The mistakes job seekers make in interviews have been well documented, but the firm owner interviewer is prone to blunders as well. In this month’s article, we are going to review the most common questions job seekers report to us that hiring firms are flubbing in interviews causing job seekers to rethink their interest in the firm and remove themselves from consideration. So here are the questions firm owners need to be most prepared to answer, and some tips for succeeding in your ...
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Hiring Multiple People At Once: Silly or Smart?
We had a recruiting client recently ask us what the pros and cons were for hiring, onboarding, and training multiple people at once, since they had only planned on hiring one person, but were considering hiring up to three at one time based on the candidates we brought to them. Since this firm had never hired more than one person at a time before, we thought in this month’s article we would point out some of the advantages and disadvantages of bringing on multiple people ...
Timing your Second and Third Hires
In this month’s article, we pick up where we left off last month and examine when to make your 2nd and 3rd hires for your firm. 2nd hire Hiring firms have multiple options at this level similar as well. If you are seeking immediate relief with planning based tasks, but not necessarily looking to substantially grow your firm by adding clients and staff, the paraplanner option can be an effective solution. Keep in mind, though, that you will be capped by the number of relationships you can ...
How To Avoid Turnover
Virtually every firm owner has at some point experienced the challenging financial and non-financial impacts of staff turnover. The estimated financial cost, depending on the source, can range anywhere from 1-3 times a departing team member’s compensation. This is not the most detrimental cost though – even worse is the psychological impact of frequent turnover in firms, and how it causes the existing team members to lose confidence in their leader(s), increases the difficulty to ...
When is the Most Optimal Time to Begin Your Job Search?
Countless articles have been written about how to find a job, how to interview, or how to create the perfect resume. But when should you begin looking for a job? How early should you begin your outreach? How do you know if you are doing enough to find your dream job? And is it ever too early to accept an offer? Many candidates accept the first offer extended to them due to “FOMO” or the “fear of missing out”. It’s imperative that you perform an honest self-assessment about your career, ...
Integrating New Planners Into Virtual Meetings
Undoubtedly, these last few months have forced you to expand your capabilities and challenged you to become a better planner and business owner. While virtual client meetings existed pre Covid-19, they were not employed exclusively for most financial advisory firms, and were generally only with clients themselves (not to manage internal team members as well). But now that in person meetings have shifted virtually, for both clients and prospects, and advisory teams themselves, it can be easy ...
How To Take Notes in a Client Meeting
One of the most exciting milestones in an aspiring planner’s career is their first client meeting. For some that could be the first day on the job, for others it might be a little after. It’s an exhilarating and nerve-racking experience that is likely the culmination of years of hard work. Your responsibility in that meeting is to maintain professional demeanor and take clear, but detailed notes. Note taking is an overlooked skill that is crucial to your development as a financial planner. I ...
Leading Your Team During a Crisis
Leading an organization during a crisis is a challenging endeavor, but it comes with the territory. After all, if it were easy, then everyone would do it! Leadership is about inspiration, and getting people to deliver their best towards a common set of goals they share with your organization. But leadership does not mean having all the right answers all of the time... so don't put this additional pressure on yourself. It means garnering trust, so people have the confidence to follow you and ...
Mastering Your Virtual Interviewing
Social distancing and shelter in place restrictions have made it almost impossible to interview candidates in person in your office. Conducting an effective interview is a challenge, by itself, and removing the component that gives you the greatest insight into a person’s energy, gravitas, body language, and overall presence can make choosing the best candidate much tougher. We have interviewed thousands of candidates via video over the last decade of recruiting for financial planning firms. ...
Improving Your Culture & Communication
2019 is in the books and many of you had a very good year, 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 business is to improve your firm’s human capital. From this perspective, you need each member of your team to be at the top of their game for 2020. Here is a list of ...
Developing the Right Mindset
Getting hired in the right firm and succeeding in your career can be challenging, Here are some tips to keep top of mind as you enter another year and another opportunity to continue improving upon your craft and succeeding in your career. I realize it will be fairly easy for me to secure a position based on the current financial market lofty levels and dearth of talent, but I am not interested in being handed something I have not had to hustle for. Without hustle I will fail in this ...
Attracting Candidates to Smaller Markets
The location of your firm is a major driver in what type of talent you can attract. When recruiting Millennial talent for your firm, the firms located in major metro areas (tier 1 market) tend to have an advantage over those in less populated urban centers (tier 2 market)… a reality of current Millennial lifestyle preferences. The most sought-after job location destinations cited by the prospective job candidates we have worked with year to date are: Nashville, TN Austin, TX ...