From client-prospecting, gathering client data to preparing a plan and servicing, financial advisors tend to manage everything alone. It becomes difficult when time constraints force you to choose between client servicing and growing your business. When you face such situations often, that is the time for you to think about hiring a manager.
Here are few signs that can help you to understand the right time to hire a new manager.
When you are doing everything alone
Are you working for long hours and still running out of hours to complete the work? It’s time you should consider about hiring to help you in the business. Although there are many IFAs managing everything alone, experts still believe that taking a help is always an advantage. “An advisor should consider hiring a manager if he is working and still not able to fulfil the company’s requirement,” says Nikhil Kothari of Etica Wealth Management.
Another perspective of hiring a manager is that it helps you focus on the larger side of the business instead of worrying for other minute details. “Generally, when we manage everything alone, we are tied up with so many activities that the outcome is zero. A manager can share your workload. List the things which you do not feel like doing and which you feel are unnecessarily wasting your time,” adds Nikhil.
When there is no productivity
You may be working continuously for long hours but despite such hard work, your business is not yielding the desired results. This is maybe because you are working on many things together. Hire a manager to help you come out of this crisis. “If your firm’s growth is slowing down, then it is advisable to hire someone who can look after the issues that are taking your productive time. Hire them to handle compliance, human resources, accounts management operations which can release you from performing all the activities,” advises MS Shabbir of SenSage Financial Services.
Your mistake is costing your clients
When you are performing all the activities, your quality of work deteriorates. This is because your attention is diverted and the focus gets shifted. Clients suffer when your relationship gets affected due to an over burden of activities. “There have been many instances when clients start losing trust and confidence and as a result the advisors lose clients. Investors are impatient and if we do not follow up regularly with them, it can cost us. Our relationship can get affected and the business automatically slows down,” adds Shabbir.
There are different ways in which you can decide to fill this position. Either you can hire a new manager or promote your existing qualified employees to run the business. Many advisors prefer promoting an employee rather than hiring. Another benefit of promoting is that the company’s environment becomes strong and it gives a benefit to those working on the operational side of the business.
Set your priorities and hire a manager to shift your role on servicing clients and growing the business. The more you work with a team, the more your business grows fast besides making it easier to gain and maintain client trust which helps building long lasting relationships.
To know more about benefit of working with a team, click here
