Jr. Partner or asst.?
Would those of you who have been in the business hire a full time assistant or Jr. partner? I need help. I have a part time assistant that I share, but I am bogged down and stressed. I was thinking of hiring a Jr. partner to see accounts under a certain level. Looking at my book the 80/20 rule certainly holds true.
What has your experience been? Please don't answer this question unless you've been through this situation, thanks.
I'm currently an assistant to 1 FA in a banking program. I have my Series 7/66 & Insurance licenses.
My assistant duties seem to be more of an extension of back-office support tasks than sales oriented tasks. The advisor "pays" me by taking his pay from 90% of his revenues, instead of 100%. (10% cut just for having a personal assistant.)
Why have an assistant that YOU are paying for when they're doing more "back-office" tasks that they will do for you anyway?
Now, I'm a different assistant. I came to the position with the series 7/66. Most assistants in our program are unlicensed and are sponsored for the series 6/63. I sell and take appointments - especially the lower dollar amounts. Why have the advisor take them when I can?
If I were building a practice in a banking environment, and getting "bogged down", I think I would be looking for a Jr. Partner to take some of the lower $ amounts and free up your time on some of the other things that need doing.
If you have the option, I'd be looking for a Jr.
Send me a PM if you have any other questions.