If you’re like many financial advisors I’ve met, you want to scale your practice but have struggled to find the right people you can trust to confidently delegate responsibilities to. Trust me when I say I’ve been there, and I want to share some lessons that might resonate with you.
Years ago, I saw this firsthand during a study group I hosted. As we discussed the kinds of team members advisors should hire, I asked a simple question: “Who’s the best in your office at setting appointments?” Around the room, people named team members, except for one young advisor named Anthony who shrugged and said it was himself.
Later, I asked who the best at processing new business was. Same story — Anthony claimed he was the best, and the whole room laughed. One thing was clear: He thought he was the only one capable of doing anything well. He needed help.
Fast-forward to today, and Anthony’s story has completely changed. He now has a team of fifteen, and his business is thriving. Ask him who handles scheduling or new business now, and he’ll probably respond, “Let me check with my operations guy.”
Anthony’s transformation highlights a truth: Delegation isn’t just a skill — it’s a mindset shift. Letting go of tasks frees you to focus on what you do best: growing your business, serving clients, and leading your team. Without delegation, you’ll stagnate. But with it, the possibilities are endless.
Finding the Right People
Now, let’s say delegation isn’t your problem. That’s great! But there are still potential pitfalls when hiring your team. I’ve seen advisors make mistakes that derail their growth, and I want to help you avoid them.
First, your initial hire should be a “B player” at most things but capable of becoming an “A player” in one area. My first hire, Suzanne, was fantastic as a one-person team. She could handle phones, people, and processing business. But as my practice grew, Suzanne struggled to elevate to a specialized role and delegate to new hires. She was loyal and hardworking, but not the right fit for a scaling team.
This taught me the importance of hiring people who can grow with your organization and align with your vision. The goal isn’t just to fill a seat but to find someone who will thrive as your practice evolves.
Another common mistake is overloading your first hire. Avoid hiring an assistant for your assistant; instead, let your team members specialize. Your first hire shouldn’t immediately manage others—they need time to master their role without extra pressure.
Avoiding the Hiring Traps
Hiring is tough, especially for advisors who excel at sales but lack hiring experience. This often leads to what I call the trifecta of hell:
1. Advisors, being natural salespeople, get “sold” by persuasive candidates.
2. Hiring someone with a salesperson’s personality for non-sales roles like client service often backfires.
3. The desire to end the pain of hiring leads to rushed, poor decisions.
Without a structured hiring process, it’s easy to swing between extremes: being too lax and avoiding accountability or micromanaging and creating a stifling environment. Neither approach works long-term.
Learn From the Industry’s Finest
One principle that transformed my approach is the 80% rule. When a team member can do a task 80% as well as you, it’s time to delegate. In time, with focus and practice, they’ll likely surpass you in that area.
Remember, perfectionism can cap your growth. If you try to do everything, you’ll burn out. Delegation isn’t just about offloading tasks. It’s about giving your team the chance to shine and yourself the freedom to focus on your strengths.
At Sound Income Group, our team of staffing specialists is equipped with the resources and knowledge to help advisors build their multi-advisor dream team while developing healthy hiring practices and management techniques along the way.
So, if you’re struggling to build the team you need, start by looking in the mirror. Are you holding on too tightly? Are you hiring with growth in mind? When you make the leap to delegate and hire strategically, you’ll find the path to success opens up in ways you never imagined.
