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By David RichmanNational Director, Eaton Vance Advisor Institute

In a number of recent consults with advisory team leaders, a common challenge emerged — growth. Each team has been very successful in bringing in new households throughout the past year. In fact, one team already brought in 15 new families since January 1, on top of over 40 new households in 2020.

Instead of working on "how to grow," they are grappling with 'how to handle the growth." This is nothing particularly new, although a work-from-home environment brought on efficiency issues and exacerbated already-stretched resource concerns. Now, add on significant new household growth. You get the point. Perhaps you are seeing this scenario playing out on your own team.

Are we at capacity? It's one of the most critical — yet often overlooked — questions to consider. Carefully scrutinize all aspects of your business model and work flows.

  • Are there bottlenecks?
  • Are additional resources required?
  • Is it time to invest further in your team?

For one team, it is now looking to recruit a chief operating officer. Another is warming to the idea of bringing on two new client associates. A third is contemplating a team merger.

Bottom line: Anticipate capacity challenges before they overwhelm team members or affect the quality of the client experience.