For small advisory firms that are beginning to grow and ready to add new staff, a Client Service Associate (CSA) or similar support role is a common early hire. Ideally, this person will free up an advisor’s time to let them focus on other tasks (which are likely income-producing and will allow the advisor to continue to grow the firm). However, if a new CSA is not onboarded well, then advisors run the risk of taking on additional management responsibilities without a corresponding lift in task workload. This can also create a frustrating situation for the CSA, who likely wants to do their job, as well as for the advisor, who no longer has as much capacity to do their job!
Much of this frustration can be avoided with a clear onboarding plan. A good onboarding plan can bring clarity to the advisor (or hiring manager) on how much time will need to be spent with the new hire, what order to present information in, and when an advisor can plan to ‘let go’ of and finally delegate different tasks to the CSA. Likewise, a well-designed onboarding plan can help the CSA understand the timeline and short-term expectations for success, as well as provide them with an easy reference point for crucial resources.
The majority of learning that CSAs need to do for their role often falls into 3 areas: understanding the firm (e.g., the firm’s schedule, processes, and people), getting to know the clients (e.g., individual client preferences), and gaining industry knowledge (e.g., technical terms as well as where the firm sits in the broader financial advice industry). Advisors can structure onboarding tasks and measurables around those 3 segments. For example, in order to learn about the industry, a CSA may need to subscribe to relevant publications or enroll in a publication program. Another resource that may make a difference as a part of the onboarding plan is a list of resources, including internal resources and the link to contact the help desk of the firm’s broker-dealer. Additionally, CSAs may benefit from a ‘people guide’ that identifies important relationships to the firm, such as centers of influence.
As the onboarding process continues, advisors can be transparent about which processes are crucial to the firm’s workflows or the value proposition to the client, and which are flexible to be adapted as the CSA gets more comfortable. Furthermore, adapting how instruction is given to how the CSA learns, and prioritizing synchronous learning by inviting the new hire ‘into the room’ and letting them sit in on client meetings, strategy conversations, or other crucial conversations can make an enormous difference in a new employee’s long-term retention and ability to give good strategic input.
Ultimately, the key point is that onboarding a CSA requires thoughtful planning and an upfront investment of time. But with clear structure, flexibility, and engagement, both the advisor and CSA can have a pleasant and efficient onboarding experience that can lead to a more rewarding and productive partnership in the long run!
