It is cliché, but interviewing really is a two-way street. Many hiring firms walk into an interview believing their only responsibility is to evaluate the candidate. They ask questions, take notes, and determine whether the applicant is qualified for the role, which is very one-sided. As the market for experienced talent continues to tighten, expect job seekers to be interviewing with many other firms in addition to yours. They are evaluating your opportunity just as carefully as you are evaluating them. If you spend the entire interview asking questions without giving candidates a compelling reason to join your firm, don't be surprised when they rescind their candidacy or accept another offer.

Utilize the interview to sell your firm and show them how your opportunity may be different and will get them to where they want to go. That doesn't mean overselling, exaggerating, or making promises you can't keep. It means helping candidates understand why your firm is a place where they can build a meaningful and rewarding career.

Consider What Candidates Want

Firm owners often assume candidates are primarily motivated by compensation. While pay certainly matters, it is rarely the deciding factor among quality firms. Most planners we talk to are more interested in cultural fit and growth opportunities and are asking themselves questions like:

• Will I learn here?
• Will someone mentor me?
• Will I eventually meet with clients?
• Is there a clear career path?
• Do people enjoy working together?
• Will I have opportunities to grow my skills and income?
• Can I picture myself here five years from now?

If your interview doesn't answer these questions, candidates will fill in the blanks themselves and often assume the answer is no.

Tell Your Firm's Story

The candidate should ask, but even if they don't, explain the ‘why’ behind why your firm was founded and what makes your philosophies and approach different from competitors. Plus how you arrived at the types of clients you serve and why you specialize(if applicable). Utilize stories when possible as those are usually more memorable versus only sharing facts. This is probably very similar to the approach you are already taking with prospective clients. 

Instead of saying, "We manage $450 million for 225 households," explain how your team has built long-term relationships with multiple generations of client families. Describe why your work matters and how your planning philosophy improves clients' lives. Generation Z is hyper-sensitive to joining organizations with purpose.

Paint a Picture of Their Future

One of the strongest recruiting tools is helping candidates visualize their future and how they can obtain that future at your firm. Instead of only discussing the open position, explain what success looks like over the next several years. It is easier to point to someone already in your firm who has gone through it, but it can still be effective even if this is your first hire. Perhaps during the first year they will shadow meetings, prepare financial plans, and learn your processes. Then by year two they may begin leading portions of client meetings, and eventually within several years they could become a lead advisor managing their own client relationships. Job seekers are much more likely to accept an offer when they can clearly see where their career is headed.

Introduce the Team

People rarely leave great teams, doing great work, for great clients, so leverage this in your positioning. Whenever possible, allow candidates to meet future coworkers during the interview process. A casual conversation over lunch or coffee often tells candidates more about your culture than any formal presentation. Encourage your team members to talk honestly about why they enjoy working at the firm, what they've learned, and how they've grown professionally. Authenticity is far more persuasive than a rehearsed sales pitch. Several of our recruiting clients have candidates observe client meetings as part of their process, which can be a powerful tool as well in showing a potential team member how they actually work with clients.  

Highlight Development Opportunities

Many newer planners place more emphasis on professional development and “growth”  than immediate compensation. Be sure to discuss your commitment to mentorship and development, and again, being able to point to someone else in your firm that you have developed can be a differentiator. Walking them through your style of coaching and feedback. Plus how the firm supports team members with earning additional certifications, attending conferences, study groups, and pursuing additional education. 

Be Transparent

Be careful not to oversell the opportunity. There is not one unicorn firm out there that has everything everyone is seeking. We tell candidates all of the time that they are going to have challenges anywhere, even if they start their own firm and are in control of everything. Be honest about the challenges, though, and candidates will respect your firm even more.  Maybe your technology still needs improvement,  processes are evolving, or are not in place.  Maybe you're growing quickly and building infrastructure as you go. Gen Y & Z prefer transparency and authenticity because they know if something sounds too good to be true, it probably is!

Bottom Line

Going forward, especially for experienced planners, hiring is no longer about choosing from a large pool of eager applicants who will send you a thank-you note for an interview. The most sought-after planners have options, and they are looking for firms that can get them to where they want to go the quickest. Every interview should accomplish two things: determine whether the candidate is the right fit for your firm, and demonstrate why your firm is the right fit for the candidate.

Contact us at info@newplannerrecruiting.com if you have any questions or don't hire very often and would like us to help with your next financial planner hire.  

 

Caleb and the New Planner Recruiting Team*

*AI-assisted