Let’s be honest, building a financial advice business from scratch can be expensive. When I started out, I was offered a “book” of clients earning $250k+… for a cool $1 million. As a young adviser, that kind of number was enough to give me heart palpitations. So, I decided to go down a different and much more cost-effective path, investing in people instead of paper.

That’s when I brought in two fantastic PY advisers: Scott Goold and Nancy Tannous. Both came with strong backgrounds. Scott as a paraplanner with solid technical skills, and Nancy as an accountant with years of SMSF expertise, which was an area I was really keen to grow in the business. I didn’t just want extra hands, I wanted people who could bring something to the table and wanted a seat at it.

The beauty of taking on PY advisers is that you’re getting human capital with real-world knowledge and experience. Even better, I’ve involved them in the business in a meaningful way, they have ownership of client relationships and a genuine stake in growing the company. This isn’t just a training run for them, it’s about building something together.

Once they complete their Professional Year, they’ll continue building their own books, which helps them grow as advisers and helps me grow the business and brand. It’s a win-win. For now, I genuinely believe this model is a smarter, lower-risk, and more sustainable way to scale. Plus, let’s be honest, it feels pretty good to help the next generation of advisers find their feet in this industry without needing to remortgage your house to do it. And we’re not stopping there. I’m currently in conversations with another potential PY adviser who brings a completely different area of expertise. The goal is simple ‘keep growing the team, the capability, and the business together.’

So, if you’re like me, wanting to grow but not quite ready to splash seven figures on a client list. Maybe it’s time to think about growing your team instead.

Wence Peraza (Wedan Consulting Services)