Most added personnel only when there was no choice in the matter. Now, they advise others to at least sketch out a business-development plan and identify the points at which additional personnel will be required. Adequately addressing the division of labor provides the leverage needed to jump to the next levels of professional development.
Division Of Labor
One of the most difficult challenges faced by the group was the transition from "sole proprietor" to "business manager." They couldn't provide world-class service or deal with the wealthiest individuals until they had an effective division of labor. The process involved bringing others into their business organization to supplement their own skills. As their organizations grew, the additional personnel fell into the following broad categories:
Office Manager/Administrator
Computer Expert/Technical Analyst
Portfolio Manager/Analyst
Sales/Administrative Assistants
Operations Personnel
Product/Service Specialists (internally or externally)
In all cases, adding sales/administrative assistants was the first step-one taken by most financial advisors at some point in their careers. The big jump occurred with the creation of an administrator/office manager (either by hiring or by promotion) who was given the authority to orchestrate the day-to-day management of the business. This important step allowed the financial advisor to do what he or she did best. (A key developmental challenge for anyone is to realize his/her own strengths and weaknesses and hire others to enhance strengths and compensate for weaknesses.)