There is a huge misconception among firm owners and in the Professional Services ecosystem that all Advisers are all Advisers.
What I mean by that is that all Advisers are created equal and are equally gifted in all areas of the Advice. That is that Advisers should be great at technical, servicing clients, managing compliance, charging fees AND attracting and bringing new clients on board.
The truth of the matter is that very few Advisers are rainmakers. It’s also true that most rainmakers make crappy servicing Advisers.
Yet I see firm owners over and over again employing amazing servicing Advisers, giving them a tiny client base whilst expecting them to grow that client book ‘just like they did’.
This creates one of the biggest sources of inefficiency in Advice firms. Having the wrong people doing the wrong job is not just a waste of effectiveness it also creates massive cultural issues within a business.
Just looking closely at the division of labor and looking at Advice as a more ‘multi-person’ process can literally multiply the profitability of an Advice firm in a reasonably short space of time.
It is such a travesty to see great servicing Advisers being washed out of Advice because they have not been used effectively