Finding the Right Time for Hiring New Staff

When is the magic moment to increase head count for your independent financial practice? Like many elements in life, it depends. However, there are factors you can consider now to better pinpoint when, why, and how to add a new member to your team.

Questions to Ask Before Hiring New Staff

What are you looking to achieve? By bringing on a new person, what will they help you do? Defining their specific purpose can help you gauge your needs and timing. A few examples:

  • You’re looking to elevate the experience you provide to clients, so you’d like to add a client service associate.
  • You’ve received a number of qualified referrals but don’t have the capacity to serve them, so you want to hire an associate financial advisor.
  • Operational tasks are starting to pile up, and a new administrative assistant could be a big help.

It may also help to come up with a job description and a list of their responsibilities to help you reach your objectives.

What is your timeline to achieve these goals? If you’re already falling behind on your desired outcomes, the time is now. However, if you see that you have a few months of runway, you may want to start putting out feelers now. This is especially important if you’re looking for someone to fill a very specialized role: How long will it take you to find them? Is the talent available in your area? Make sure you have enough time to find the right person so that your client service doesn’t suffer and you aren’t making a bandage solution.

Can you outsource this work? There will always be tasks that require a human touch, but you may be able to benefit from automation. Consider using electronic document storage or a centralized client relationship management (CRM) tool to keep track of client information instead of relying on a more manual paper process. If you need a helping hand with administrative work, you could opt to use a virtual service.

Are you able to handle it? Hiring new staff means much more than simply sourcing and interviewing. You need to spend time training, mentoring, and helping them ramp to full capacity, along with providing ongoing professional development. Be sure you have time to allot for this new responsibility. Another consideration is cost: Adding new personnel creates another expense on your budget. Do you have the resources to support this new hire today and beyond?

Is there anyone currently on your team who could take on this role? Have any of your team members expressed interest in moving into this position? Making an internal move can potentially help with costs and training time, as they already understand your workflows and culture. However, if your current staff is already taking on this work and falling behind, it’s likely the right time to get a new person on board to help. You don’t want to continuously play catch-up if your staff is stretched thin and there are qualified candidates available to join your independent financial practice.

Have you recently gone through the process of hiring new staff? When did you realize the time was right?

To stay up to date about the latest trends in independent financial advice or the independent broker-dealer space, visit If you’d like to experience the difference of working with the #1 boutique broker-dealer in the country, call us today at (800) 354-5528.

About Summit Brokerage Services, Inc.

Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.

About Cetera Financial Group

Cetera Financial Group (Cetera®) is a leading network of independent firms empowering the delivery of professional financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading service provider to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit

“Cetera Financial Group” refers to the network of independent firms encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services. All firms are members FINRA/SIPC.

All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.

Content created by Summit Brokerage Services, Inc.

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