Do you like to be in control of every aspect of your business? As a financial advisor only by letting go will your business grow.  Delegating to team members frees your time to accelerate the acquisition of ideal clients. More clients mean more growth for your organization.

There’s no way around it – having a well-trained team in place is a must. You can review the tips we’ve been discussing in this blog series about the 7 Keys To Measuring Your Team’s Performance to help you get a good assessment of your team. 

Now I’d like to consider an important question: how do you know when you have the right number of internal and external team members?

In my experience, there are three primary reasons that your business requires more team members: 

• Business Structure Needs.  You can afford and desire more personal support attending to your every administrative need throughout the business day.
• Chief Financial Officer: The size and complexities of the business organization warrant a person dedicated to organizing, monitoring, reporting and advising on the finances of the business.
• Large Percentage of Your Ideal Client Community has Unique Needs. Your organization has to make a business decision (cost/benefit analysis) that additional client deliverables are warranted.  For example, do you need a consultant to handle mortgage transaction, college planning, or vehicle purchasing?  Much of the time these issues can be cared for by an external team member, but you might want to consider making this consultant a member of your internal group.

As a general rule of thumb in The Trusted Advisor Toolkit we recommend that an advisor with between 75 and 150 clients needs to have:

• Trusted Advisor – provides leadership
• Administrative Manager – provides support to the advisor
• Client Service Assistant – provides client information
• Director of Client Services – provides day-to-day oversight for every internal and external team members

 After reviewing the team you already have, do you or your team feel that a greater number of internal team members are needed? Now, be honest, at this point in time is it a “Need to Have” or a “Nice to Have”?  If after deliberate, thoughtful and circumspect analysis you determine that an additional team member is required, then move forward.  Acquiring necessary team members should be considered an investment rather than a cost and should be put in place as soon as feasible.

Are you a financial advisor looking for a comprehensive system that empowers you to give your clients exactly what they need?  Feel free to schedule an interview with our team! Simply email your request to InterviewRequest@TrustedAdvisorToolkit.com.