Top Reasons to Hire a Junior Advisor
Advisors are always looking for a way to improve and evolve their practice. Some common ways to do this are being more efficient, trying new techniques and products, improving client relationships, expanding a book of business, and becoming more knowledgeable in all areas of financial planning. Each of these by itself is no easy task. One thing you can do as an advisor to assist you in these types of initiatives is to hire a junior advisor. Here are a few ways hiring a junior advisor can help your practice in your day to day operations, as well as further down the road:
- Administrative tasks- many advisors find themselves being held back by the amount time they spend on administrative tasks that would be better off being handled by a junior advisor. While the goal should be to mold the junior advisor into a full time rep-advisor, it doesn’t hurt to get them started by doing administrative tasks to help learn the operational side of your business. This also gives you a chance to get to know the advisor and their work ethic, to determine if they will be a fit going forward. Generating paperwork, scheduling meetings, trading, etc. all take up valuable time. Unloading these tasks on a junior advisor will help you spend that time in ways that are more beneficial to your practice
- Online presence- when looking for a junior advisor, most of the candidates will tend to be younger individuals. Many times, these younger individuals are much more experienced with social media and website building than a financial advisor who has been in business for 30 years. Whether you are using your website, Facebook, LinkedIn, or Twitter, a junior advisor can help you take you online presence to the next level.
- Younger clients- an advisor in his or her mid 50s might find it difficult to relate to a client that is just out of school, looking to buy a home, or dealing with paying off a student loan. This is another area a junior advisor can help. Many times, these junior advisors are dealing with the same life challenges as the younger clients an established advisor is trying to attract or keep happy. Having someone in your office these clients can relate to will keep them engaged and gives them a sense that they are not going through those challenges alone. With that being said, younger clients usually do not have the same level of assets as someone who has been saving for 40 years. Because of this, rep-advisors may feel they are wasting their time on these clients. By handing these clients over to a junior advisor, you are freeing up your time, as well as allowing the junior advisor to gain valuable client facing experience.
- Team approach- recent trends in the financial services industry have shown more reps moving to a team approach. More and more advisors are finding out that the true solo practitioner is a thing of the past. Hiring a junior advisor is one way to start or add to your team approach. Moving to a team approach has many advantages. A team is able to share ideas and gain insights by talking to others in your office. Each member of a team can focus on certain responsibilities and areas of expertise. Something as simple as having an advisor to serve as your backup should you be out of the office on vacation or at an appointment is not to be overlooked.
- Succession Planning- it is well documents that a large portion of financial advisors still do not have a succession plan in place. One of the simplest ways to ensure you have one in place is by hiring a junior advisor. Not only will you have a succession plan in place with that junior advisor, you can walk away from the business knowing that it will be a smooth transition. The junior advisor will have spent their time learning more about the industry, getting to know the established rep-advisor’s client base, and experiencing how the rep does business with those clients. This will prepare them to continue to evolve and grow the practice, and possibly bring on a junior advisor of their own.
These are just a few reasons why we feel hiring a junior advisor is a smart thing to do. Many of the reps in our branch have already decided this is a good idea for their practice. In the past year alone, we have seen multiple offices adding junior advisors. We hope to see this continue in the future.
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