I recently received a letter from a reader who wrote about his frustration at not being valued more highly at his firm:
“Basically, my FA owns the business, but I run the business. I find that the attitude toward registered sales assistants, which I proudly call myself, is fairly dismal. What is frustrating is that although there is huge value in having an employee with my experience, many advisors do not see past the title and assume that we are mere paper pushers or worse. We tend to be called ‘office managers’ or perhaps ‘phone answerers,’ but we are much, much more than that. I have spoken with several ‘enlightened’ financial advisors who see the value in what I do, which is fantastic, but sadly not many. I am now considering a job change but, after a decade, it’s tough finding an employer where I will not have to start at the bottom. But I do love my job.”
The timing of this letter resonated deeply with me. Having merged my business with a marketing consulting firm last summer, my new partner, Kristen Luke, and I were finding that running our new 15-person company was beginning to overwhelm us. So about two months ago we decided to hire an “executive assistant” with responsibilities that sound very similar to the writer of the above letter.
For many years, we have recommended that our advisor clients whose firms have grown to include at least 12 employees and two owners or less to hire executive assistants, a recommendation that produced consistently good results.
However, I never realized how helpful they can be. Although our executive assistant, Stacey, has been in her new job for only a short while, both Kristen and I can honestly say that she has literally changed our lives and made a major impact on our ability to run the new company much more effectively.
Now, before you start Googling “executive assistant,” let me warn you that the definitions you’ll find online will not be very exciting. That’s because most of the articles I found were about jobs that are essentially glorified secretarial positions, which I suspect is a commonly held view. I’m talking about a position with responsibilities that are much more than that.
Remember the TV series “West Wing” that was largely about the people who help the president run the country? In that show, Leo McGarry (played by John Spencer) was the president’s chief of staff, who ran the White House and often represented the president on phone calls and in meetings with senators, cabinet secretaries, political supporters and representatives of other countries.
I don’t mean to be overly grandiose here, but I think the role of “chief of staff” is a much more accurate description of what I have seen executive assistants do in other advisory firms and in our firm.
Five Tasks Your Chief of Staff Can Take Off Your Plate
In independent advisory firms, owner-advisors have many duties. Among the most important of those are working with clients, attracting new clients, monitoring finances, managing the office, overseeing human resources, supervising client services, working with employees to be more effective and maintaining strategic relationships with other businesses that help the firm run better. A good executive assistant can take most of the time-consuming work of those last six duties off the owner’s plate, freeing them up to spend more time and energy on working with existing clients and getting new ones.
Here’s a list of just some of the things that we’ve seen executive assistants do in firms.
Organizing your work schedule
Stacey has total control over our schedules, booking our appointments, phone calls, meetings, client meetings, travel, vacations, doctor’s visits, workout schedule, everything. She makes sure we get to where we need to be—on time and prepared. She makes sure we talk to the people we need to talk to and that we do the things we need to do. She monitors our time, so that meetings and phone calls don’t run over their allotted time, unless they really need to.