Transitioning to a self-licensed model is an exciting step for advisers, but it requires more than just great technical skills. Scaling a business successfully means thinking strategically, not just delivering advice.
Being a skilled adviser doesn’t automatically make you a skilled business owner. Sue Viskovic, VBP’s General Manager of Consulting, explains that advisers must understand all aspects of running a business: pricing, operations, strategy, and the resources required to grow.
Without this clarity, even the most talented adviser can become overwhelmed by administrative tasks, leaving little room for the work that truly adds value.
“Do it with a business head, not an adviser head,” Viskovic advises. Early-stage businesses often spend time on low-value tasks such as $50/hour activities when their true value could be $400/hour. Without deliberate planning, scaling becomes reactive instead of strategic.
Bringing on additional staff is essential, but it comes at a cost. Early hires can create a temporary dip in margins if client acquisition and service deployment aren’t structured properly.
Hiring a practice or general manager can be transformative. While not providing advice, this role ensures operations run smoothly, systems are in place, and staff are managed effectively. With this support, advisers can focus on their clients and high-value work, allowing the business to gain traction and grow sustainably.
Scaling isn’t just about adding people, it’s about adding the right structure, processes, and leadership to support long-term success. When done thoughtfully, advisers can move from being busy practitioners to leaders of thriving, scalable businesses.
This article first appeared on www.ifa.com.au.