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

I joined capgemini 15 days back still I did not get any project. Shall I obscand or resign any suggestions please

like

When the client has a travel ban but has no problem with us traveling to them. 🙄

likefunny
like

Trying to better serve the work and would love any of your thoughts on the following...
How can a strategist best serve your process? What does your ideal brief / project kickoff include?

like
like

Hey everyone, I have my first interview coming for Project Management role at Meta. Any tips or recommendations? Does anyone know the layout of the interview?

likehelpful

LuckeYou in NYC. They talked me into accepting 3/4 my hourly rate. Dragged their feet about "letting" me invoice bc client killed the project. THEN took nearly FOUR to pay me...

likehelpful

What is ideal package for a project manager with 7+ years of experience in IT firm

like

Hi I've joined Harman in May but hasn't been assigned to any project yet. I've asked hr and reporting manager they said they're working on it and there's nothing to be worried about However I just want to know if there's anything I should be concerned about what's the bench policy? Harman Connected Services Harman

like

Hey folks. I'm looking @ dir-level People Operations / PM or Chief of Staff roles. Industry agnostic but interested in one that's social impact focused or innovative.

Curious what that pays in CAD? I make equivalent to $145K CAD as an an Account Director / PM and Client Operations Lead at a mid-sized US-based PR/Digital comms company, with 6 yrs of exp managing multiworkstream teams and multimillion dolllar projs.

Grateful for any leads too. My network is US-based so this all new for me!

like

I am a Technical Project Manager and Certified Scrum Master with cloud computing and migration experience. I am looking for referral primarily in Atlanta, GA but will also consider remote elsewhere.

like

Hey All, just wondering what’s happening with McKinsey’s Quantum Black and BCG’s many product ventures (BCG Omnia, BCG Digital Ventures etc)? Are they working on creating a products and up selling to their current clients? Curious if working their tech teams provide a good exposure to the client or is it just going to be backend platform work with out any client exposure.

One of the company asked if i could join as early as in 1.5/2 months where I have 3 months NP and haven't put papers yet .. i asked one of my senior in my team about this who's already resigning...and she has told about this to the entire team 😶. I realise it's my mistake asking her :p
Now that I'm not hearing back from the company which I gave interview and my environment at current project is a mess atm...Should I just put papers or bear with it till I fine another one..??

like

Any idea about google project in HCL ?

like

Things are apparently going to get better after a client will be leaving, I’ll get to work on different brands but I am feeling pretty burnt out from the agency I’m at. Will new clients help? Or should I look elsewhere. Been at the agency almost 3 years, I feel like I need to switch things up for my sanity.

like

Okay finance lawyers. I don't understand this issue. Client says books show we're highly profitable but we have no way to pay our tax liability.... Well where the hell did tbe money go ? Client also claims that they are only taking a small portion of the revenue as profit. I don't understand how your books can be different than reality.

like

I have 3 years experience and mapped to a support project in DELL EMC. how is the WLB, what are the benifits offered to employees And how are the shift allowances.

like

For those in financial services strategy, I’d love to gain some more insight in what’s going on in the industry.
- What kind of projects are you working on?
- What problems are you solving for your clients?
- What challenges do you see coming up in the next 12 months on the client side?

likefunny

Hey, I am looking for a Project Manager opportunity in Bangalore. I have nearly 3 years of experience as a Product Owner and as a Project Lead

Appreciate any leads

like

More Posts

like

DM me if any experience professionals are interested in a tax position at Deloitte!

like

What will be the in-hand salary

Post Photo
like

Should Dropbox be used as the main file system for a busy Litigation office? Help me prove that it shouldn’t and suggest a software that your firm uses.

like
like

SAP Drive @ LTI, Please DM for referrals,


Post Photo
like

Can someone please refer me to Walmart?
I have the job ids

like

Received bad news from Accenture today. Unsure of what they were looking for. I was referred for on a JMO application.

Post Photo
like

How do you deal with colorism that promotes diversity and inclusion in the workplace?

Hi, I am living in pg near gtp office whose rent is very high. So searching for a single sharing room in a 2bhk flat or in a good pg with decent rent. So is there anyone searching for female roommate near gtp Kormangala or do anyone living in good pg with decent rent. Please DM me. Also searching for some North indian friends to hang out.

like

Hi everyone,
Looking for a M&A HR checklist that includes due diligence through integration. I have one but would like to see what else is out there and compare. Happy to share my email directly.

likehelpful

What’s it mean if your boss tells you to start looking for a new job? What would be your first step?

like

Anyone hiring and entry-level developers? Graduated last year and have 1 year of experience. I also am international so not allowed to apply to government jobs. Would truly appreciate any help :).

like

If LinkedIn and Reddit had a child, Fishbowl would be it. Or at least that’s my first impression…Hello All!

like
like

What's your fave restaurant to take people to when they are visiting? And why?

like

Do creative directors have the power to ignore their copywriters and go with their own ideas?

like

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 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

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

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

Best study guide for CFP?

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

like

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

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

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.

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

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

Looking for assistant San Antonio tx

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

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 need some advice from advisors who have brought other “Junior” Advisors on. What is a fair split? Currently I have passed on my smaller clients to them, as well as providing consistent leads for them to call and meet with. The individual is working to build their own book of business, but up to now doesn’t have much production. They have only been in the business for about 2 years. I also provide an office and everything that comes with that, and admin assistance. Thanks in advance!

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