# Hiring Your First Advisor or Operations Hire: Roles, Licensing and Structure

As of Oct 20, 2026, Kitces Research data published Aug 25, 2025 show a median revenue of $182,500 for unsupported solo senior advisors against more than $500,000 for supported solos, and a client service associate costs about $70,000 a year including payroll taxes and benefits.

As of: 2026-10-20
Address: https://advisoriq.com/practice/guides/hiring-first-advisor-or-operations-hire/

## Facts

- Summary: What each first hire does, what a support hire changes, and the exams, registrations and disclosures a new advisor needs.
- Key facts: Median revenue is $182,500 for unsupported solo senior advisors and $500,000 or more for supported solos.; A client service associate costs around $70,000 a year, a $58,500 salary plus payroll taxes and benefits.; A supervised person who has more than five natural-person clients, who make up more than 10% of their clients, is an investment adviser representative under the SEC's definition.; The Series 65 is normally required before licensing as an investment adviser representative; most states accept certain designations in its place, and states vary.

## Notes

- Educational, not legal, tax or investment advice.
- Practice management content is not eligible for CFP Board CE. CFP Board plans to allow up to five hours of it per cycle once its Q4 2027 changes take effect.

## Sources

- Kitces.com, Mark Tenenbaum: Why teams (not tech) consistently reduce administrative burdens, make advisors happier, and boost revenue, checked 2026-10-20: https://www.kitces.com/blog/financial-advisor-technology-wellbeing-research-hiring-efficiency-automation/
- Legal Information Institute, Cornell Law School: 17 CFR 275.203A-3, definitions (investment adviser representative, place of business), checked 2026-10-20: https://www.law.cornell.edu/cfr/text/17/275.203A-3
- NASAA: Exam FAQs (Series 65 and Series 66), checked 2026-10-20: https://www.nasaa.org/exams/exam-faqs/
- NASAA: Contact Your Regulator, checked 2026-10-20: https://www.nasaa.org/contact-your-regulator/
- Legal Information Institute, Cornell Law School: 17 CFR 275.206(4)-7, compliance procedures and practices, checked 2026-10-20: https://www.law.cornell.edu/cfr/text/17/275.206(4)-7
- Kitces.com, Michael Kitces: What (really) makes advisors more productive, and the third Kitces Research study on advisor productivity, checked 2026-10-20: https://www.kitces.com/blog/financial-advisor-productivity-revenue-per-advisor-experience-expertise-team-leverage/
- Internal Revenue Service: Independent contractor (self-employed) or employee?, checked 2026-10-20: https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee
- Legal Information Institute, Cornell Law School: 15 U.S.C. 80b-2 (Investment Advisers Act Section 202), definitions, checked 2026-10-20: https://www.law.cornell.edu/uscode/text/15/80b-2
- Legal Information Institute, Cornell Law School: 15 U.S.C. 80b-3a (Investment Advisers Act Section 203A), state and Federal responsibilities, checked 2026-10-20: https://www.law.cornell.edu/uscode/text/15/80b-3a
- U.S. Securities and Exchange Commission: Form ADV Part 2: Uniform Requirements for the Investment Adviser Brochure and Brochure Supplements (SEC 1707), checked 2026-10-20: https://www.sec.gov/files/formadv-part2.pdf
- Legal Information Institute, Cornell Law School: 17 CFR 275.204-3, delivery of brochures and brochure supplements, checked 2026-10-20: https://www.law.cornell.edu/cfr/text/17/275.204-3
- Legal Information Institute, Cornell Law School: 17 CFR 275.204A-1, investment adviser codes of ethics, checked 2026-10-20: https://www.law.cornell.edu/cfr/text/17/275.204A-1
- Legal Information Institute, Cornell Law School: 17 CFR 275.204-1, amendments to Form ADV, checked 2026-10-20: https://www.law.cornell.edu/cfr/text/17/275.204-1
- Cerulli Associates: Advisor retirements underscore need for stronger rookie development (press release), checked 2026-10-20: https://www.cerulli.com/press-releases/advisor-retirements-underscore-need-for-stronger-rookie-development
- Schwab Advisor Services: Schwab's 2025 Independent Advisor Outlook Study (press release), checked 2026-10-20: https://pressroom.aboutschwab.com/press-releases/press-release/2025/Schwabs-2025-Independent-Advisor-Outlook-Study-Trust-Talent-and-Technology-Shaping-the-Next-Era-of-Independent-Advice/default.aspx

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## Cite as

AdvisorIQ, as of 2026-10-20. https://advisoriq.com/practice/guides/hiring-first-advisor-or-operations-hire/

License: https://advisoriq.com/license/