Last time we looked at some do’s and don’ts when it pertains to offering ownership for potential hires and current team members. This month, we will share the specifics from three, of the many, succession success stories we have observed working with financial planning firms on hiring and integrating new talent. Below we lay out the details of how several candidates from various backgrounds and possessing a variety of skill sets were able to become owners in their respective firms. Success ...
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Offering Ownership
One of the benefits of the independent RIA model is the privately held nature of the business entity. Usually owned outright by one or more founding members of the firm, this structure uniquely positions firms under this model to add other equity owners, unlike other structures such as banks, brokerage, and wirehouses. This is advantageous to firms seeking to attract and retain the top talent needed for the firm to continue growing. In this month’s article, we look at some do’s and don’ts ...
Is Your Interview Process Too Long?
Everyone who follows these articles knows that our approach is to be as thorough and precise as possible when it comes to candidate selection. At what point, though, does a hiring process become too lengthy and a deterrent for job seekers? Since, the current demand for new planners is high and supply is small, the obvious downside is that the longer a firm drags out the interview process the increased likelihood the candidate will accept an offer from a competing firm. In this month’s article, ...
Handling Underperformers
At some point in your organization’s lifecycle, you will have a team member(s) who underperforms. Underperformance comes in various sizes and shapes, but is most likely a deficiency surrounding getting things done quickly and/or accurately. If not addressed properly, underperforming team members can wreak havoc on an organization’s work flow, service standards, and ultimately profitability. Here are some do’s and don’ts to help guide you in getting an underperforming team member back on a ...
Should I Hire a New College Grad or Career Changer?
When firms set out to hire a non-experienced financial planner, they can choose to hire a new college graduate who will have a degree in financial planning, or a career changer who will have a certificate in financial planning. The differences between a certificate and a degree program can be substantial, and should be an important factor in deciding what candidate type to pursue. In this month’s article, we will look at some of the other advantages and potential challenges in deciding ...
Hiring Firms
You're Good At Financial Planning For Your Clients We're Good At Finding And Integrating The Right People For Your Team LET'S BOTH STICK TO WHAT WE'RE GOOD AT What hiring firms have to say “We have used the screening service numerous times and it has worked very well for us” Rich Bryan, CFP® “... He’s very impressive and he’s got some great skills. It’s an ideal match.” Tony D'Amico, CFP® The New Planner Recruiting Hiring AdvantageTM By going through The New Planner Recruiting ...
Career Seekers
New Planner Recruiting cuts out wasted time by giving you access to a large pool of qualified employers, rather than subjecting you to the tedium of applying to them one at a time. The Old Way Spends tons of time filling out separate applications and screening assessments for each employer. The New Planner Recruiting way You go through the screening process once with us and gain access to our whole pool of qualified employers! What career seekers have to say "As an ...
Bridging The Soft Skills Gap Cont.
In last month’s article, we introduced the Soft Skills Gap that can sometimes exist with newer financial planners and shared some ideas on how to identify and address this gap from Bruce Tulgan’s new book Bridging the Soft Skills Gap: How to Teach the Missing Basics To Today’s Young Talent. This month, you will hear from the man himself, Bruce Tulgan Founder and CEO of RainmakerThinking, Inc., in our very first guest post on the specifics of how to talk to your team members about their soft ...
The Business Development Conundrum
When most advisory firms are founded from scratch, the common business development approach is to take every prospect you possibly can. As the saying goes, “If they can fog a mirror, they’re a prospect.” This is a logical approach when starting out, and you’re just trying to get enough revenue to keep the lights on! As firms grow and develop a recurring revenue stream, this pressure to constantly bring in new clients dissipates somewhat. Eventually, the firm becomes established enough, the ...
Pre New Year’s Resolutions
2015 will soon be in the books and for the most part it seemed to be a pretty good year for a lot of you, 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 assets is to improve your firm’s human capital. From this perspective, you need each member of your team to be at the top ...
Pros and Cons of the Permanent Associate
Firms who contact us are sometimes struggling with the dilemma of whether to hire a planner who will stay in an Associate role permanently, or the more traditional planner hire who will progress along a career path to an eventual Lead Planner role. Below are a few of the opportunities and challenges for the permanent Associate hire to consider when contemplating how and where your next hire might fit within your organization. Opportunities for Long Term Associate Hire: Management – ...
Letting Someone Go
“Saying what needs to be said at the right time, to the right person, in the right manner is managerial courage.” —Michael M. Lombardo and Robert W. Eichinger (1996), “FYI For Your Improvement: A Guide for Developing and Coaching” Terminating an employee can be one of the most nerve-wracking and difficult things a business owner has to face in her/her career. When a team member is underperforming, the effects can ripple through the entire organization, whether it be: co-workers becoming ...