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Rank: Newbie
Groups: Member
Joined: 9/20/2007
Posts: 5
Points: 15
Location: San Francisco
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My practice has been growing ($435K in production this year as an independent) and now I'm thinking about bring on a junior advisor or another assistant. I've always been a sole practitioner and I'm not sure if I'm ready to take that next step towards becoming a Financial advisory team.
I'm curious to know what everybody out there has a rule of thumb or suggestion for when to add staff?
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Rank: Newbie
Groups: Member
Joined: 9/24/2007
Posts: 4
Points: 12
Location: Columbia, SC
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The rule of thumb I use is simple, yet effective:
not enough time to prospect = time to bring on more staff or time to drop lower level clients
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Rank: Newbie
Groups: Member
Joined: 9/20/2007
Posts: 5
Points: 15
Location: San Francisco
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Thanks, that seems like a good way to think of it. That said...does anyone know a more "concrete" rule to use.
I once heard some great advice on when to hire additional staff as it relates to gross profit margin, but I can't remember what it was.
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Rank: Newbie
Groups: Member
Joined: 1/2/2010
Posts: 4
Points: 12
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Gold South African Krugerrand
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