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“Gratitude is the greatest of virtues and the parent of all the others.” Cicero Our relationships with people in our life matter the most, but are too often unwittingly neglected. When was the last time you expressed your gratitude for someone? It may come naturally for you in terms of your clients, such as sending end of year thank you letters to go out to all of your clients expressing how grateful you are for them and how you wouldn’t have the business you have if it weren’t ...
The location of your firm is a major driver in what type of talent you can attract. When recruiting Millennial talent for your firm, the firms located in major metro areas (tier 1 market) tend to have an advantage over those in less populated urban centers (tier 2 market)… a reality of current Millennial lifestyle preferences. The most sought-after job location destinations cited by the prospective job candidates we have worked with year to date are: Nashville, TN Austin, TX ...
Last month, we discussed why it’s important to hire for quality of experience over just quantity (or job title) alone. But this comes into play not only with experienced planner hires, but also those coming directly out of CFP programs, since all the CFP programs are not the same. In fact, one of the reasons we do so many on-campus visits to CFP programs each year is to be able to speak to the faculty members, tour the facilities, and meet with the school’s program leadership. As in practice, ...
When setting out to recruit a new financial planner for their firms, owners must first identify what problems they are trying to solve with a new hire in the first place. Some of the most common bottlenecks we see are replacing someone who left or was promoted, increasing capacity to serve more clients, reducing the workload of another team member, or finding and developing an internal successor. In this month’s article, we discuss how to flesh out a proper job description to ensure you hire ...
Hearing the words “I have accepted another offer…” can be an entrepreneur’s worst nightmare… especially since it’s most likely to happen with team members who are high performing (the ones most likely to be recruited away!), where their departure could be a substantial setback. And as frustrating as it may be, it is inevitable that this will happen if you manage people long enough. Firm owners typically have several different ways to respond when the news comes, especially if team member is ...
One of the questions we field on a regular basis is “how much I should pay my new hire?” We have written previously about some pitfalls associated with firms relying solely on industry salary surveys to determine competitive compensation for their team members. Below we have provided compensation information on some of our recent placements to provide additional data points for you to consider when making offers to new hires and/or revisiting compensation with your current team. The types of ...
Due to the dearth of financial planning career entrants, some firms have resorted to “sponsoring” and hiring international workers for work Visas to fill the void. The process for sponsoring an employee is not for everyone but could be a potential solution for you if you don’t have any other options or the perfect candidate for the role you are trying to fill isn’t able to work in the US. In this month’s article, we provide a summary of the sponsorship process, plus the benefits and challenges ...
Throughout the years we have interviewed candidates who have wide ranging experience levels, and come from a variety of backgrounds. And we’ve seen first-hand how a wide breadth of candidates can make it challenging to decide which one to actually hire for your firm. Having your candidate(s) go through a structured screening process with interviews, exercises, and assessments is a great place to start understanding who they are, how they operate, and where they might be the best fit within ...
Here at New Planner Recruiting, we recently celebrated our 10-year anniversary, and wanted to take a moment and thank you for your continued support over the years. We value the relationship we have with our clients, who have been an integral part of our success, have truly enjoyed serving you, and really appreciate the trust and confidence you have placed in us to assist you in sourcing, screening, and integrating the top talent you need to stay ahead. When Michael and I had the initial ...
Am I Average? Ways to Stand Out as a Financial Planning Candidate. While finding your dream firm and position is important, you ultimately must stand out to be recognized among the dozens of applicants. Although everyone brings a specific skill set and perspective to a role, resumes and cover letters often blend together for hiring managers. As an applicant, you need to differentiate yourself and stand out from the other applicants. STUDENTS Most financial planning students ...
The lack of sufficient talent currently entering the financial planning profession is undeniable. This talent shortage can cause immense frustration among firms attempting to build a solid pipeline of qualified candidates to select from when they need to add a financial planner to their organization. Due to these challenges, paired with increased efficiency and effectiveness of technology, some firms are rethinking their hiring strategy entirely by embracing remote/virtual hires versus ...
For growing firms, the onset of a new year brings a new slate of goals to work towards, and challenges to overcome for you and your team. The beginning of the year is also a great time to promote people on your team who are performing exceptionally, so they can start the year off in the right position and mindset. This month, we will look at how to identify candidates for promotion. Here are three signs to look for: They are already taking it to the next level. This one is ...
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