In episode 20 of the Growth Series podcast, Nick Piper, Strategic Business Performance and Operations Manager at Accord Mortgages, is joined by Andrew Sale, Managing Director of Wolsey Mortgage Company, to discuss the implications of growing your administration team.
Andrew has over 28 years of experience in the finance industry with 10 of those years as the M.D of Wolsey Mortgage Company. He opens the discussion by talking about why a business should put thought into their administration team, highlighting the importance of having the right infrastructure to support the growth of a business.
There’s a common worry amongst advisers about whether hiring an administrative assistant will have much of a return on the investment to hire them. Andrew points out the benefits of bringing new staff on board to help free up more time for the adviser.
The conversation moves on to how Andrew structures his current admin team and he reveals the unique technique he used to build it. He discusses what characteristics you should look for in an ideal candidate, and what types of candidates have brought Wolsey success.
Repercussions of not developing an administrative team are discussed, and also what steps a solo adviser can consider when it comes to deciding whether to employ an admin assistant.
Andrew also goes into the additional costs that come with building the best admin team and how finding the right person makes them ‘worth their weight in gold.’
One interesting point in the conversation is about the potential for admin team members to grow and progress to become qualified to advise. Andrew outlines how having a strong system of progression built into your business is an excellent way to retain your most valuable members of staff. He also points out a few of the ways he engages with and supports his staff via interactions such as one to one meetings and how you can detect whether a new admin team member is fitting within your wider team.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
0.00 - 1.30 - Welcome and introduction
1.31-26.24 - In conversation with Nick Piper, Strategic Business Performance and Operations Manager at Accord Mortgages, is Andrew Sale, Managing Director of Wolsey Mortgage Company, to discuss the implications of developing an administration team, specifically detailing:
Why a business should put thought into their administration team
How is your current team structured?
What do your advisers say about having that extra support?
How a business looking to build an admin team should go about it
What characteristics to look for
The repercussions of not developing an efficient administrative team
Are there resources out there to bring in freelancers?
What additional costs are there other than training and salary?
Is there potential for someone who shows promise to become qualified to advise?
Have you ever recruited someone who you regret recruiting?
26.25 - 27.14
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