The vast majority of his time was spent managing and overseeing his employees. Yet he was supposed to be the major income producer. If more and more of your time is spent managing administrative people, that means that less time is spent building your business, its infrastructure, and your own skills. It becomes extremely difficult to spend quality time with existing and prospective clients. If you've hired your assistants but efficiency and revenues haven't increased, it's time to make a major structural shift and move to the next business model.
Managers take on both the accountability and the authority to get things done.
Hiring an office manager who is responsible for ensuring that your infrastructure needs are met and keeping everything running smoothly is a good place to start. Give the office manager a written position description that clearly outlines his role in the company and how he will contribute to its overall goals. Because you've delegated both the responsibility and the authority of managing the office to another competent individual, you can relax knowing it will be done correctly. Hiring an office manager is often a very hard decision for financial advisors to make because they find it difficult to give another individual the power to run their offices. Many advisors like to be in charge.