Job seekers will sometimes say anything to get a job, which is why the interview process is a very important part of the overall candidate selection process. Conducting effective interviews is essential for making informed hiring decisions and ensuring a positive candidate experience. To achieve this, employers and interviewers must follow best practices that focus on preparation, structure, and consistency. 

Follow these tips, especially if you don't interview often, to help conduct an effective interview and increase your chances of finding the right fit the first time.  

Preparation -  Interviewers should begin by thoroughly understanding the job description, including the required skills, qualifications, and cultural fit. Defining the key competencies and outcomes for the role allows the interviewer to craft consistent questions that can be asked of each candidate to compare their capabilities, and helps to ensure that the interview is targeted and relevant. Reviewing the candidate’s resume, cover letter, LinkedIn profile, and social media beforehand allows you to further tailor your questions and identify areas to probe further. I have had candidates report back to me how awkward and unproductive an interview is, when the interviewer isn't clear on the role they are hiring for. 

Structure - I’m not necessarily a believer that you should ask every single candidate the exact same question in the exact same sequence every time. I prefer to let the conversation flow more naturally and see where it goes. However, I like to start off, no matter what the candidate experience level, with something like ‘Why did you want to pursue a career in financial planning?’’ As long as you have a few of the same core questions that drive at the core competencies you want to assess, some flexibility in the interview process can help you learn more about the candidate. Generally, questions should be a mix of behavioral (e.g., “Can you describe a time when you...?”) and situational (e.g., “What would you do if...?”) to assess past performance and predict future behavior. Open-ended questions encourage candidates to provide detailed responses and demonstrate their problem-solving abilities.

Professional Environment - Remember the goal of an interview is to get the candidate to reveal as much about themselves as possible, so you can best understand if they’re really the right fit for your firm. The more comfortable you make the job seeker feel, the more likely you will achieve that outcome. The interview should begin with a brief introduction, including an overview of the company, the role, and the interview format. Similar to meeting with a new client, setting expectations at the outset helps put the candidate at ease and ensures a smooth flow of the conversation. Building rapport can also enhance the candidate’s comfort level; a few minutes of light, friendly conversation can make a significant difference. I know there are some firms that insist on panel interviews, but if they are not managed well they can easily become intimidating, leaving firms to then wonder why they had to “pull” everything out of the candidate and the candidate was “nervous.” 

Listening - Paying close attention to the candidate’s responses without interrupting shows respect and allows for a deeper understanding of their experiences and thought processes. Interviewers should take notes to capture key points, but be cautious about excessive note-taking that could make the interaction feel impersonal. Clarifying and following up on ambiguous or incomplete answers can help you gain a comprehensive understanding of the candidate’s capabilities. You could also consider having them demonstrate through a computer exercise and/or role-play.  I have had candidates tell me they were interviewing, and it was obvious the interviewer was distracted… which turned them off from the position. Several times the interviewers have been on their phone! 

Staying Objective - This is probably the most difficult part for interviewers. It is easy to develop tunnel vision with a particular candidate if you develop a connection with them, have similar interests/background, etc. This is why I sometimes suggest that the firm owner(s)/visionaries stay out of the interviews until the later stages of the process. Entrepreneurs and/or extroverted types tend to like everyone, and may spend a lot of time selling the vision after fixating with certain candidates that might be personable but ultimately are not the best fit for the organization at that time. Consider using a scorecard or rubric system for each candidate, to try and remain as objective as possible, then compare the results with the others who have interviewed as well. Google and some of the other tech companies do this, and then they subsequently review what interviewers got it right, and rotate those who are consistently wrong off of the hiring committee altogether! 

Positive Experience - Candidates should leave the interview feeling respected and informed. This involves clear communication about the interview process, timelines, and next steps. At the conclusion of the interview, offering candidates the opportunity to ask questions demonstrates respect for their interest in the role and the organization. Word does travel fast in the financial planning profession and you want to ensure your culture and brand aren’t negatively impacted by a poor interview experience. 

Evaluation and Follow Up -  It is best for interviewers to debrief directly after the interview while everything is top of mind, especially if there are multiple interviewers to compare notes about each candidate.  Schedule some buffer time after each interview so you can avoid rushing to another activity, increasing the chance something gets lost in translation when you do get back around to it.  Also, strive for prompt follow-up with candidates, whether to offer a position or provide feedback, as this reinforces your commitment to transparency and professionalism.

We hope you found these best practices helpful in preparing for your next interview. Good luck and remember whether it comes to hiring, “AI” = Always Interviewing! 🙂

Feel free to contact us at blog@newplannerrecruiting.com if you have any questions and/or would like to hear more about how we have alleviated many of the headaches over the last 15 years that plague financial planning firms when hiring.