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

like

What range should I quote to HR when they ask for what are your expected salary? Current CTC is 10.55 LPA. I have 5 years of big data experience including 6 months of on site project at egypt. Your suggestions are most welcome....

Got an offer from Bain for Project Leader. Will it be worth leaving Gartner and joining Bain

like
like
like

Hi fishes,

I had my 2nd round yesterday at persistent systems
They are offering me project lead role.
How much should I negotiate for?
Location Pune
YOE 11
Tech cloud

Also what is the average annual hike at persistent?

like

Hi Guys

Does anyone knows about Virtusa ? They are offering me considerably high offer compared to others but I am not sure as I don't know much about the company or anyone who works there ? Project is Legato Healthcare.

Any help will be appreciated.
Thanks in advance 🙏

YOE- 6
Skill - Dot Net Full Stack

like

Do you ever conduct the hiring process for a research project? What do you look for in potential hires?

like

Hi Fishes,

I am going to join Harman connected service in next month for mercedes benz client. Can you share me the information about the mercedes and HCS . How is the work there . Is it challenging. The Hr told project is on IOT devices data engineer. Can you share thoughts.

Thanks

like

Advice for Of Counsel roles? I am of counsel at a firm where I can set my own rate and keep a percentage of collections, which varies slightly depending on whether the client is one I generated or not. I’m finding that a lot of my work is for firm clients where the lawyer negotiated a flat fee (and the hours worked are less, due to efficiency etc). What is the right way for me to be compensated in this scenario?

like

Question for directors: how often do you not get a copy of the footage when you work on a project? Ever? Or is this common? Thanks!

like

Hi everyone,

I’m in a pit of a pickle…I’m leading my very first project (case study) with a team of 5. We’re all in different countries and different time zones 😬

What do I need to include on the project plan/roadmap so there’s a clear understanding of what our goals are? How do I get everything to align for success and how do I keep everyone motivated?

DM me if you have below skil

Minimum 8 Years experience as Biostatistician. Clinical Domain Knowledge
Statistics
skills i.e., SAP creation & review, randomization, sample size calculation Safety and
Efficacy data analysis, Protocol developments Inputs,
Statistical Review. Project
Management exp, Training and Mentoring

I currently work as a Scrum master and eventually want to move over to being a Project manager. Any other SMs in this bowl that did the same?

And also, what advice do you have for an aspiring Project Manager? :)

Hello All,

How is Blackstone Project in Wipro?
Is it good to join Wipro or Capgemini. Both Final Discussion in progress.

Tech Scrum Master + Delivery Manager
Yoe - 10+

like

Apply on below link if want referral in LTI
https://r.ripplehire.com/s/biDY1

Key Skills: SAP SD CS / SAP SD LE
Job Description:
- Should have good technical exposure to Primary skills/technologies: SAP SD CS / SAP SD LE
Good Client interfacing skills & should have involved in client interactions

So my project is getting transferred to another company
We are informally asked to start searching for new jobs

Need leads on SAP Fico jobs for over 1.5 years experience

like
like

Anyone from Siemens client project?? How is it ?

like

More Posts

Any of you in FinTech coverage? Part of TMT or FIG?

like

Anyone else feeling like everything is on a one week delay? I’m barely getting through my days

like

idk if this is the right place to post but...
Ok so I was carless -- I was assembling my new bed frame and one as I was grabbing one of the long parts; I set it vertically and my fan was on and hit the edge. I literally just moved in 5 days ago and I already scratched these pristine fans, I'm irate and I want to fix it.
Is there any kind of paint. or is there a way to polish it so it doesn't look as bad :(

Post Photo
like

I'm an engineer, and I feel like my manager is more of a friend than anything else. We talk about our personal lives, and I feel like it's hard to be completely honest with her when she's so casual with me. I don't want to lose our friendship, but I also need to be able to talk honestly with someone who has the power to help me grow professionally. Is there a way to have both?

like
like

Will Deloitte cover expense for H1B stamping if I go to Mexico or canada for stamping?

like

I need advice on how to approach a raise request.

I am a software sales representative in the manufacturing space. My starting salary was $85,000 in 2015 I did not receive a raise until I asked for one three years later in 2018. The raise was 5%. I have not received a raise since the 5% raise I received in 2018. They granted me a $2000 one time bonus in 2021 when I asked for a raise. How do I request a raise and get one?

I have brought up the cost of living expense and they do not acknowledg

like

Am I the only one who finds statements like, "I'm a democrat/republican" detrimental? Using these words as nouns instead of adjectives illustrates why America's so divided. It would be better to say, "I usually vote for Democrats/Republican candidates. We are not who we vote for

like

Hi Fishes, I joined FIS global Pune recently. What are benefits of National pension scheme - employer contribution at FIS ? Any idea?

Also where we can use meal card?


FIS

like

What’s a reliable crypto broker that some would recommend? I’ve been using Coinbase Pro but I’m worried to keep investing with them because of their non existent customer service and if I might need support I probably won’t get help

like

Can anyone please help me to figure out how much is fixed and how much variable?

Post Photo

What’s your favorite WFH footwear? Any recommended brands for a chilly home office?

like

Account Director / Senior (Sr.) Account Supervisor salaries for health PR, in NYC? …
Seeing many different numbers so looking for some guidance.

like

Hi fishes,
I have accepted an offer from company Aone month back. Still 60 days are left in my notice period.
Now I have a better offer from company B.
Is it good to ask counter offer to company A?.
If yes, when should I ask. Now itself or few days before the joining date.?

like

Dear Fishes,

Can you help me give a bit of description of EXL? How is it in terms of WLb Job security and Growth and hike?

YoE - 5 years

like

I'm a recent grad who accepted an entry-level full-time job offer with Capital One. I knew that MBB and other consulting firms rarely ever negotiate salary with new grads, so I didn't with Capital One as well. Was that a mistake? What were the likelihoods that they would have raised my salary? I had no other competing offers at the time

Public courses in NYC area?

like

Reach out if you have this experience

Post Photo

Additional Posts in Growing the Team

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?

like

Looking for an assistant for our team. Tampa, Florida. The assistant must be a ninja.

like

I’m looking to add a paraplanner to my team and have a candidate in mind - those with a paraplanner or with paraplanner experience - what does your compensation structure look like?

Are you paid by the hour? By the plan? Other? And how much?

like

Denver RIA provides platform for Advisors looking to be independent. We custody client accounts at TD and Schwab. Glad to talk to qualified advisors looking to free themselves from the broken dealers.

like

Relocating to Columbus, OH area. Would prefer to transition to Independent. Have over 5 yrs as lead advisor experience and cfp. Could probably transition 4-5m and help with existing book.

like

We are looking for a CFP candidate who has completed the CFP Program but not yet licensed. Preferred that they have their licenses and a book of clients and 3-5 years experience. Call us 6789946448

funny

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

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

Team Financial Planning Specialist or no?
My team is growing more and more to specializations with investment products. (Insurance, alts, ESG) I’ve been wondering if the Financial Planning role could also be a specialist in our client experience. We have two competing ideas; A financial planning specialist would be able to develop intimate familiarity with the planning software, processes, and human nuances. But would a newclient feel 'bait&switched’ to be handed off for this important process?

like

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

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

likehelpful

Opening for a advisor to join an existing vertical team in Columbia SC.

I’m looking for a fully licensed FA with 3-5 years experience in the North Dallas,Tx area. Small BOB preferred.
The position is salaried with discretionary bonus. The advisor must be people oriented and desire to obtain the CFP designation.

like

Looking for assistant San Antonio tx

I’m looking to hire a former Ed Jones/Ameriprise FA in the DFW metroplex that wants to grow their business, learn holistic planning without the unrealistic sales quotas with opportunity for equity ownership of their book. Base Salary, (DOE) health insurance and benefits available. PM if interested.

like
like

Best study guide for CFP?

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

like

Looking for a newer fully licensed (with some training and at least a small book) junior advisor/associate financial advisor to join team. Please message if interested or have lead. Thx

like

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

Scan your QR code to download
Fishbowl app on your mobile

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