There are so many things you should delegate. There are great lists out there to tell you as the advisor/owner/founder what you should delegate and to whom. Paperwork, compliance, management, asset management, and marketing are things you all will try to delegate, and still you wonder why you are now growing as fast as you would like.
You cannot be the only rainmaker. If you are then you are trapped. Everyone will want to work with you and if you don't work with them, they will feel slighted. You know in your heart that that statement hurts but it is true. Sometimes being a coach, you have to share harsh truths. What you need is another shark in the tank, but a shark that is not going to eat you a live in three to five years. So how do you do that? There are three ways:
- Hire the right person
- Pay them well
- Help them succeed
Lets break these down...
Hire the right person, this is the most difficult obstacle you have to face. Where do you find these fantom producers that will help you bring your practice to its full potential? Well, you can train one from scratch, but well, you have tried that one before. You can find one from where you came from; a wire-house, an insurance company, or where ever you came from and cut your teeth in the industry. 90% of people who start in the insurance industry wash out. Do you know why? No support, hard to sell products, cut throat managers. Isnt that why you got out? Guess what, they are sales people, work hard, and hate being un employed after every sale.
Pay them well, you do not have to pay them what they want, but you do need to consider what they need. You are making an investment for at least 24 months before they even begin producing enough to break even. Be ready for that and be patient. I am sure that is not one of the things you say is one of your better personality traits, most entrepreneurs are not very patient. You cannot expect them to be like you, if they were, they would own their own practice, and they will not be ready to produce as quickly as you would like them to produce.
Help them succeed, this is the hardest thing to do consistently. I know, I have worked with so many of you who have tried and do so well the first few months, then work and life gets in the way. You dont have a plan, you dont have the time, you need to outsource. You need to find someone who specializes in working with your new advisor and will work tirelessly to help them succeed so you can realize your dreams and goals.
I cant find the person for you, I cant give you the money or tell you exactly how much you should pay them, but I can help you help them succeed. Contact www.topadvisorcoaching.com to find out more.