The rest of the world is a two week notice world. That is, when an employee resigns to take another job, he or she gives two weeks' notice to the old employer. Headhunters in other industries spend those two weeks fervently hoping that the pending placement does not change his or her mind. This industry, however, is a “resign and show up at your new job 20 minutes later depending upon lights changing and traffic” world. Because of the competition for clients that ensues upon an Advisor's resignation, nobody gives notice. Because these clients are an Advisor's livelihood, confidentiality is crucial to the process: No Advisor who is planning or exploring a move wants to be confronted by his or her Branch Manager before they are ready. Yet, to the frustration of everyone involved in an Advisor move, deals get discovered all the time. Here are some of the most common reasons why:
1. The hiring manager is sloppy
We are all multi-taskers and Branch Managers are no exception. They will create a folder with the name of their recruit which they leave on their desks. Visitors to their office will see the name on the folder. Branch Managers will leave business cards on their desk. Guess what: Everyone can read upside down. When recruits call a Branch Manager on the phone in their office (a necessity at some point during the process), the Assistant will see the Manager coming down the hall and shout out the name for all to hear. Most egregiously, Branch Managers sometimes feel the need to “check out” the recruit with other Advisors who may know the recruit from other firms.
Solution: The Branch Manager must have a system which is designed to prevent these mishaps. The Branch Manager, and his or her staff MUST be aware of the sensitivity of the recruiting process and learn to be discreet.
2. The Recruits and their staffs, or even their families, are careless
One recruit's wife innocently told her friend about her husband's pending move, along with how they were planning on spending a piece of the up-front money. The friend told her husband, who innocently told another friend…….who worked for the old firm in management. Cover blown, ugly confrontation begun. Advisors also forget that there is a network of Sales Assistants in a given community, who also change jobs. It is very easy to be spotted by a Sales Assistant who used to work in the old firm, at the prospective new office. That Assistant's day has gone from drudgery to entertainment as the gossip chain begins.
Solution: If you must tell anyone about your decision (like your spouse), then make sure they understand how sensitive the information is. And never show up at your prospective new firm's office unless you are sure your privacy will be protected.
