Growing your practice is a major milestone for any financial advisor. It signals growth, opportunity, and the chance to create something bigger than yourself. But it also comes with its share of growing pains — and none may be more critical than your first hire.
Whether you’re expanding from a solo practice or launching a new office with the intention of scaling, your first team member will help set the tone for everything that follows. And while it’s tempting to think any smart, capable person can jump in and help, the truth is: not all hires are created equal.
Wearing Many Hats
Chances are, you won’t be hiring a full four-person support team right out of the gate. You’re probably looking for that one person who can “do it all” — process paperwork, answer phones, coordinate schedules, and maybe even handle some basic client communications.
It’s a tall order.
Your first hire needs to be flexible, adaptable, and detail-oriented. If they’re handling new business processing, for example, accuracy is crucial. Paperwork errors and NIGOs (Not in Good Order) can slow down operations, frustrate clients, and create unnecessary stress for you and your team.
What you’re looking for is someone who is a generalist at first — a solid “B player” across a wide range of responsibilities — but who also has the potential to grow into an “A player” in a more specialized role as the business evolves.
Look for Growth Potential, Not Just Loyalty
One of the most common pitfalls advisors fall into is hiring someone who can handle the work today, but not necessarily grow with the business tomorrow.
Your first team member needs to buy into your vision. As you bring on more advisors and support staff, this person may need to pivot into a more defined role or even take on greater responsibility. That doesn’t mean they need to be a manager right away, but they should have the capacity to evolve, delegate, and thrive in a more structured environment down the line.
That’s where many advisors get tripped up: they confuse loyalty with leadership. A loyal team member is incredibly valuable, but if they’re not able — or willing — to delegate, collaborate, or specialize, they may become a bottleneck as your team grows.
Don’t Build a Pyramid Too Early
Another trap to avoid? Hiring an assistant for your assistant.
If your first hire is suddenly managing someone else before they’ve even mastered their own role, you’re putting them — and your business — at risk. Unless your initial team member has leadership experience (and that’s rarely the case in these early stages), it’s unrealistic to expect them to train or oversee others effectively.
Instead, focus on building a horizontal foundation, not a vertical one. Let your first few hires develop their own areas of knowledge and skill. Encourage them to own their responsibilities, and when the time is right, bring in complementary team members who can support the growing complexity of your practice — not report to someone who wasn’t hired to manage.
Delegation Is the Key to Growth
As the business owner, your willingness to delegate will ultimately determine how scalable your practice becomes. The right first hire helps make delegation possible — freeing you up to focus on high-value tasks like client relationships, business development, and strategic planning.
But to do that effectively, you need to hire smart from the start.
Look for someone who is organized, adaptable, emotionally intelligent, and excited about being part of something that’s still in the building phase. They don’t need to be perfect, but they do need to be open to growth.
Because when you’re laying the foundation for a multi-advisor team, your first hire isn’t just an employee — they’re part of your legacy.
