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.
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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.
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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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Kyle Brownlee is CEO of Oklahoma City-based Wymer Brownlee Wealth Strategies and a registered representative with Avantax Investment Services.
