Blog

Many readers of this newsletter contact me directly with questions, comments, thoughts, etc. And while the response we usually provide is specific to the situation sometimes it might be generic enough to be useful to others. This month we are going to address three frequently asked questions. So here you are, three for the price of one! What is the best way to interview candidates – Time kills the hiring process and the longer the process takes the chances of a successful hire diminish. In an ...

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Last month, we looked at the first of a two-part series for firms who may be struggling with various concerns centered around making a hiring decision.  This month, we review five more concerns hiring managers might have and what to do about them. They might ask for a raise each year. Compensating your team via a fair and incentivizing plan can alleviate much of this. Depending on the role a mix of base (guaranteed) compensation plus variable compensation on firm wide metrics as well ...

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If you have followed our newsletters, you know we are proponents of a thorough screening process. Because it’s easier to just not hire someone, than to have to fire them later! However, making great hires is like investing, in that you can reduce risks with proper planning, but can never eliminate them. You are always likely to have some concerns when making a hire. Yet at the same time, if you are dead set on holding out for the perfect candidate whom you have zero concerns with – you might ...

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As the holiday season winds down and the hiring season ramps up, this month’s article describes what financial planning firms should be doing to increase the likelihood a career seeker accepts their offer of employment. Because there’s nothing more frustrating than needing to restart the process from step 1 or having to go back to other candidates that clearly were not your frontrunner, because your top choice candidate rejects your offer! To say the least, a prospective candidate that declines ...

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2017 will soon be in the books and for the most part it seemed to be a very good year for a lot of you, so congrats! To continue to build upon these successes and avert the challenges facing our profession, it is increasingly necessary that you continue to fully utilize every asset at your disposal. And by far the biggest lever you can pull to increase the value of your assets is to improve your firm’s human capital. From this perspective, you need each member of your team to be at the top of ...

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Last time we looked at some do’s and don’ts when it pertains to offering ownership for potential hires and current team members.  This month, we will share the specifics from three, of the many, succession success stories we have observed working with financial planning firms on hiring and integrating new talent.  Below we lay out the details of how several candidates from various backgrounds and possessing a variety of skill sets were able to become owners in their respective firms. Success ...

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One of the benefits of the independent RIA model is the privately held nature of the business entity. Usually owned outright by one or more founding members of the firm, this structure uniquely positions firms under this model to add other equity owners, unlike other structures such as banks, brokerage, and wirehouses. This is advantageous to firms seeking to attract and retain the top talent needed for the firm to continue growing. In this month’s article, we look at some do’s and don’ts ...

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Earlier this month, I was part of the Financial Advisor Success Podcast hosted by Michael Kitces to provide some inside information on the hiring of new financial planners for your firm.  During this episode, we discuss things we look for when vetting potential hires for the financial planning firm clients we represent, developing a robust screening program to assist in determining effort, grit and skill.  Listen for additional insight on the proper use of personality and cognitive assessments ...

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Structuring the compensation strategy for your financial planning firm is one of the most vital areas for firm owners to address to sustain a successful growing firm year after year. Set your compensation too low, and you can end up with a bunch of average performers who does not do anything to move your firm forward, and risk doing irreparable harm in some cases. On the other hand, if you set your compensation too high, you might wind up with a team full of people who are solely motivated by ...

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Earlier this month, I was part of the ZebraSmash podcast hosted by Roger Pine and Ben Birken to discuss anything and everything as it pertains to hiring in the financial planning profession. Listen for insights into what constitutes a compelling career opportunity that firms need to offer to attract the best candidates, a description of A player type candidates, why the profession is struggling to attract talent, and at the end some thoughts on what new planners in the early stages of their ...

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