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If you are seeking to hire new talent for your firm, chances are you are not the only one. When so many firms are looking to hire at once, it means other firms are going after the same (limited) talent pool, and that the most attractive candidates will likely have several offers to choose from. This month's post reveals how you can emerge as the frontrunner in a competitive situation with a potential hire without giving the farm away! Do: Make candidates a solid offer. Currently, for ...
A trend we continue to see in the hiring landscape are firms lacking clarity around who they are trying to hire. This month, I want to discuss the thought framework an owner should employ before hiring a new planner. Part of that thought process is to resist the temptation to hire an exact copy of themselves and over-emphasize the business development component and skillset. However, notwithstanding the consensus view from consultants that having a bunch of people in an organization with ...
During the last year, if you have had a smooth interview process and made a successful hire, congratulations because many did not have the same experience. The market of available young talent continues to be very limited, and now more firms are hiring due to improving stock market conditions. Furthermore, you will probably not have as many people interested in your role as you may have had in the past. Due to the plethora of openings stemming from the growth of the profession, job ...
You have probably heard the term “Quiet Quitting” by now. It is seemingly ubiquitous when describing the labor force post-Covid. Quiet quitting, or quitting-in-place, is really a fancy name for a problem that employers have dealt with for centuries: lack of employee engagement. When team members are “quiet quitting”, they are only doing the minimum to collect their salary, and it can be disruptive to any organization by slowing growth and damaging culture. Quiet quitting can take ...
The beginning of the year into the late spring historically has been a popular time for financial planning firms to hire as firms seek to recruit college graduates graduating in May, bring on additional support for the extra work during tax season, and to service the increase in new clients starting their financial planning engagement with the firm. Even though the market has been down for the last year, we anticipate more of the same type of hiring demand this year, based on the increased ...
Last month, we looked at what new planners are seeking from the culture of the organization they join. This month, we are going to review what they are looking for from a compensation and benefits perspective. See below for the most commonly cited components of what new planners are seeking from their employers that we have compiled from thousands of conversations with new planner job seekers over the last couple of years. Compensation and Benefits We realize some of these ...
“...I’ve about had it. I don't know what these people are looking for and I’m tired of having to try to cater to their needs…” Sound familiar? We hear from a lot of frustrated firm owners across the country about the recruiting and retention challenges they have been facing in their firms, especially over the last few years. We are certainly in unprecedented times when it comes to navigating the human capital component of your business, and while it can be frustrating at times, it is ...
One of the questions we field on a regular basis is how much should I pay my new hire. This is a tough question to answer because it can depend on a number of factors and can change significantly in very short intervals. We have written about salary surveys in the past and still advise firms to seek multiple sources of information when designing a compensation plan for their team members. Furthermore, we have set out to provide a slightly different data set to again help in this conversation. ...
In the discovery process we take firm owners through to help them gain clarity on the type of person they are seeking to hire, one of the most sought-after characteristics our clients ask for is “natural curiosity”, or sometimes referred to as intellectual curiosity. In this month’s article, we will examine what natural curiosity is, how to identify these traits in candidates you might be recruiting, and the pros (and some cons!) of hiring an intellectually curious candidate. Simply put, ...
“I’m tired of working so hard for my boss, who is never here, so they can drive a Tesla!” We heard this recently from an employee at an advisory firm. It certainly isn’t the first time we have heard of employees resenting their bosses, but it is seemingly becoming more common. In this case it wasn't really about the Tesla, it usually isn't - it was mounting frustration driven by several underlying issues. Keep in mind at the end of the day it is your firm and you can drive whatever you ...
The financial planning profession has changed substantially since I joined almost 20 years ago. While these changes have been mostly for the better, we are still struggling with the hiring and training of new financial planners. I see it every day as CEO of New Planner Recruiting, each semester as an adjunct faculty member at the University of Georgia’s financial planning program, and as a CFP professional with a local RIA. Many of the smaller independent RIAs don't have the infrastructure, ...
Often times hiring firms are unsure of where to best utilize their new hires. In this month’s article, we will discuss the first few tasks you should delegate to your new planner to help your firm grow and to retain your new hire for the long term. Due to a previously existing shallow talent pool and the recent Talent Realignment, hiring is especially challenging right now. If you are successful in having your offer accepted, ensure you are getting the maximum return on your new ...
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