Blog

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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Everyone who follows these articles knows that our approach is to be as thorough and precise as possible when it comes to candidate selection. At what point, though, does a hiring process become too lengthy and a deterrent for job seekers? Since, the current demand for new planners is high and supply is small, the obvious downside is that the longer a firm drags out the interview process the increased likelihood the candidate will accept an offer from a competing firm. In this month’s article, ...

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Bob Veres, leading industry thinker and publisher of Inside Information, interviewed Caleb for his April 2011 edition of the Inside Information newsletter. The interview spells out exactly what firm owners can expect when going through New Planner Recruiting's process and how each of the deliverables save them valuable time. Click here to read the interview. (Inside Information subscription required.) ...

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