Is It Time to Hire? How to Know When to Grow Your Wealth Management Firm’s Staff

When running a solo or small financial planning firm, it’s natural to wear all the hats when profit margins are thin and every dollar matters. I’ve been there. I was the advisor, operations manager, marketing team, and IT department, all rolled into one.

But as my client base grew, so did the cracks in my system. I realized that to serve my clients effectively and maintain my sanity, I needed to rethink my approach to staffing.

Balancing capacity with growth is one of the toughest early decisions you’ll face as a firm owner.  Over-hiring too soon can create unnecessary financial strain, while holding off too long can cost you time, energy, and client satisfaction. 

Here are the lessons I’ve learned, along with actionable strategies and partnerships that can save you from the mistakes that cost me time, money, and more than a few sleepless nights.

Lesson 1: Track Your Time to Know Where You Need Help

It’s tempting to think hiring someone will take the pressure off when you’re feeling overwhelmed. But here’s what I’ve learned: If you don’t know where your time is going, you might hire the wrong support or spend money solving the wrong problem.

Before bringing on any kind of help (virtual, part-time, or full-time), you need clarity on three areas:

• What tasks are keeping you from your highest-value work? Track your time for a week or two to see how you’re spending your time. Create a category for every activity, such as revenue-generating, client service, or operational.
• What’s your budget? Be realistic about what you can afford. Even a $25 per hour part-time virtual assistant for 10 hours a week represents a $1,000 monthly commitment.
• What skills would complement yours? If you excel at building client relationships but struggle with technology, prioritize someone with tech skills rather than another people person.

This approach helped me avoid hiring another version of myself. I needed help with operational tasks (scheduling, follow-ups, form prep) so I could focus on what only I could do for my clients.

Lesson 2: Double Check Your Tech Stack

Many advisors believe that adding people also adds efficiency. But if your tech tools are clunky, adding a person adds more friction. Before bringing anyone on, take a step back to think about your tech stack.

In my early days, I had Calendly for scheduling, Redtail for CRM, Dropbox for storage, and email for client comms, all siloed. Everything required manual entry.

I streamlined my tech stack into what I consider the essentials:

The tools you use create a foundation to support your financial advisory practice, no matter the size. Before you hire, audit your tech stack and upgrade it if needed. Efficiency often starts with automation, not just people.

Lesson 3: Outsource Early and Often

If there’s one thing I wish I’d done sooner, it’s outsourcing. For years, I told myself I could handle it all, until the missed deadlines and family dinners proved otherwise.

Outsourcing is a strategy, not a sign of weakness. It lets you tap into specialized skills without the commitment and overhead of full-time staff. It also offers an ideal first step into delegation and gives you some breathing room.

 Here’s what you can (and probably should) outsource:

Outsourcing isn’t about handing off work just to lighten your load. It’s about creating space for the work only you can do, strategy, client relationships, and vision.

Partnering with services like Nifty Advisor Support or FMG’s DIFM (Do It for Me) program helped me offload tasks without losing quality. It gave me room to focus on strategy and client relationships. My marketing concierge creates timely and relevant emails, social posts, and blog posts.

Lesson 4: Factor in the Full Commitment, Not Just the Salary

The financial cost of hiring is straightforward to calculate: salary, benefits, office space. But many advisors overlook the time investment—how many hours will you need to devote to training and supervision?

You can reduce your time commitment by developing an onboarding process. Harvard Business Review has a guide to onboarding, but the crucial pieces include:

• Clear job descriptions: Outline responsibilities and expectations before hiring.
• Training schedule: Plan regular training sessions and check-ins over the first 90 days.
• Performance metrics: Establish clear goals and metrics to evaluate new hires.

Lesson 5: Your First Hire Should Address Your Biggest Growth Constraint

It’s easy to assume that your first hire should be administrative support, but your pain point might be elsewhere. For instance, if your operations are sufficient but you lack the capacity for client meetings, hiring a junior advisor might make more sense than an administrative assistant. Look at your bottleneck: Is it client work, operations, planning, or marketing? Start there.

But be cautious about the timing. Hire too soon, and you could stretch your margins thin or feel pressured to take on clients who aren’t the right fit just to cover payroll.

Lesson 6: Growth Doesn’t Require Full-Time Staff

Staffing decisions don’t have to mean bringing on full-time employees. I’ve had both wins and “what was I thinking?” moments when it comes to staffing, and I’ve learned that plenty of flexible staffing arrangements can support your growth.

You might consider these alternatives to a full-time hire:

• Part-time professionals: Some highly skilled professionals may prefer part-time arrangements, particularly parents returning to the workforce or semi-retired advisors, operations specialists, or client service associates.
• Project-based contractors: For specialized needs like technology implementation, compliance reviews, or marketing campaigns, project-based contractors offer expertise without ongoing commitments.
• Shared staff arrangements: Some advisors successfully share operations or administrative staff with complementary businesses, such as accounting firms or estate attorneys. The key advantage is scalability; you can increase support during busy periods and reduce it during slower times to preserve cash flow.

Lesson 7: Monitor and Adjust Regularly

The staffing plan that works for your practice today likely won’t be optimal six months from now. Client needs evolve, markets shift, and team dynamics change. Regularly reviewing your business needs lets you gauge your staffing needs to avoid understaffing and overstaffing.

Check in regularly:

• Are clients receiving consistent service?
• Is any team member underutilized or overwhelmed?
• Is your hiring decision still paying off?

If not, course correct early. 

The goal is to check in regularly so small issues don’t snowball. These touch points also open the door for honest conversations about growth, responsibilities, and whether your team is still aligned with where the firm is headed.

Build the Team That Supports the Life You Want

Staffing a small or solo financial planning firm is part strategy, part patience, and a lot of trial and error. You don’t need a huge team to build a high-impact practice. You need the right support, at the right time, doing the right things.

Start small. Stay intentional. Don’t be afraid to adjust. One of the best feelings in this business is knowing you’re not carrying it all alone and that your clients are still getting your best.

The Bottom Line

Hiring is a strategic decision, not just a financial one. For solo and small firm advisors, the right support can unlock growth, reduce burnout, and elevate the client experience. 

But timing matters. Track your time, assess your capacity, and evaluate your affordability before making a move. Be intentional whether you outsource, hire part-time, or bring on a full-time team member. The goal isn’t to build a big firm: it’s to create one that works for your life, clients, and long-term vision.