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    3 Key Considerations for Financial Advisors Hiring Support Roles

    3 Key Considerations for Financial Advisors Hiring Support Roles
    Aug 12
    2024
    Practice Management

    Financial advisors often debate whether or not they should hire someone to work inside of their practice. This typically comes up because they realize just how much time they're spending on something they're not passionate about - be it calendar management, file management, marketing, or the never-ending paperwork.

    I've been hired in support positions by several different financial advisors over the course of my career, including some freelancing work, and now I am regularly supporting dozens of financial advisors at a time in my role (I help with marketing for financial advisors and encourage the use of several digital tools that USA Financial's technology and marketing teams run). Through all my experiences, I can tell you that there are three essential things a financial advisor needs to think about as it relates to hiring a key support team member.

    Hire the right position.

    Before posting a job online or accepting any applications, you need to make sure you're hiring for the right responsibility transfer. Do you need a next generation / junior advisor, temp worker, freelancer, niche expert, or an administrator? What your pain points are and where your time is being burned by things you don't specialize in (or don't enjoy) are vital to understand before you onboard anyone, because there are many types of hires you can make and positions you could fill.

    Get them what they need.

    Odds are you were not trained to be a manager or HR… but in a small practice you are both! If you're going to hire someone, you're taking some responsibility for their workplace wellbeing: Give them the pay and hours you promised, train them or find tools/resources/teams they can lean on to get what they need to succeed, and provide opportunities for skill and career growth. Ideally, your broker-dealer will also provide training and help for both you and your hires.

    Empower them.

    In my current role I often get to see the impact of how advisors treat their key support teams, and one theme I've noticed is that empowered staff stay longer, become an extension of your brand, advocate for you, and keep your business going (before and after applications are submitted).

    In my career, I've been a right-fit hire and a poor-fit hire for financial advisors. The difference came from the advisor knowing what they needed, providing what I needed, and how they empowered me (or didn't). So, trust me when I say that these considerations can make all the difference in your world and your hire's world.

    Hiring the right support team member can free up your valuable time and enhance the overall experience of your practice. If you think through these things realistically and intentionally on your own or (better yet) with an advisory board or a coach, you can likely make a better decision and better hire, propelling your business to the next level.

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