MANY A SUCCESSFUL financial advisor, whether in a solo practice or part of a larger enterprise, eventually realizes his or her plate is beyond full
In the past, stockbrokers’ activities were essentially limited to buying and selling securities. Today, advisors provide a comprehensive range of services. This includes advice on investments, insurance, estate planning, taxes and answering all questions pertaining to clients’ financial lives.
Advisors also open accounts for clients, assist clients when transferring money into and out of accounts, remind them to take required withdrawals, and advise on business ventures, real estate or other large transactions. On top of that, many advisors prospect for new business.
At some point, it becomes more than one person can comfortably or efficiently handle.
After 20 years, Meredith Moore realized she needed help from another advisor. The founder and CEO of Artisan Financial Strategies in Alpharetta, Georgia, reviewed her available time for meeting with and serving clients.
“I figured out I not only needed a junior advisor for scalability, but also one that aligned from a philosophical perspective for business succession,” she says.
Moore wanted an associate to work with clients who didn’t fit her ideal profile. It was important that this advisor’s outlook aligned with Moore’s when it came to planning and client service. She also wanted to maintain her firm’s identity as new staff joined.
Rather than simply place ads and hope for the best, Moore created a paid one-year intensive practice management class with strict rules about attendance and completion of assignments that required hours of study. She had candidates watch videos and listen to podcasts featuring advisory industry experts…Read more>>