Following a period of business growth, financial advisors often hit a wall, where there's seemingly not enough time to do financial planning work for all of their existing and new clients while also managing the operational responsibilities involved in running a business. At that point, it can be time to hire support staff who can promote the income and growth potential of the business.
Whether it is hiring an assistant to support business operations or a paraplanner/associate planner to cover financial planning tasks, bringing on new staff (and leveraging them efficiently) can allow a firm owner to focus on their highest-value responsibilities, including bringing in new (and often, more lucrative) clients. And as additional staff are added, the advisory firm can transition into a bona fide business, where clients are clients of the firm (and not just the founding advisor) and the business generates additional revenue (and profits) by having multiple advisors and support personnel to serve the firm’s clients.
Join us at the September Kitces Office Hours, where Michael and expert guests Cathy Sutter, Kacie Swartz, and Tanya Nichols will discuss how to leverage a right-hand assistant, paraplanner, or associate advisor so advisors can have more time to focus on growing their business.
Kacie Swartz - Senior Wealth Manager, Stone Wealth Management
Tanya Nichols - Founder and President, Align Financial
Cathy Sutter - Practice Manager, Integrated Planning & Wealth Management
