year client, but with support staff, that time can drop by 25%. Even if an associate takes longer to complete a task, the time saved for the lead advisor still translates to a net gain – especially when reinvested in higher-value activities. A partial delegation approach – where the associate owns tasks within clear review guardrails – helps manage risk while steadily building confidence and capability.
To facilitate this ramp-up, five functional areas stand out as ripe for early delegation: client onboarding, meeting preparation and recurring plan updates, post-meeting follow-up, incoming client requests, and firm-specific “advisor odds and ends”. Onboarding tasks like data entry, identifying insurance or planning gaps, and building preliminary recommendations help associates learn the firm's process while contributing meaningfully. Meeting prep and recurring plan maintenance tasks create repeatable opportunities to train on client strategy and support the advisor's client-facing time. Follow-up work – such as reviewing AI-generated notes, assigning action items, and drafting communications – further embeds the associate into the service model. Handling incoming client requests and CRM updates allows them to build judgment around common client needs, while owning certain 'miscellaneous' advisor tasks (like reviewing estate documents or tracking planning deadlines) frees up the lead advisor to focus on more strategic work.
Successful delegation, however, requires intentional structure. A phased model – progressing from observation, to guided work, to synchronous rev,ew, and eventually to asynchronous or conditional reviews – ensures that associates progress systematically, while the lead advisor retains appropriate oversight. When paired with clear benchmarks, this model supports learning and accountability, prevents premature autonomy, and keeps work consistently moving off the senior advisor's plate – all while building a confident, competent future advisor who is better prepared for advancement.
Ultimately, early-stage associate advisors don't need to be fully self-sufficient to generate ROI – they simply need opportunities to do meaningful work in a supervised, structured way. When lead advisors approach delegation as a tool to expand capacity – not as a demand for perfect execution – firms can begin seeing returns within months, not years. With a deliberate onboarding path and well-defined responsibilities, associate advisors can become an investment in sustainable firm growth!
Traditionally, an advisor's Return On Investment (ROI) has been measured by their ability to find and retain clients – whether as senior advisors managing their own book of business or commission-based associate advisors cold-calling a prospects. In today's fiduciary-focused era of financial advicers, though, associate advisors rarely manage client relationships directly. Instead, their role is to expand the lead advisor's capacity so the firm can manage more client relationships.
This shift leads to some interesting tension in how ROI is measured. While senior advisors generate ROI through revenue they produce, associates contribute indirectly by freeing up advisor time. As a result, some firm owners expect ROI on an associate advisor to take multiple years to materialize – however, in practice, associate advisors are usually one of the first hires that a firm makes that enable growth.
Hiring an associate advisor allows a lead advisor to delegate lower-level planning tasks, which, in turn, allows the firm to service more clients and increase long-term revenue. Yet, many founders may find themselves stumped with what the associate advisor would actually do for 40 hours each week in a way that would meaningfully improve firm productivity. By contrast, it often feels more intuitive to delegate tasks to a Client Service Associate (CSA) or operations employee. The challenge isn't whether the firm actually needs the hire – many do by this stage to maintain productivity, standard of care, and even the founder's sanity – but rather identifying which tasks to let go of that would actually improve firm outcomes.
Exchanging Productivity: Client Work, Delegation, And The Management Tax
By the time the advisory firm reaches around $200k–$300k in revenue and 30–40 clients, according to Kitces Research on How Financial Advisors Actually Do Financial Planning, many founders begin weighing whether the merits of hiring 'early' – before they feel fully stretched – or 'late', after capacity is already strained. Hiring too early can create a renewed sense of urgency to prospect quickly and grow the firm at a much faster pace than the team is ready for. But hiring too late may stress the team's capacity so much that there's no capacity to onboard the new hire well. As one advisor summarized, it's really challenging to take the time to delegate well when every day feels like a fire drill!
The associate advisor is typically the firm's first or second full-time hire. An emerging trend for a growing practice is implementing the '1+2' or 'triangle' team: one lead advisor supported by a CSA and an associate advisor. These two hires often occur in relatively quick succession as the founder reaches a sustainable client load and begins to grow beyond their own individual capacity.
Nerd Note:
A common question for advisors at this stage is which hire should come first: the associate advisor or the CSA. This was covered in more depth in this past blog article, but, in short, the CSA is often the more advantageous first hire.
As Ben Henry-Moreland explains: “[A]s the firm accumulates new clients, those clients create additional work in the areas that the advisor didn't hire for [by hiring an associate advisor first]. For example, if an advisor hires a Client Service Associate (CSA) to handle client service tasks – but doesn't hire an associate advisor to support financial planning analysis – then any new clients that the firm brings on will result in new client service tasks (which can be absorbed by the CSA) and new financial planning analysis tasks (which would need to be covered by the advisor).”
Hiring inevitably changes the lead advisor's capacity. Yes, they are able to delegate more work, but at the cost of the 'Management Tax' – the time spent hiring, training, aligning the team day-to-day, and conducting annual reviews. The goal is that time gained through delegation more than offsets the time 'lost' to the responsibilities of managing the team, ultimately allowing the firm to service more clients.
When the advisory team is still small, the central job of the associate advisor and CSA is to broaden the lead advisor's capacity. And that's what increases the lead advisor's ROI – freeing their time to find and service more clients.
One example of the power of delegation is the change in senior advisor hours per first-year client once they've added more help to their team. By themselves, the senior advisor spends about 20 hours with a client in the first year. With even one additional hire, that time drops by 25% to about 15 hours. And while some categories (such as plan development) decrease more than others, the senior advisor doesn't wholly step away from any responsibility. Instead, they reduce total time by whittling away across multiple areas.
This dynamic highlights both the opportunities and challenges of delegating within a small team. Especially at the associate level, few new hires are equipped to hit the ground running. If the goal is for the new advisor to have full autonomy across every task, it will likely take multiple years for the associate to provide the desired ROI. But if ROI is defined as reducing the senior advisor's time spent on other tasks – and the advisor reinvests that time in high-value work – the benefits of delegation can show up much more quickly.
The Opportunities – And Challenges – Of "Partial Delegation"
It can be challenging to delegate to associate advisors. Financial advice is, by nature, complex and high-trust work, and mistakes can be costly. However, if the senior advisor doesn't delegate effectively, achieving ROI on their associate advisor hire will take far longer – if it comes at all. (And because associate advisors often join a firm to learn how to give financial advice, they'll understandably be frustrated if they aren't able to begin practicing this skill!)
The easiest way to approach partial delegation is to create strong guardrails that allow the associate advisor to do client-facing work, but with the senior advisor still reviewing the work before it's presented to clients. This may be as simple as double-checking an email before it's sent or as in-depth as reviewing a preliminary financial plan. Even if the associate advisor takes substantively longer than the senior advisor on the same task, the time saved still benefits the firm – so long as the senior advisor reinvests that time productively.
For example, consider Seth, a senior financial planner at Lumon Financial. He earns $180,000 annually, which, after three weeks of PTO and a standard workweek, means that an hour of his time is worth approximately $92. He is beginning to feel the strain on his capacity, so he hires a promising associate advisor, Helena, at $60,000 per year, or about $30 per hour.
By lucky happenstance, Seth follows Kitces benchmarking almost exactly. As a solo advisor, he typically spent approximately 20 hours with each first-year client, which 'costs' the firm $92 × 20 = $1,840 in his time. With Helena's support, his time drops to 15 hours (including the time he spends reviewing Helena's work), or about $92 × 15 = $1,380.
Helena spends 14 hours of her own on first-year clients, which 'costs' approximately $30 × 14 = $420. Together, the total is $1,800 – about $40 less than Seth's solo cost – and Seth has freed up five hours per client. With 10 first-year clients, that translates to 50 hours he can reinvest into business development or deepening existing client relationships. And while some of that saved time will initially be spent on training, onboarding, and management, Helena will become faster over time and will be able to take on more tasks, further reducing costs and boosting efficiency as her experience grows.
In short, the ROI of an associate advisor – especially one with less experience – may take some time to build. But even if the associate advisor can't work through tasks at the same pace as the senior advisor, each bit of delegation adds up quickly. As an added bonus, increasing autonomy and responsibility also leads to greater job satisfaction for associate advisors, which can increase team retention in the long run!
Early Responsibilities For Associate Advisors
To accelerate ROI, associate advisors can contribute meaningfully within their first six to twelve months. Five key areas stand out as areas that are prime for quicker associate advisor mastery – and thus, quicker senior advisor delegation:
Client Onboarding
Client onboarding offers many opportunities for an associate advisor to support both the lead advisor and the client. This can range from manually entering data and double-checking uploaded information to resolving client questions and keeping the process on track.
Because the first year of a client is generally filled with a lot of to-dos and action items for the firm and the client, it may be most helpful to start the associate with one or two onboarding tasks they can take primary responsibility for, then adding one or two first-year client tasks to master.
Onboarding also provides an organic way for the associate advisor to practice thinking through client recommendations. As they input information, they might draft preliminary plan recommendations for the lead advisor to review. For instance: Is there a gap in insurance coverage? Are there any initial flags in retirement planning? This kind of exercise can lay the groundwork for developing longer-term strategic planning skills and helps the associate learn to plan 'the firm's way'.
Potential Responsibilities:
- Inputting client data and linking accounts.
- Flagging potential issues such as insurance gaps or unusual retirement details.
- Drafting preliminary internal recommendations for lead advisor review.
Client Meeting Preparation And Recurring Plan Updates
Client meeting prep is another early responsibility that offers structured learning opportunities for newer associate advisors. Many advisory firms update components of client plans on an annual or biannual basis, or have scheduled periods to review estate, insurance, or other types of planning needs, barring any immediate urgency.
In the first year, the associate advisor may spend much of this time training on how to approach these updates. For example, if a firm reviews for insurance needs every March, the associate may spend their first March learning the process mainly through observation, then assist more actively the following year. Along the way, they can also document the process – which can be especially valuable if it hasn't already been documented. This can provide a valuable reference guide for both themselves and future hires.
Firms that conduct bulk reviews on an annual cycle may offer a chance to dive in more deeply. In that case, it may be helpful to assign the associate one or two specific areas to 'own' that year rather than trying to teach the entire update process at once.
Regardless of the cadence of work, associates can assist by entering data, updating client information in CRM records, coordinating with third-party service providers (for example, insurance or estate planning may be outsourced), documenting questions and details for clients, and assembling talking points for meeting agendas. Some of this work may be shared with the CSA, depending on how the work is divided.
Potential Responsibilities:
- Documenting processes and updates.
- Creating agendas based on CRM notes.
- Logging communications and ensuring all details are captured.
- Highlighting personal and financial points to address in meetings.
Post-Meeting Follow-Up
After any meeting with clients, there are usually action items for the clients and advisor. Many advisors use some sort of AI meeting notetaker, though many advisors also keep their associate advisor in the room to assist with notes and the flow of the meeting. As such, there are many good opportunities for delegation here.
First, the associate advisor can review any AI-generated meeting notes. While AI meeting notetakers often get most of the details right, they may misinterpret action items (especially if something was mentioned as a joke). Reviewing and correcting those notes and takeaways for accuracy is a critically important task.
Second, associates can help assign follow-up tasks from the meeting to the right team members. For example, if work needs to be assigned to the CSA, the associate advisor can be responsible for clearly communicating the basic details and to-dos.
Finally, they can draft or review the meeting follow-up communication. Whether the firm uses templates or AI-drafted copy, the associate can serve as the 'first line of defense' to ensure the message is accurate and in the firm's voice. From there, the lead advisor can review, adjust, and send on to clients.
Potential Responsibilities:
- Reviewing and correcting AI-generated meeting notes.
- Assigning follow-up actions to appropriate team members.
- Drafting client emails to confirm changes and plan updates (subject to review).
Incoming Client Requests
Separate from meetings and scheduled reviews, associate advisors can also assist with incoming client requests. If there isn't a CSA on the team, the associate can even serve as the first point of contact, acknowledging the request and promising a follow-up when the work is completed.
Additionally, they can take a first pass at CRM updates or plan adjustments, depending on the level of complexity. Here, as well as elsewhere, the key is for the lead advisor to set very clear escalation guidelines – whether based on the client or the type of work – but the associate advisor can, at minimum, get most requests started.
When delegating more strategic work for the first time, a helpful benchmark is 'the rule of 80': train the associate to handle 80% of the most common request types, while the lead advisor steps in for the 20% of more complex or higher-stakes tasks and exceptions.
Potential Responsibilities:
- Acting as the first point of contact for incoming questions or concerns.
- Ensuring prompt acknowledgment and follow-up so clients feel supported.
- Taking first passes at CRM updates or plan adjustments before lead advisor review.
Taking On Advisor "Odds And Ends"
While less defined, these "odds and ends" tasks are often some of the most valuable to delegate. Every advisory firm has some level of tasks that are essential to clients but don't necessarily require the lead advisor's unique expertise – or may simply not be energizing for them.
There are many frameworks that can help identify these potential tasks such as Entrepreneurial Operating System's (EOS) Delegate and Elevate, Dan Martell's Delegate, Replace, Invest, Produce (DRIP) Matrix, or a simple delegate/automate/eliminate framework. Any of these frameworks can act as a filter for what must truly be done by the lead advisor and what can be shared – especially if this is the firm's first time hiring an associate advisor. The benefit of hiring is that someone else may actually enjoy doing the tasks the lead advisor dreads and will be happy to take them on!
Potential Responsibilities:
- Taking on tasks that are essential to clients but not uniquely suited to the lead advisor.
- Relieving the advisor of lower-value work so their focus remains on higher-level planning and client relationships.
A Framework for Delegation
Successful delegation requires structure. Without a clear framework, senior advisors may either hold on t otoo much work or hand off too quickly, which can create errors and lead to frustration. To guide the process, advisors can use a phased approach that builds confidence on both sides while ensuring quality at every step:
- Observation – The lead advisor demonstrates the task, ideally recording the process for future reference.
- Guided Practice – The associate advisor performs the task with supervision.
- Synchronous Review – All work is checked in real time to confirm accuracy and consistency.
- Asynchronous Review – Work is checked after submission, with feedback provided outside of live interaction.
- Conditional Review – Certain tasks are reviewed only under specific conditions or for particular client tiers.
- Independent Execution – The associate advisor eventually takes full ownership, with the lead advisor available for support as needed.
As the associate advisor progresses, they and their manager can refer back to this scale in reviews to measure growth and mastery. For example, an associate advisor may quickly reach the point of needing only conditional review on client meeting prep, whereas follow-up tasks may involve a longer learning curve. Having a tangible, visible progression scale ensures that the lead advisor continues to delegate, the associate advisor can see what's possible, and a tangible way is in place to mark that growth!
From Responsibilities To A Job Description
The responsibilities outlined above can also form the foundation of an associate advisor job description. Below is a downloadable Word document that lists core tasks, which lead advisors can trim or adjust as needed.
Click to download word document.
In general, it may be helpful to list a handful of specific core responsibilities, then outline anticipated secondary responsibilities explicitly. Lead with the firm's vision, a few details about its culture, and the benefits package, and this framework becomes a ready-to-post job description. While compensation will vary by region and experience, many of the tasks align with a new-CFP-level hire.
Ultimately, the associate advisor role offers lead advisors a way to reclaim their capacity and guide their firm into the next stage of growth. However, this only happens with intentional delegation and clear responsibilities. When done correctly, firms can realize an ROI on their new hires quickly. By reframing ROI around lead advisor capacity and giving associate advisors structured opportunities to contribute early, firms not only relieve immediate pressure but also build a stronger pipeline of future firm leaders!
