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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 ...
Angie Herbers is the Founder and Senior Consultant with Herbers and Company, a consulting firm specializing in assisting financial planning firms to solve their growth challenges. If you are seeking to set yourself apart from the rest of the pack, then this is an episode for you! Listen in as Angie shares why firms with a clear recruiting strategy have an advantage over their competitors, what skills firms are looking for the most in new planner hires, and what skills are most lacking from ...
Keith Wayne is an Associate Financial Planning Analyst at Mercer Advisors based out of Lynchburg, VA. He joins the show today to share how he transitioned from a 26-year career in teaching to become a financial planner. If you are coming from the education profession and want to successfully navigate the transition, this is an episode for you! Listen in as Keith talks about what originally got him interested in teaching, the valuable skills the profession taught him, and where he finds ...
John Gugle is a Regional Growth Consultant with LPL Financial based out of Charlotte, NC. He joins the show today to share his career journey into financial planning, including how he was able to leverage his degrees in Japanese and Finance to get started with a consulting firm. Listen in as John shares how he was able to develop the trust of his co-workers who came to him for financial advice, as well as how he used his memberships in professional organizations to find a 2-year residency ...
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, ...
This is the third and final part of our three-part series on how to get your offer accepted. Part 1 spelled out the table stakes, part 2, and this month we describe what some of the major differentiators are, and how firms are utilizing them to win over candidates who are considering multiple job offers. You can still find good people in this tight talent market so consider adding one or several of these if not already to get your candidate to say “yes”! Major Differentiators Head up ...
Last month, we looked at what constitutes table stakes in an offer letter. This month, we explore what minor differentiators look like and how some firms are using these to get candidates to say “yes” to their offer. Minor Differentiators Team-member-first culture - Every firm says they offer this, but there is a clear difference between the firms who have more of the mentality of “if it weren't for the clients, you wouldn't have a job.” When the truth is that if you didn’t have your team, ...
Hiring the right people for your firm can be a challenging time-consuming endeavor, especially in today’s talent market when job seekers have most of the leverage and multiple job offers to choose from. Hopefully you have not had a job offer rejected, but if you have - you aren’t alone. One recent research study by CareerPlug found that 58% of job seekers had declined an offer of employment. In this three-part series, we want to describe what we see each day as table stakes or the ...
Happy New Year! To continue to capitalize on the momentum you gained last year, start this year off right by making sure you have your teammates in the correct roles within your firm. Having the right person in the wrong fit role (the “wrong seat”) substantially detracts from any efficiencies and scale you have achieved. In our work with firms across the country, we see top candidates not be able to deliver top-tier results because, sometimes, they are in the wrong spot. In this month’s ...
Much of our time in hiring engagements with financial planning firms involves discussing team structure, role development, and overall hiring strategy. In particular, we spend a lot of time discussing with business owners about when they should hire, and for what role at various points in their business. Obviously, every firm is different and there are some variances, but many successful firms have followed this path. Nonetheless, below is a chart to help ensure you are ...
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