Moving your practice to the next level is a constant and necessary endeavor for any advisor in today’s wealth management landscape. There are no shortage of ‘growth consultants’ in and around the industry ready to charge you a pretty penny for their advice.
But it shouldn’t be that complicated. Starting with decisions you make with client-facing support staff.
1. Always hire EXPERIENCED support staff. This is as important a principle as there is. An admin that understands the industry and the needs (financial or otherwise) of clients is worth their weight in gold. Most importantly, they can serve to protect your time by handling most issues before they hit your desk.
2. Hire LICENSED support staff. The clearest way to manage accounts that you are loyal to, but may not warrant the time that they think they need from you, is a licensed admin that can execute orders and transactions on their behalf. Another principle that allows you to protect your time.
3. Make sure your support staff appropriately mimics the demographics of your client base. To put it a different way – hiring a 23 year old Instagram model is a terrible idea. Support staff that can share ‘life experience’ conversations with clients will only endear your brand to them.
Support staff that is experienced, capable, and focused on both execution and personal relationships will strike the sort of brand loyalty that will only increase referrals.
Building a team that excels at making your clients feel special – you can bet will turn into a special practice.
