Commonwealth Financial Network
Recruit the Right Advisor for Your Firm in 5 Steps
By Kristen Terpstra Senior Practice Management Consultant Commonwealth Financial Network
Recruiting the right advisor to strengthen your firm or drive growth has never been easy. For the past year (and counting), the “Great Resignation” has significantly complicated the advisor talent shortage in our industry. But there’s good news! It’s possible to address today’s challenges by reimagining your hiring practices with these 5 steps: Consider alternatives before you hire
3. 2. 4. 1.
Use a targeted screening profile
Be savvy about your search tactics
Focus the interview on “what” and “why”
5.
Steer clear of common hiring pitfalls
1. Consider Alternatives Before You Hire The wrong hiring decision can be costly, so before recruiting an advisor, consider your assumptions and whether the following alternatives would make sense.
“I want to hire a potential successor.” Alternative: Establish a continuity plan with another advisor in your firm while you search for an ideal successor.
“I want to share ideas with another advisor.” Alternative: Look for other ways to connect with advisors, such as networking and business events or LinkedIn and other social media platforms.
“I want to share overhead costs.” Alternative: If your firm’s compliance rules allow, rent part of your space to a CPA or an attorney—who could also be a referral source.
“I want to hand off service to C and D clients.” Alternative: Prune your C and D clients or move them to a lower service tier.
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