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Eliza De Pardo on Using Human Capital to Grow Your Business

Welcome to the 254th episode of Financial Advisor Success Podcast,

My guest on today’s podcast is Eliza De Pardo. Eliza is the founder of her unnamed consulting firm, which focuses on working with medium to large sized independent advisory firms.

What’s unique about Eliza, though, is the focus on her human capital The issues that arise as advisory firms strive extensively to recognize that the financial advice business is first and foremost a Service Business, which means attracting, retaining and developing people to the firm is the biggest key to long-term success.

In this episode, we talk in-depth about the unique challenges that advisory firm founders face as they grow and scale their consulting businesses, including the ability to attract and serve clients first. How fundamental is it to increase $1M revenue, but take back the seat by the third million of revenue (and all growth thereafter), why it is the consultants who are most effective moving forward Far flung Rather than developing their team management skills from client-facing work, which is what makes their firms most successful at scaling, and why advisory firm founders focus more and more in management, the long-term key to scaling up is a COO. And ultimately including a CEO is all about getting comfortable with the most intimidating employees of dedicated management. Not there Founder – To create the necessary infrastructure to grow the firm to the next level.

We also talk about some of the key business productivity metrics that advisory firm owners should monitor as they grow, including their average revenue per consultant (which averages $500,000 per revenue-generating professional across all firms), their Average revenue per employee (which leads to consulting firms hiring a new team member for every $250,000 of new revenue) The firm is small, with a ratio of 2:1 as it approaches $1B of assets under management. .

And be sure to listen to the ending, where Eliza shares her 15-year journey through the consulting business in building her career as a practicing management consultant, the parallels between the consulting business and the challenges in the advisory business when you lose. A huge possibility (and why you have to learn not to take those omissions personally), and why most advisory firms should learn to hire as soon as possible, but not necessarily. faster (Because no matter how much you need to hire next, it’s still important to make sure you find someone who will represent the firm well to the end customers that you represent),

So whether you’re interested in learning how hiring a COO affects a consultant’s wellbeing, how to know when to scale up and hire, or how to leverage “non-revenue” employees for firm growth? raise, we hope you enjoy this episode of The Financial Advisor Success Podcast with Eliza De Pardo.

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