The quality of your employees determines the
strength of your business, so here are some tips for identifying the best hires
February 11, 2020 BY
KYLE BROWNLEE
Leading
an independent wealth management practice for nearly two decades has taught me
many lessons, but the most important is this — the quality of your employees
determines the strength of your business.
The
following are tips for helping financial advisers recruit top professionals who
are ideal additions to their practices, based on my firm’s experiences.
Interview
and hire for alignment first, skills second. An advisory
practice’s core values drive every part of the business. If a candidate doesn’t
understand the key underpinnings of a firm’s culture and why team members do
what they do on behalf of clients, then he or she won’t be a good fit, no
matter what skills or experience are found on their résumé.
At my
firm, we view our job as more than simply helping clients grow their financial
resources — we work to craft financial plans that reflect the values they and
their families live by and that enable them to use their wealth to do good in
their communities. When interviewing candidates, we first make sure that they
understand these vital elements of our culture and can share our commitment to
clients (and each other).
Broaden
your outreach. As every fisherman knows, fish won’t bite if you lack
attractive bait. Advisers can market their practice as a good place to work by
participating in or sponsoring regional “Best Places to Work” award programs.
And in order to attract bigger fish, you need to cast your net as widely as
possible. Utilize social media platforms such as LinkedIn and Facebook, as well
as job-search forums and relevant professional organizations, to advertise
vacancies.
Enlist
existing team members in the search. People who have
already been well-assimilated into an advisory practice understand what
qualities are necessary to succeed in their organization. If established
employees know someone who shares the team’s dedication and expertise, would
adjust smoothly to the culture and job responsibilities, and is seeking
long-term employment at a firm where they can grow, their input can be
invaluable.
As an
incentive for employees to become involved in the hiring process, advisory
practices can provide referral bonuses. At my firm, we offer $1,000 for
employees who steer us toward qualified friends and former colleagues who
become new team members.
Hire
talent who can support your firm’s (and clients’) growth. Don’t
discount job candidates because they have a specific skillset or experience you
aren’t looking for yet. Some highly specialized areas of expertise, such as
marketing, information technology, and human resources, can be extremely useful
for helping an advisory practice perform better over the long term, and it can
be wise to hire them proactively.
Furthermore,
their expertise can be utilized by clients who are business owners, which
enhances our value as a professional partner. We allow clients to outsource marketing,
IT, or human resources work to our employees — saving them time, preventing a
pricey new hire, and allowing them to focus on what they do best. And, we
generate revenue by billing for the outsourced work at an hourly rate.
Hiring
mistakes are expensive. However, if you vet candidates for an understanding of
your firm’s core purpose, their potential contributions, and their ability to
support future growth, you’ll minimize the risk of attracting the wrong fit.
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