Fill the 3 Key Positions in a Financial Advisory Firm

By Dummies Press, Ivan Illan

Part of Success as a Financial Advisor For Dummies Cheat Sheet

Whether you practice as a lone wolf or choose to build your own firm, you must fill the following three key positions:

  • Minders run the business/practice, organizing, managing, hiring/firing, and setting goals and agendas. To be a minder, you must be a leader with excellent organizational, interpersonal, and communication skills. You may not be working closely with clients, but you will be leading and mentoring associates and staff.
  • Finders source new clients. These advisors are great at filling a pipeline and marketing services and solutions. Finders can be any age and at any level of experience, but they must have excellent interpersonal and communication skills and genuinely enjoy interacting with prospective clients.
  • Grinders do research, analysis, illustration, and paperwork. Whether it’s the research that drives discussion at investment committee meetings or running several insurance carrier illustrations, these advisors are the worker bees of the business. This is a great position for new college grads, because it gives them the opportunity to learn the business from the inside out. It’s also great for those who aren’t exactly people-persons.