Don’t Lose Out on Great Talent. How to Hire the Right Professionals for Your Firm

Hire the Right Professionals

Advisors need and want to bring in top talent to their firm, but a majority of them are falling short.

For years we’ve operated in the same way to find talent, which looks something like this: Create a job description and post it out on a popular job search site, or contact a recruiting firm to do the leg work for you. 

When advisors do this, they generally tell me that there aren’t qualified people in the area or they are getting too many applications from people who don’t meet the criteria of the job. Well now, what kind of coach would I be to tell you to keep doing the same thing if it isn’t producing your desired results? Probably not one you would want to hire! 

The approach I outline in this article has many components that you should consider and review to make sure you are connecting with the best candidates available. 

1. Proactively seek out your next hire. Highly qualified people work in this industry, but they may not be actively looking for a job. 

  • Reach out to your organic network and let people know you are looking to grow your team. 
  • Consider that you might be able to hire from outside of the industry, depending on the role. 
  • Take a step back, and look at your current team. Is there someone on your team who has the capacity and desire to grow into a different role? 
  • Make a list of the people you know in similar roles who have impressed you in previous interactions. 
  • Connect and message people who fit your criteria on Linkedin. Linkedin is basically a one-stop shop for professionals across many industries. While it might take a little effort here, the results might be great. And, I am a real-life example of that. When Carson Coaching was looking at adding another Executive Coach to their team, they approached me via Linkedin. I wasn’t actively looking, but their tactic worked. 

Read more: Utilizing Assessments to Build the Right Culture and Team

2. Get competitive! It’s not just about the money. Let me repeat that: It is not just about the money! 

A firm can compete in many ways when it comes to the total compensation package they offer employees. Carson Group does a great job laying out our company perks and benefits on a three-page document. This document includes all the basic benefits like time off, retirement plan contributions and health benefits. It also has items like our dress-for-your-day policy, the concierge service available, programs for encouraging charitable donations and matching gifts, professional advancement reimbursement, community service PTO, complimentary wealth plan, incentive plan, health and fitness programs, and more. 

Do you need a three-page document? Maybe not – but what you do need is clarity on what you offer. And don’t forget the work-from-home policy! I am not suggesting that you need to offer full-time remote work, but to be competitive, you should offer some flexibility or a hybrid policy

3. Hire for the future

When you are hiring to fill an open role, or if you are adding a new role, go through the steps of creating the job description. Then create a job description for that same role in two to five years, depending on your vision. Many times I find that advisors aren’t thinking in advance, especially if there is an urgent vacancy. I encourage you to take a close look at what you need today as well as what you expect to need in the near future, so you’re hiring the right person who can grow with your business. 

You also need to understand that highly motivated people will want a clear vision and path to advance their careers. This doesn’t always have to mean that they need to advance into completely different roles – like from an assistant to an advisor or planner. It may mean advancement in that same role, with clearly outlined growth parameters. I too often hear that advisors have a hard time keeping great people, but discover this missed opportunity when we discuss what they have and have not done to retain great talent.

The people you choose to build your firm can make or break your success. Ensuring you have the ideal people on staff is critically important. Use this new twist on the old hiring process to put together the right team.

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