Take the opportunity to reflect and decide how the way you plan will impact your business going forward.
If your firm has experienced significant growth over the past 18 months like most of our advisors, you may consider expanding your prospect or client coverage by engaging a secondary advisor. Is now the right time? How do you know that your firm, prospects, and clients are ready for a new team member?
This infographic will help you understand when it’s time to hire another advisor. We at Talent Solutions typically suggest adding another advisor if the growth triggers below fit your firm’s goals or situation.
Related: Human Capital: Tips for a Successful Talent Acquisition Strategy [Whitepaper]
Advisory Firm Growth Triggers
If your firm has experienced an increase in overall production you likely have cash now available to expand your business. What is your strategic plan at this stage of your business? If aggressive and continued growth is a top priority, it’s time to hire another advisor.
Regardless of the cause, if you or members of your firm are over capacity and can’t meet client demands, it’s time to hire another advisor to take on client work. Additionally, if you can’t properly manage your pipeline of leads or prospects, hiring a secondary advisor to sift through the contacts is a fantastic strategy. A secondary advisor who understands marketing can partner with you as the principle to ensure firm philosophy, financial advice, and reputation while providing the lift you need to pay closer attention to your most important clients.
What are your current product and service offerings? Diversification of your business is a key factor in longevity and continuation. Diversifying your business will not only bring in additional revenue for your firm, but it’ll also make you more effective in meeting your clients’ unique needs. Adding a proven, secondary advisor with a different client base or market share can instantly impact your business.
Adding an advisor with proven success at another firm or as an individual is an excellent way to learn how your competition works, internally. Although trade secrets and other specific competitive intelligence are likely contractually restricted, simple business process management knowledge can be a gold mine.
Perhaps your firm struggles with appointment setting or client applications and paperwork. Learning from a recently hired employee may increase your overall efficiency as a firm by trying new techniques or tasks otherwise unknown to you.
Regardless of why you might be looking to expand your business, it’s imperative that your qualification process is air-tight to help mitigate any risk to the firm. Be sure to check each candidates’ references, have in-depth conversations with those candidates, and confirm with your current employees that they’re the right fit for your business needs.
So…is it time to hire another advisor for your firm?
Looking to hire another advisor?
FIG Talent Solutions is ready to help. Our experienced team will assist you in recruiting, performance management, and employee selection that’s tailored to your firm’s needs.