Schwab’s 2015 RIA Benchmarking Study showed that firms with more than $1 billion in AUM invested heavily in their team.
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45 percent had a chief operating officer
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71 percent had an operations director
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62 percent had a chief investment officer
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69 percent had a CPA on staff
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52 percent had a JD on staff
When you put the right people in place, empower them, and trust them to get the job done, you can function as a CEO and live the seven characteristics I outlined above. Do so and you’ll be well on your way to billions and billions of AUM.
Steve Sanduski is president of Belay Advisor. Follow him on Twitter @SteveSanduski or connect on LinkedIn, and subscribe here to receive his blog and podcast updates.