For many firm owners, the first hire is a milestone that signals real growth, the moment your firm isn’t reliant on you to do everything. It’s also one of the riskiest inflection points in your entrepreneurial journey. 

The right first employee can multiply your impact, deepen client relationships, and free you to focus on business development. The wrong one can add cost, complexity, and frustration. 

Here’s how owners can approach this critical step with clarity and confidence.

1. Clarify Your Bottlenecks and Business Priorities

Before writing a job description or calling a recruiter, pause to identify why you’re hiring. Many advisors rush to find “a junior planner” or “an operations person” without defining their actual bottlenecks.
Start by mapping your week and conducting a time audit. What tasks consume time that could be better spent meeting clients, prospecting, or building your brand? Which activities are you doing simply because there’s no one else to do them?  For many solo firms, the first hire typically supports one of three pain points: operations and client service, financial plan preparation and data entry, or administrative activities. Understanding where you most need leverage will determine the right role and skill set to pursue.

2. Build the Role Around Outcomes, Not Titles

Don’t begin with a title, begin with outcomes. Instead of thinking “associate planner,” think “what results do I need this person to produce in the next 90 days, six months, and one year?”
For example:

• “Ensure every client review meeting is fully prepped with accurate data and compliant documentation.”
• “Free up 10 hours per week of my time as a lead advisor through improved client service workflows.”
• “Portfolios are rebalanced at least every quarter without my involvement.”
• “Take all new clients and be able to manage them independently.”
  

This approach helps you design a role tied directly to measurable business results and makes expectations clear from day one. It also prevents the common mistake of hiring a generalist and expecting them to do everything, which can often lead to a failed hire.

3. Create a Structured, Professional Hiring Process

Even small firms need a real hiring process, not an ad hoc series of interviews. Here are some ideas to consider and get you started, but you need to define your own steps to fit your firm:

1. Application and resumé/internet/LinkedIn profile screening (based on required skills and cultural alignment)

2. A brief phone or video interview to assess communication, motivation, and the relevance of their background and experience

3. A skills-based or case-study assessment (e.g., mock client email, data entry test, or financial-planning scenario)

4. A final interview focused on culture and values, learning style, and long-term fit

5. Reference and background checks

A structured process communicates professionalism and consistency, the same qualities you expect from your new team member. Top-tier talent will be turned off if you are scrambling with a shoot-from-the-hip hiring approach. 

4. Prioritize Cultural and Philosophical Fit

In a small firm, culture is the firm. Your first hire will shape client experience, internal tone, and workflow habits. Beyond technical competence, look for people with core values that align with yours, e.g. integrity, empathy, and curiosity.

Consider behavioral questions such as:

• “Tell me about a time you solved a client issue without a clear roadmap.”

• “How do you handle multiple competing priorities?”

You’re not just hiring help, you’re hiring someone who represents your organization, which is a reflection of you. Make sure their mindset aligns with your firm’s mission and your standard of client care.

5. Budget Realistically and Understand the True Cost

Your first hire costs more than just cash compensation. Plan for payroll taxes, benefits, compliance training, technology licensing, and onboarding time. A rule of thumb is to estimate an additional 18-25% on top of the cash compensation for the total all in investment in a new hire.  Many solo advisors underestimate the “ramp-up” period which is  typically 3 to 6 months before full productivity.
You’ll also need to decide whether to hire a W-2 employee, a part-time 1099 contractor, or engage a virtual paraplanner or client service consultant. Each model affects supervision, compliance, and scalability differently. 

6. Onboard Like You Mean It

The onboarding process determines whether your first hire thrives or flounders. Create a clear 30-day, 60-day, and 90-day roadmap outlining what success looks like at each stage.  Include structured training on your CRM, planning software, custodial systems, and service standards. Shadowing client meetings and reviewing sample plans can accelerate learning. Schedule frequent (weekly) check-ins, especially in the first 90 days, to reinforce expectations and provide feedback.

Remember, onboarding isn’t a one-time orientation; it’s an investment in engagement, accountability, and long-term retention.

Hiring your first team member transforms you from practitioner to leader. Treat it as a strategic business decision, not a reactive fix. Take the time to define the role, design a deliberate process, and onboard intentionally. When you do, your first hire won’t just take tasks off your plate, they’ll help you build a stronger, more scalable firm that can deliver on your promise to clients for years to come.

If you are ready to make your first hire, reach out to us here.

 

The New Planner Recruiting Team

*AI Assisted