Generic job recruiting sites, such as ZipRecruiter, Indeed, and LinkedIn, can be a source of talent given their sheer volume and reach… but they are not your talent panacea as an advisory firm, because they may require you to spend a lot of time separating the wheat from (a lot of) the chaff. 

Any time I talk to an advisory firm owner about recruiting, the question I am always asked is ‘where can we find the best candidates?’ Firms can certainly get “lucky” when posting on generic job sites sometimes, but for a growing firm that needs a more consistent and cohesive recruiting strategy, there are multiple other considerations that need to be evaluated. 

In this month’s article, we look at the pitfalls of the major recruiting sites, and some suggested alternatives for sourcing your best fit candidate.

Potential Challenges for Generic Job Board Postings

1.Increased Applicant Pool Without Increased Quality

• Generic job sites are often too broad, leading to a large volume of unqualified applicants.
• Screening large numbers of resumes becomes a time-consuming burden for busy advisory firm owners.
  • Ideally, having a high volume of candidates increases the likelihood of securing for at least a few quality candidates. But beware listing a job so broadly that it attracts more volume than is ‘necessary’. After all, ideally you’d only get one applicant, or maybe two to compare, choose who is the right fit, interview, and then hire them!

2. Automated Applications and Spam Submissions

• Generic job sites have increasingly built in one-click apply features, which further amplifies the phenomenon of quantity over quality for the advisor to review as the hiring manager.
• AI-driven resume submissions are now on the rise, which create even more unnecessary noise, making it harder to identify the right fit.
  • Consider adding some instructions for the applicants to follow at the end of your posting to screen out the one-click “serial posters” that are very prevalent on the generic job boards.  It could be as simple as ‘send an email to’, or ‘answer these questions’, or could require more effort like, ‘record a video of yourself and send telling us why you want the job.’

3. Weak Employer Branding and Poor Candidate Experience

• Generic job board postings often use templated language that does not make it easy (or feasible at all) to showcase company culture or values.
• Candidates may see the job as just another listing, reducing interest and engagement.
  • Strive to add an additional layer of creativity to your listings (could be a picture, video link, QR code) something to make it stand out, and spend the bulk of the space discussing why your culture is different/superior (assuming that it is!). 

4. Poor Perception of the Company’s Hiring Process

• Companies relying on generic job boards may be perceived as having a high turnover or low hiring standards.
• The highest quality candidates, who may expect more personalized hiring experiences, may be deterred.
  • Job seekers lament the use of portals and submitting resumes that go into a black hole. If possible, set up an auto-response to at least inform the applicant that their information was received. 

5. Oversaturation of Job Listings

• Thousands of similar postings create noise, making it difficult for companies to stand out.
• Highly competitive markets drive up costs for premium placement without guaranteed results.
  • Some of the job boards like Monster, Indeed, Career Builder and even LinkedIn are littered with product-based commission sales jobs under the guise of “financial advisor” jobs, which is a turn-off to the next generation of talent who may not be able to distinguish your job opening from the rest.  

6. Pay-to-Play Model Favors Large Companies Over Smaller Firms

• Large corporations with bigger budgets dominate the rankings of generic job boards.
• Small and mid-sized companies struggle to compete for visibility.
  • Job boards want volume and frequency from employers, and reward those firms with preferred pricing and better exposure. Smaller financial planning firms that don’t hire often can get lost in the shuffle. 

Here are some alternatives to consider instead of/or in addition to generic job board postings.  

1. Leveraging Niche Job Boards and Industry-Specific Platforms

• Targeted job boards attract more qualified candidates with relevant experience.
• Examples: Start with the CFP Board, local FPA (national FPA job board has declined over the years), and NAFPA job boards, then you can expand to AICPA if seeking someone with a tax background or CFA for an investment background. 

2.  Direct Sourcing and Networking

• Proactively reaching out to passive candidates yields higher-quality hires.
• Networking events, industry conferences, and LinkedIn outreach are more effective than passive job board postings.
• Posting a job is analogous to a fisherman putting a line out hoping a keeper will bite, proactive outreach through platforms like Zoominfo, LinkedIn, and HireEZ is similar to throwing a net into the water, hiring a recruiting firm to secure the result you seek is the equivalent of putting scuba gear on and diving in. 

3. Employee Referral Programs

• Encouraging current employees to refer candidates leads to better cultural fits. You can set up a reward system with one-time cash bonuses, additional time off, trip/paid vacation, etc. We have seen firms offer as little as $100 to as much as $10k if someone sources a candidate and the new hire stays for at least 2 years. You could also offer an extra day or two of PTO.
• Higher retention rates and lower hiring costs compared to job boards. 

4. Investing in Employer Branding and Career Pages

• A well-crafted Careers page on your website, with engaging content, can help attract the right candidates. 
• Showcasing company culture through videos, testimonials, and real employee experiences makes a stronger impression. This is what the tech companies do, and the larger financial firms followed in their footsteps, and now even the small RIAs typically have something in place. As the financial planning profession expands and others contract, we can carryover best practices from other industries.

Conclusion 

Combined with other sourcing and screening tools, generic job boards can add value especially if you do not have an existing candidate database to work with. However, what can seem like an inexpensive and efficient way to develop a pool of candidates from scratch sometimes is the complete opposite experience for firms who get overwhelmed in sifting through a high volume of resumes to review. Keep in mind, that it is not about reaching the most candidates but reaching the right ones. 

If you are a delegator and want professional assistance when making your next hire, or you gave a job board a try and were not able to generate the results you seek, contact us at info@newplannerrecruiting.com if you would like us to help with your next hire.

 

Caleb and the New Planner Recruiting Team*

*AI assisted