Adding people to your team can be daunting, but the benefits of having additional assistance with your business will be worth it if you hire – and train – correctly.
“If advisors are so consumed by clerical administrative tasks and paperwork that they aren’t able to focus on growing their business, they need to consider hiring an assistant,” said Laurie Burkhard, senior business consultant at Securities America
Regardless of what the future holds for the Department of Labor’s embattled fiduciary rule, it’s clear the industry is facing ever-tightening regulations and the increased cost of compliance. Consequently, more and more small and mid-sized independent broker-dealers are surrendering their costly supervisory and compliance responsibilities and rolling up under independent advisory and brokerage firms as super branches.
The winning mix that helped a young advisor build a growing OSJ group.
Whether you are focused on finding a successor to your practice or have been fortunate to have experienced growth in clients and assets that exceeds what you want to manage on your own, consider the reasons to add an associate advisor to your business.
Once you've transitioned from a broker-dealer to a super OSJ, you'll no longer need to worry about these responsibilities.
Advisors Kim Kropp and John Moylan formed their independent financial practice in 1996. John had three sons, and the partners discussed whether to bring them into the business and how that would work.