Recruiting for Financial Advisors

February 21st, 2023 | by Nicole Toppin

Myriad knows - determining which financial advisor is right for your firm can be a daunting task. Before even talking about culture & aptitude fit, the “Great Resignation” has made it especially difficult to find candidates at all! Between difficulty finding clients, low intrinsic motivation, and burnout, financial advisors do not typically last longer than 3 years. Myriad’s sister company Continuum Advantage specializes in recruiting for financial advisors and helped gather these tips to help alleviate the stress of recruiting for a financial advisor.

  1. Consider alternatives before hiring.
  2. Hiring externally can be costly. If you’re thinking about hiring for any of the reasons below, consider the alternatives you might already have available to you.

    • "I want to hire a potential successor."
    • Alternative: Is there another advisor in your firm you can possibly work with?
    • “I want to share ideas with another financial advisor.”
    • Alterative: There’s ways to connect with advisors through professional clubs and social media!
    • “I want to assign clients to another financial advisor.”
    • Alternative: Reorganize your lower-priority clients to a less-active service tier.

  3. Utilize a targeted screening profile.
  4. When considering hiring, think about what kind of relationship you’d like to have with this individual. Do you want this individual to be hired as an employee? Would you be willing to share clients with them? Or do you prefer to simply share an office space? Once you’ve answered these questions, it’s important to determine the qualities you’re looking for in a potential candidate. Make

    • Years of experience in the industry
    • Career background
    • Proficiencies
    • Client services experience
    • Investment philosophy
    • Business and individual goals
    • Target client base
    • Personality

  5. Use “out of the box” search tactics.
  6. Everyone knows the recruiting world has changed since 2020. Nowadays, most businesses are utilizing virtual interviewing. Pre-pandemic, recruiters were limited by geography. With virtual interviews, now financial advisors have the freedom to expand their efforts. Here are additional resources to further your search:

    • LinkedIn (Top Resource)
    • Referrals
    • Job boards/Industry-specific directories
    • Universities offering CFP® courses or finance degrees
    • Google

  7. Revolve the interview around the “what” and “why”.
  8. When interviewing potential candidates, you have to be able to “sell” your story. Candidates will be thinking about what’s in it for them. Before the interview process, be prepared to talk about your service model, client niche, financial planning approach, office location, career development opportunities, collaborations/partnerships. Then focus on asking the candidate why they are making the changeand how this position fits with their long-term goals.

  9. Avoid common recruiting tactics.
  10. Recruiting mistakes can usually be traced back to the initial miscommunication of goals or expectations. Successful financial advisors communicate their goals and stick to them. Don’t let potential candidates charm you into thinking they’ll be a good fit. Additionally, avoid trying to convince yourself that a candidate will be a good fit or that they can conform to your vision. Focus on what the candidate currently brings to the table and, from there, assess if they’ll be a good fit or not

    Recruiting in any industry can be difficult, but no more so than in financial services. Myriad’s got you covered! Our sister company Continuum Advantage can help coordinate everything from job postings, to interviews, to the initial offer, to new hire onboarding and training. Call 515.850.1212 or click here to take the stress out of recruiting financial advisors!

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