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”!
- Head up a new younger client (emerging affluent, new doctor, etc.) program - This or something like it qualifies as a “major career growth opportunity” for newer planners. They know they will be asked to lead, demonstrate technical capabilities, and develop a new business unit for an established firm, and this gives them the opportunity to cut their teeth.
- Hire for and run an internship program - Visiting schools, reviewing resumes, and interviewing, as well as honing their leadership and management skills are great
- Clear expectations for employee promotion - It is important for these to be written out and frequently discussed so your new hire knows exactly what you expect and how they should be progressing in the organization.
- Demonstrated experience developing advisors - Everyone says they are good at this, so being able to point to other success stories in your firm gives you a leg up.
- Equity ownership opportunity via generous successor terms (e.g. 100% seller-financed note) - Offering ownership is great, but most planners aren't able to come up with the large sums of money it takes for buying into these highly profitable established financial planning firms that have high valuations. The deals we have seen work the best have all had very favorable terms for the successors. It is even better if you can point to other owners in your firm, to show the job seekers (who may have been burned by other firms and are now ‘gun-shy’) that it's not a myth at your firm.
- Paid parental leave - Most firms offer maternity leave already, and many are including paternity in as well, plus foster and adoptive parent leave too.
- Student loan repayment assistance - Paying off student loans is commonly cited as one of the leading concerns Gen Y and Z have when starting their careers. The Consolidated Appropriations Act allows employers to make tax-exempt student loan contributions up to $5,250 through 2025. Fidelity introduced this in December 2021 and is providing up to $15k to employees.
- Fully remote - This does get job seekers attention because flexibility is paramount right now, which isn't surprising with how well most firms navigated the last two years.
We hope these were helpful in determining how to structure your next offer to increase the likelihood you can secure your great fit hire. And to provide context on how far the profession has come in just a few years. Consider these as you contemplate making more compelling offers to candidates, without necessarily giving the entire farm away! Some of you may already be doing this, and if you are, but still aren't getting the results - don't lose hope you will find a great fit at some point. And if not, email us at email@example.com and we will walk you through how we alleviate the burdens of hiring.