How To Recruit Financial Advisors
By Ali Staton
Founder & Lead Recruiter
Financial Planner Recruiting, LLC
How to Recruit Financial Advisors
Are you a boutique wealth management firm having difficulty finding the right financial advisors to join your team? Regarding recruiting, most companies don’t want to take the time and effort to find qualified candidates – they would hire someone recommended. But for any financial advisor recruiting process to be successful, there needs to be an emphasis on both quality and quantity. At Financial Planner Recruiting, we know that making sure the right person is added to your team involves more than just dropping resumes into a pile. We provide top-level recruiting services designed specifically for small firms like yours so that you can quickly and effectively recruit advisors who are tailored to what meets your unique needs. Read on for our guide on recruiting potential financial advisors most effectively!
Identify your ideal candidate – what experience and skills do you need from a new hire?
When identifying the ideal candidate, finding top talent is essential. The perfect hire for your team should have relevant experience and skills and unique qualities that set them apart. A new hire who can adapt to changing environments, work well under pressure, build strong relationships, and thrive in a team setting would be invaluable to any organization. In addition, a candidate with strong communication skills, leadership abilities, and a positive attitude can significantly drive success. It’s important to remember that finding the perfect fit for your team takes time and effort, but the reward of a top-talent hire is worth the investment.
Sometimes, finding the right financial advisor means understanding what the younger generation looks for in financial advisor practices. There is an appeal to be handed books of business with solid relationships. Next-gen employees and young advisors may not have a vast network yet, but confidently knowing the salary range, desired advisor experience, and your value proposition is a good first step.
Develop a job description that accurately reflects the position and what you are looking for in potential candidates.
When developing a job description, it’s important to accurately convey the responsibilities, qualifications, and years of experience required for the position. However, it’s also important to consider the potential career path of those who may apply. A well-crafted job description not only outlines the immediate duties of the role but also offers a glimpse into how this position can prepare an individual for future opportunities and be a successful financial advisor. Candidates want to know they are joining a company where they can learn, grow, and advance in their careers. By emphasizing the potential for career and professional development within the job description, you can attract motivated and driven individuals eager to contribute to your organization’s success.
Use various platforms for advertising your open positions – consider LinkedIn, Indeed, NAPFA, CFP Board, and FPA.
When finding new financial planners for your team, the key is to cast a wide net through social media. With the advent of technology, numerous platforms are now available to advertise your open positions to new advisors. By leveraging tools like LinkedIn, Indeed, NAPFA, CFP Board, and FPA, you can increase the visibility of your job postings and attract a broader range of applicants in the selection process. These platforms provide the means to create well-crafted job descriptions and distribute them to a highly targeted audience. The best part? You can easily track your results and make data-driven decisions about where to invest your recruiting efforts. Pay attention to the power of digital advertising when you’re looking to add new employees to your advisory firm.
Utilize recruitment agencies to cast a wider net for potential right-fit candidates.
Casting a wide net in the financial services industry is crucial when finding the best candidates for your organization. That’s where recruitment agencies can come in handy for financial planning firms. Utilizing their services allows you to tap into a larger pool of potential hires than you can reach alone. These agencies specialize in finding and vetting qualified individuals, saving you time and energy in hiring. They can also help you identify candidates who have not discovered your organization. Enlisting the help of a recruitment agency allows you to broaden your search without sacrificing quality, ensuring that you find the best possible candidates for your team.
The bottom line, our highest value is pulling top talent directly from your competitors. We know how to gain access to them without your competition finding out that you’re now soliciting their employees. Pulling the financial planners and other crucial roles from your competitors is often required to land interviews with top talent. From Merrill Lynch to Morgan Stanley & small advisory firms to the best practices, we know how to find you the top financial advisors and industry leaders.
Conduct phone or video screenings of interested candidates and new talent to assess fit and qualifications.
When hiring for new career opportunities and finding young talent, it’s no secret that the process can be time-consuming and overwhelming. Incorporating phone or video screenings into the interview process can be a lifesaver. It allows you to assess a candidate’s fit and qualifications. It gives them a chance to showcase their personality and communication skills without the added pressure of an in-person meeting and giving financial advice.
Plus, with so many people working from home these days, it’s easier than ever to offer this option as a great way to accommodate schedules and locations. So the good news is if you’re looking to streamline your hiring process and find the best way to add new talent to your team, consider incorporating phone calls or video screenings into your strategy.
Consider personality or other applicable skills assessments to ensure you find the best candidate.
When hiring the right candidate, considering personality or financial industry-related skills assessments can be a game changer. These assessments provide insights into a candidate’s strengths and weaknesses and give you a glimpse into their personality, work style, and how they build strong client relationships. This is especially important when considering how they will fit into your company culture and at a new firm.
Incorporating such assessments into your hiring process is considered one of the best practices in the industry. By better understanding the candidate’s capabilities, compatibility with your company, and financial goals, you increase the chances of finding the top financial advisors.
Recruiting financial advisors is no small task, but having the right people and team members in place will significantly impact your success. Taking the proper steps from the beginning will ensure that you find someone with the experience and skills you need. Consider how to promote your open positions, from utilizing LinkedIn, Indeed, NAPFA, CFP Board, FPA, and agencies like Financial Planner Recruiting to cast a wider net. Also, take time to conduct extensive phone or video interviews, relevant assessments, and personality tests throughout the process.
Above all, put intentional thought into identifying your ideal candidate and developing an accurate job description from the outset so that you can secure the right fit for your firm. If you’re ready to start recruiting financial advisors or have questions about where to start, don’t hesitate to reach out! Schedule a call today with Financial Planner Recruiting and learn more about how our team works with boutique wealth management firms across the US in search of their next perfect hire!
Alexandra Staton "Ali"
Founder & Lead Recruiter
Meet Ali Staton, who is on a mission to boost the financial planning industry by connecting top-notch talent with boutique firms. As a top financial advisor recruiter, she understands the unique needs of independent boutique wealth management firms.
Ali has many years of experience in the wealth management industry. Her husband is an owner of an independent RIA and is a CERTIFIED FINANCIAL PLANNER™.
When she's not busy working, Ali enjoys quality time with her husband, Cecil, their daughter, Olivia, and their adorable goldendoodle Ollie. She loves to cheer on the University of Georgia athletics. Go Dawgs! She also loves exploring new places and can often be found vacationing in Hilton Head.