Building Your Team - Seven Figure Firm | Seven Figure Firm
Looking for Botsford Financial? Click Here
buy book
building your team

Building Your Team

It’s been said there are two ways to grow your team:

  1. Create a product, then hire people to sell that product.
  2. Become an entrepreneur and surround yourself with technicians who work on cases as they come in.

There’s really no one right way to grow a business. In Michael Gerber’s book, The E-Myth, Revisited, Gerber identifies three things a financial advisor must be when launching a business:

  1. A hunter/rainmaker/salesperson, who goes out and brings in business.
  2. A manager, who initially manages the financial planning process and eventually a team of employees.
  3. A technician — the one who does the actual work of the business, creating the financial plans.

When starting out, you’ll have your hand in each bucket, doing it all. Eventually, however, you’ll reach a cap or “ceiling of complexity,” where there aren’t enough hours in the day for you to manage all the work alone — without a team, your business can’t grow.

Why Is Building a Team Important?

Here are a few examples:

  • Regardless of how content you are with the current state of your business affairs, bringing in new clients is the nature of our industry, and “if a business is not growing, it is dying.”
  • Without a team, you just have a job — not a business.
  • Building your team allows you to work on, instead of in your business.
  • A business is NOT a business if it solely relies on you.
  • Building a team creates leverage.
  • Running a business all on your own will never give you the freedom or lifestyle you want, regardless of how much money you’re making.

When Starting to Build Your Team, Keep the Following in Mind

Your First Team Member

Hiring your first team member will be the biggest challenge and must be considered especially carefully.

Another important challenge will be finding and replicating your function as a hunter — the individual who goes out and brings in new business.

Your “replacement” hunter may have the intent to learn from you, then move on to pave their own way and build their own business.

As such, It is important to put in place firm, solid non-compete/non-solicitation agreements before taking on a team member.

Technical Processes

Hire team members to handle the technical processes first — the ones who do the financial plans and service the clients you bring in.

After you train your first team member, your goal should be for that person to train the second, third, fourth and so on.

Organize Your Systems

Once your team is in place, organize systems and processes for moving forward, so your team can manage day-to-day operations.

As the owner and CEO of your firm, your primary function should be as the rainmaker.

With patience, persistence and hiring the best people over time, you can build a business that runs day-to-day operations without your direct involvement.

Building Business Partners

I’ve created a work environment where all my team members feel like business partners; here’s how I did it:

  • Always support your team, even at the expense of a client.
  • Allow your team to do their job and don’t micromanage. If you’ve got the right team on board, they will rise to your expectations and then exceed them.
  • Let go of the reigns and don’t try to control everything.
  • Create opportunities for your team members to reap the profitability rewards of the business.
  • Create the expectation your team’s main function is to give you the tools to make clients and prospects say “yes.”

One final thought: Hire people whose skills complement yours.

Are you living the lifestyle you’ve always wanted? Seven Figure Firms gets you there.

Get started by downloading a FREE chapter of my book.

Image attribution.

Article Name
Building Your Team
You’ll reach a cap or “ceiling of complexity,” where there aren’t enough hours in the day for you to manage all the work alone -- without a team, your business can’t grow.

Leave a Reply

Your email address will not be published. Required fields are marked *