“It takes years of experience and shadowing for advisors to learn their trade,” he notes. “However, with the lack of young advisors joining the industry, there’s a big learning gap. This learning management system will help get younger advisors up to speed that helps coach and teach them to use industry technology or engage directly with clients to answer questions that are continually more complex.”
Still, investing in the right people can also significantly boost efficiency and profitability.
“Ultimately, the highest ROI investment is people,” says Duncan Rolph, managing partner at Miracle Mile Advisors in Los Angeles. “A good associate or partner that you can leverage to increase growth, scale your client service delivery model and enhance work flows and other operational efficiencies is key to being successful in the long run.”
“We invested early on in highly experienced leadership,” says Venturi’s Norwood. “Probably one of the best hires I’ve made was a very experienced CFO/COO, who is also our chief compliance officer. That was really critical to not only ensure that the bills get paid but that we also do the right kind of financial modeling to help keep the business on track as we’ve expanded.”
Norwood also uses the services of a business coach. “That is a critical expenditure for us. He keeps me accountable on strategy and execution. He asks the right questions that lead us on the path of what our long-range business plan is. Having someone who keeps you accountable is a critically important investment.”