What You Need to Know

• Advisors might believe that adding administrative help is the answer to growth. It’s not.
• Think about how a new hire could benefit the entire team, not just make the owner's life easier.
• Leaders who manage less attract and retain employees who require less management.

It’s not surprising that professional financial advisory firms are about people. The better your employees, the better your service to a client. While many people believe building an advisory practice is mostly about investment returns, operational processes and procedures, the best technology, rainmaking, marketing, etc., the truth is no firm would exist without great employees, including the owner.

Building a firm, whether an owner chooses to make it a small specialist boutique firm or a large national dominator, it is still mostly about the people employed and retained. If owners get these practices right, they are way ahead of many advisory firms operating today and likely on the path to more growth in the future.

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