What is your staff to client ratio? How did you determine when to hire add’l help?
We have $50mm AUM, 400+ clients, one licensed advisor, one unlicensed assistant (FT).

Posting as :
works at
You are currently posting as works at

Your AUM to client ratio is way off. You a building a house that will end up crumbling due to lack of a foundation. You need to right size your practice first and then work in client to staff ratio, your current paths is not viable.

like

I had a book very much like yours. I want to let you know that it can be profitable if you manage it correctly. When I was your size, I had a registered assistant and myself. At that time I brought on a new advisor and he worked on bringing on his own accounts and I continued to grow my business. Two years after he started, I hired another assistant and then soon added another advisor. At this time, we have three advisors and two assistants and service over 900 households with 162M AUM. I’d love to only have 150 households, but that is not the world I live in. What makes this work is setting client expectations, encouraging them to call if they need something and reminding them the phone works both ways, a few client events to keep engaged with the clients and good efficient service. Client meetings rarely last over a half hour and most reviews are done over the phone.

It’s hard to give advice without knowing all your facing, but I want you to know that I think it can be done.

Hope this has been helpful.

like

60m four advisors six staff

like

Geez...how is your AUM structured? I assume you’re heavier on the advisory fee/wrap accounts than A share business?

That’s helpful, thanks!

Geez! You need to hire 3-4

That’s what I was hoping someone would say! Lol

like

I have myself, a new junior FA, and an client service associate. We are all licensed and cover roughly 50-60 clients.

Nice, congrats! I’m trying to migrate my book from A share funds to advisory/wrap fee side of things, with greater emphasis on financial, legacy planning, etc. But it has been tough keeping up with everything/everyone

Holy moly, you just have a ton of small accounts. We have 150 clients and AUM of 250mm and I thought that was a lot to handle.

I had the same situation about 10 years ago. I also am in Kansas and understand about smaller markets. Where in Kansas are you located?

like

Have you used the Sales Planning & Tracking tool to input your #s? We can show you how to determine your productivity ratios from that tool to determine if you should add support or add a jr Advisor to service your smaller HHs.
Reach out to your Practice Development Director for a 1:1.
Of the meetings I had his week half of them were on this subject.

Let's make that happen. You know where to reach me.

helpful

I would hire a coach first and downsize drastically the number of households you have. Great job accumulating them but it’s ineffective as you grow. Curious. How did you prospect to get so many households?

Purchased a book from another advisor. It’s been tough, lost ~40% of assets purchased w/in 3 years, but haven’t had $ to pay for add’l help with BoB payments

like

In my humble opinion; you have to have a process to go fee - it’s the only way to go. Also, you need to make your book manageable. Hiring doesn’t solve the needy problem. Pay someone to take care of needy people that pay you nothing? That’s insane. Pm me, happy to help.

Related Posts

Tired of all the respectability politics. Just once I want to write what I really mean in an email or tell a client what I really think of them when they ask. F*cking tired of walking on eggshells and constantly wondering if I did or said the right thing in the right way or the right tone to make sure the people around me are comfortable. Who's doing that for me at work? Nobody.

like

Hello! Is anyone working at Spotify or HubSpot within product/project management that would be willing to connect for a virtual coffee chat?

I’m a recent grad and currently working in tech/product development. I have been interested in growing my career at either of these companies and would be grateful to gain insight on day-to-day and steps you took to successfully break in.

I know this might be a big ask here, but it’s been difficult trying to land one on LinkedIn. Thanks in advance

like

Could anyone in Cognizant Kolkata(CDE domain) refer me to a project here? Alternatively any domain flies if they're willing to take me in.

Im an attorney registered with the Istanbul Bar Association. I need support on an issue. I have client resident in Turkey who currently has a legacy fund on a bank in California. Since my client was not aware of the estate, he did not apply to the US authorities to request a certificate of inheritance over the years. There is an application expiration period before this fund can be collected. Is there any attorney from California who able to assit to us on this issue?

like

Current program manager in a hospital looking to apply to a project manager role at Salesforce in SEA. Anyone out there with suggestions/recommendation/willing to refer? Thanks in advance!!

like

Help needed hahah... I am trying to complete 10 or so TO DO general items that I can put in every project/program tracker to start. For example Stakeholder kick off meeting Can you share some of the general items you see in you project/program planning trak? Back story I started new job at a pretty big corporation but when they said there's no organization they were not exaggerating. currently I need to create plans/trackers for multiple projects/programs, teach teams how to use etc...

like

Does anyone have a good high school STEM math and physics project? Thank you.

like

Average salary for Account/Project Director w/10yrs experience in NYC?

like

Hi Folks , I resigned from infy and i m not been logging on the client VDI from last 10days approx ,now SPM was talking about my billing , so will it impact my FNF ? Are they going to cut my salary for those 10 days ?

like

I would recommend a consultation with a career coach. I know someone who lied about having the title ‘Project Manager’ 🤔 needless to@say they never got the job.

like

Hello, currently looking ideas and mentoring to start up a business to import coffee from the Caribbean. Any suggestions for agencies or non profit companies that help new entrepreneurs with this kind of project?. The main idea is to import coffee to sell to retail stores or an exclusive market for coffee lovers.

like
like

Trying out bumble bff. Met a girl for drinks last week and we seemed to hit it off. We mentioned doing something again and coordinating later in the week. I texted her today to ask if she was still interested in doing something this week and she said she was super busy with a huge project and apologized. But she didn’t offer the weekend (which I feel is included in “this week”), didn’t say “lets do another time” or anything like that. Should I take the L and count her as not rly interested 🥲

like

Can we resign and take resignation back at the last moment in LTI ? The reason for this drama is to get a good project & good technical work. I have been made a team lead with minimal technical work and lot of reporting so want to resign and take back so that I get some good technical work .

Yoe 10.5 years
Skill : SAP basis hana

like

I'm working as azure data engineer having experience in azure for around two years. I got project as data engineer with aws services. Any suggestions.. should I stick with azure itself and try to learn more about it. because companies prefer someone with good hands-on in particular technology.

Considering a data and analytics role for a data migration project. What kinds of SQL queries will I be expected to know?

like

Does anyone put money in VAs for a business client? What are the PROS/CONS/DIFFERENCES? Scenario: 5 doctors want principle protection first and growth of principle second. Each doctor is 20% vested. The business is cash rich and time horizon is 3 to 5 years. Thoughts/Advice welcome. I already have the potential company/product with no surrender period so I don’t need referrals but I’m thinking there will be at least one person who only reads part of this post and referred me anyway. :-( TIA

like

Hi all

Require 3 consultants URGENTLY

please send profile to
abhishek@rskitsolutions.com

1) Client - Kuiqly
2) Whose payroll wil the consultant be on - resources are required on contract -
RSK IT SOLUTIONS
3) Experience - 3+ years
4) Need immediate joinees
5) remote work
6) any part of India.

Regular shifts with support for EST time zone

Senior Full-Stack developer with
Java and Angular experience -1
angular developer - 1
need 2 candidate for angular and 1 sr. full stack developer
Abhishek@infigroup.com

I have to travel to my client every week and the client’s office is attached to a very nice hotel that’s $250 per night. There’s a hotel right across the street that’s $150 per night.. it’s alright, but not as great. Should I be mindful about how much I’m spending or should I blow up the budget until someone says something?

likefunnysmart

Let's say you work remotely full time in private/group practice. Mental health or Wellness.
What's your maximum client load for a week? 20? 30? ... 10?

like

More Posts

Does accounting pay well? And what are the skills needed / what does your work week look like? This bowl made me realize I know nothing about this industry as I don’t know any accountants and went to liberal arts undergrad, but it seems pretty big from what I can tell.

likefunny

Hola guys,

Can we support each other and refer, guide and mentor community folks out here?

Do let me know your thoughts.

like
like

22M recent graduate looking to get a nice watch with a base pay of 82k in mind. Looking to buy my first watch and I’d like it to be a pretty nice one. Any reccs?

like

I’m over using the word “vanilla” to describe meh work. Vanilla is a completely acceptable flavor. Majestic in a minimalist way. Instead of vanilla let’s say Stranger Thingsy. It’s not THAT good.

likefunnyuplifting
like

What is the best way to communicate to a senior associate that you can handle something yourself without offending the senior associate?

like

How do you deal with passive aggressive male managers who exclude you from opportunities because they’re pissy about something (but you don’t know what)?

like

Actual photo of a partner examining my soul after they drained it from me.

Post Photo
likefunny

Tax Advisor/CPA - advice for finding one? Chicago based, though fine with virtual

Currently w TD Ameritrade Institutional (RIA) - manage some Brokeragelink accts @Fidelity as 3rd party. They now require you to sign a form stating you will not be compensated. Questions in comments.

like

Friday Wordle 307 3/6

🟨⬛🟩⬛🟨
⬛🟩🟩🟩🟩
🟩🟩🟩🟩🟩

like

Is it appropriate to ask the interviewer why the previous person left the role?

like

Leave KPMG alone 🤣

Post Photo
likefunny

Is anyone interested in going to the 76ers home opener this Friday 10/22? Vs Brooklyn

like

Do you think the next MBA admissions cycle will be more or less competitive? I can see reasons for either...

like

How easy it to ask for a title change if your responsibilities have changed? Is it easy for a leader to make that change off cycle?

like

Anyone have experience with BlankLabel? They’ve just opened up in Denver. Stuff looks really good, not that cheap, but not prohibitive given custom tailoring. Feedback appreciated!

like

I've offer from Capgemini and Automation Anywhere.
Kindly share your opinion which one to go for.
Offered Salary is almost same.

Profile: Senior Salesforce Developer

Area of Concern: WLB, Appraisal , Team opportunity, Politics etc...

like

Additional Posts in Growing the Team

How's everyone doing? Im a Private Banker, doing my homework to become an advisor. But I might not take the bank road. I spoke to EJ and PRU. Will you give me an advise on where should I start???

like

When it is time to hire a new team member? What has worked for you? Online resources like indeed or zip recruiter, local chamber of commerce?

like

Actively seeking growth-driven Advisers in NY and across the U.S. in one of our eleven branches. If you’re an Independent IAR or a brokerage/wire house Producer desiring positive change, reach me.

like

Hey! Ive been in banking as Licensed RM, I just need 7 and 65 and I’m looking to move to the securities. I’ve interviewed with AXA and Mutual of Omaha, but I need a recommendation for an entry-level.

Looking for adding a junior advisor with 20-50mm AUM to become eventual partner if the right person and merge into a larger $130mm firm in Atlanta, GA or in Southeast.
Call 678994-6448 ask for James

like

Tampa, FL looking to add an advisor to our team. Message me if you are interested.

Rockland County, NY. Small independent firm to add a licensed advisor w/ >2 years experience. We have incoming leads in excess of 200 annually that we cannot presently serve. Ask for details.

like

I'm looking to add a Branch Office Administrator...anyone have experience with hiring for that position?

I’m looking for an advisor that wants to work with a team in Tampa, Florida.

likehelpful

Interested in hearing about anyone who has added a second full time staff person. Current setup is two main advisors (have a few licensed solicitors) and one main admin. Getting to the point where she has too much on her plate. We have been bringing on paid interns to alleviate some of the stress. Thinking about adding another person but unsure that we need an additional full time staff person. Recently heard an employee per every 350-400k of GDC (advisors included) was a good guideline.

like

Hi everyone, need some advice.
A local b d / ria has an opening for an Advisor. We provide the leads in the form of current abandoned brokerage clients and the advisor just needs to build relationships and grow the business.
In addition he/she would have the opportunity to build and lead a team of other advisors.
For a candidate with 12+ years of experience what would be an appropriate compensation structure (base plus commission %)
Thank you in advance for your help.

like

I’m looking to hire a producing FA in the Allen, Tx.
Must be self motivated and willing to earn CFP.
Base salary provided the first year.

like

I'm adding a brand new FA, probably as a W-2 initially. Any suggestions on compensation?

like

RIA in Hauppauge, NY (Long Island) is looking to ad a service advisor to our practice. We are interested in speaking with advisors that have and do not have their own clients currently.

I’m thinking of going to Schwab as an Independent. Can anyone tell me what I should be looking at to make my decision easier?

Young ambitious female looking to join an FA team in the St. Pete/Tampa area. I currently transition advisors in their move to Raymond James. Previously was an assistant. Series 7 licensed. Open to relocating in Florida.

like

I’m looking to hire a junior advisor whom is fully licensed and preferably has a book of business in the Plano Texas area. Compensation DOE.. PM if interested.

like

Hiring an advisor and a 401k specialist in Greensboro + Charlotte NC

Upstate NY (Capital Region): Looking for administrative assistant to join the team - would learn from current admin staff. Looking for 25 hrs/week minimum but more likely full time needed.

like

Our goal is to add advisors since we are in a growth mode across the US in twelve offices. We’re offering culture, significant payouts, succession planning, and more. RSVP to Connie.

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal