It’s been said there are two ways to grow your team:
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:
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.
Here are a few examples:
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.
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.
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.
I’ve created a work environment where all my team members feel like business partners; here’s how I did it:
One final thought: Hire people whose skills complement yours.
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