Greg Gagne told attendees at NAIFA’s Career Conference and Annual Meeting that owners of financial planning businesses need to focus on what they do best and delegate the rest. “If we want to be more successful, we have to pay people to do things we shouldn’t be doing,” he said. The owner should work on the business rather than in the business.

Gagne said he actually borrowed money so that he could begin to build his staff. Now he has a staff of five and each member of staff has area of accountability to support the owner. Emails, calls, teleconferences have replaced some face-to-face meetings with clients. All prep work for prospecting is done by staff – a staff member does fact finding, Gagne does only the initial meeting and the final sit and sale.

“Stop being an advisor who happens to own a planning business and become a business owner who happens to be an advisor,” he said.