A good financial advisor assistant is worth their weight in gold. That being said, it is not always economically feasible to hire an assistant early on in one’s career.

Building a financial advising practice is like building any other business. It takes a lot of hard work and determination to make it. You must be willing to shed blood, sweat, and tears. Going out into the world and finding clients is not easy. You will have to deal with highs, lows, and plenty of rejection. However, for those who press on and make it past their first three years the benefits start to show.

In the first three to five years of your career it is paramount to hire an assistant. I consistently get asked by advisors, “At what GDC* should I hire an assistant?” There is no magic number. Each advisor is unique in their needs. Your individual organizational skills and competency in systems and technology are just a few of the factors that determine when you should bring on an assistant. Typically, a part time 20 hour a week assistant is needed somewhere between the 200k- 250k T12* mark. For every 150k T12 following that, another 20 hour a week assistant is necessary. This translates to a million-dollar producer should have three full time assistants.

An advisor looking to grow should focus 100 percent of their time on key activities that generate growth. When you start to focus time and energy on activities that you can pay someone $25 an hour to do, it is time to hire an assistant. Don’t waste time doing administrative tasks when you can spend your time meeting with clients and generating new relationships.

Duties of a financial advisor assistant may vary from one advisor to another. Responsibilities typically include clerical and administrative duties.

CLIENT COMMUNICATION

Financial advisor assistants are your front-line of defense. They play an integral role in the advisor service model. Often,they interact with clients more than the advisors do themselves. This includes answering the phone, calling clients to set up meetings, sending reminders to clients about appointments, greeting clients when they come to the office, etc.

SCHEDULE MANAGEMENT

Financial advisor assistants are frequently responsible for scheduling. This may include calendar maintenance, setting up travel, meetings, workshops and other appointments.

OFFICE MANAGEMENT

Financial advisor assistants are typically responsible for taking inventory of office supplies and ensuring everything is ordered and stocked.

RECORDS MANAGEMENT

Financial advisor assistants often play a significant role in preparing and maintaining office files and records. Thisincludes both hard copy and digital records.

EVENT/MARKETING MANAGEMENT

Financial advisor assistants can be used to book and plan marketing events. This includes picking venues, booking speakers, creating and mailing invitations and managing attendance.

*T12: Trailing Twelve months GDC
*GDC (Gross Dealer Concession): Revenue to a brokerage firm when commissioned securities and insurance productgs are sold.