Business Growth Insights

The Blowfish Effect: Building Blocks of a Successful Business--A Scalable Talent Strategy

A busy financial advisor answering a phone while multitasking suggests that she needs freelance help to scale her business.

ResultsResourcing was created to help small and mid-sized businesses find the resources they need to scale. It all began with what is known as “The Blowfish Effect.” Blowfish increase their chances of survival by expanding or shrinking as needed and ResultsResourcing founder, Elizabeth Eiss, realized this is exactly what business owners needed from a talent standpoint throughout a broad cross-section of industries.  

One in particular is the financial industry. Financial advisors often have a high burnout rate. A 2019 survey by the Financial Planning Association found that 71% of financial advisors said they experience moderate or high negative stress (pre-COVID).

Market stress comes with the territory but there are solutions to workload pressures that take reduce stress and help financial advisors recalibrate their lives so they are doing more of what they love

One of the biggest barriers to practice success is staffing. The more success an advisor has, the more there is to do and too few hours and staff to do it.

Like most entrepreneurs, financial advisors are frequently inundated with a variety of tasks required to run their business and serve their clients. Beyond the work that requires financial certification, there is administratively taxing work like electronic document creation and filing, data management, report creation, email and calendar management, client administration, copywriting and website and social media management.

The Power of the Gig Economy

For Financial advisors, tapping into the Gig Economy can be a flexible, versatile and virtual solution to managing that administratively taxing work.  ResultsResourcing’s CEO Elizabeth Eiss said, “The gig economy offers a key agile talent solution to businesses to enable them to thrive throughout the normal business cycles – as well as during the unusual swings, like the pandemic. Hiring skilled freelance talentenables businesses to get the flexible resources they need with optimal time and capital commitments,” said Eiss. “They can adjust their workforce, operations, or overhead as needed.”

“Most administrative, creative and marketing roles that can be done virtually, can be handled by a freelancer,” Eiss noted. “These are freelance professionals who love what they do and want to be the supporting team for other entrepreneurs.”

And the numbers of freelance workers in a wide-range of fields is growing steadily. Reuters found that 34% of the US workforce in the United States were gig workers in 2017, and that number exploded since COVID, reaching well over 60 million workers. In fact, MBO Partners noted that US freelancers contributed $1.21 trillion to the American economy in 2020.

Beacon Partners:  Scaling your Financial Advisory Business

Beacon Partners has a bold vision. A consultancy laser-focused on helping financial planning and wealth management firms level up, Beacon shows advisors how to build a more scalable, profitable practice and ultimately create more freedom. Freedom is time spent with family, as well as doing more of what they love.

Beacon Partners supports clients by identifying opportunities to outsource responsibilities within their business that do not require certification or are not client-facing to freelance pros who are independent contractors in the Gig Economy.

Beacon Partners Co-Founders Meg Hanington and Genevieve E. Thayer, believe so strongly in this talent strategy that they have partnered with ResultsResourcing® to hire virtual vetted freelancers who are ideally skilled to handle part-time and project needs. ResultsResourcing is the leading job platform for hiring freelance talent that comes with your own recruiter.

As part of the process, Beacon Partners recommends clients use Results Resourcing’s proprietary ROI of Time calculator.  This tool helps clients better understand the financial implications of administrative tasks that consume the valuable time that could be better spent on higher ROI work.

Freelance workers give business owners incredible flexibility, which allows them to focus on what they do best, in this case provide outstanding financial advice to their clients.

Let ResultsResourcing optimize your workforce. Book your free 30-minute, no obligation session and join Elizabeth Eiss for a conversation to learn more and define your talent needs.

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