Any firm that wants to grow needs to consider how to best manage one of its key assetsits people. Unfortunately, although most advisors are great entrepreneurs and visionaries, they are not necessarily good people managers. They know how to bring in and service new clients, but they often dont realize that how they hire, train, promote, and pay their people are interrelated functions and not isolated activities.
As a result, advisors avoid or severely limit creating teams because they find that adding new staff and/or advisors creates as many problems as it was meant to solve: employees dont do what you want them to do the way you want them to do it; teaching them how to do it right takes time away from rainmaking and spending time with clients; employees dont live up to your expectations or seem invested enough in the firm; they expect raises and too often leave as soon as theyre good at their jobs.
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