Commonwealth Financial Network
5. Steer Clear of Common Hiring Pitfalls
• Peace of mind with succession or continuity • Collaboration and camaraderie • Your office location • Use of professional staff • Career development opportunities • A potential path to partnership (if appropriate) To bring top talent into your firm and recruit the right advisor, you need to create a compelling story that explains the role’s benefits and addresses the candidate’s goals. Why does this advisor want to make a change? And why now? People are motivated to find a new situation for many reasons, and it’s important to know what these reasons are. Ask questions such as: • Why are you looking to make a change? • What are your goals for this role? • How could this position fit into your long-term goals? • How do you acquire clients? • What service model do you prefer? If you’re hiring to drive your firm’s growth, you’ll want to learn about this advisor’s achievements and prospecting experience.
Beware of forcing a round peg into a square hole. Hiring mistakes can usually be traced back to an initial misalignment of goals or expectations. Successful advisors are skilled at persuasion and selling themselves, so stick to your goals and don’t let yourself be charmed by an individual who isn’t a good match. Avoid making concessions or believing someone will change to meet your vision. Focus on what the advisor brings to the relationship in their current state—not what you see as potential. Patience Goes a Long Way Last but not least, take your time with this decision. The hiring process can be long, especially given the advisor talent shortage resulting from the current low unemployment market and post-pandemic environment. Stick to your profile of the ideal advisor and continue looking for alternate solutions until you find the perfect candidate. Trust in the process and keep working toward your firm’s future growth. These tools/hyperlinks are being provided as a courtesy and are for informational purposes only. We make no representation as to the completeness or accuracy of information provided at these websites. Please consult your member firm’s policies and obtain prior approval for any sales ideas or applications you would like to use.
Kristen Terpstra Senior Practice Management Consultant Commonwealth Financial Network
Kristen Terpstra is a senior practice management consultant at Commonwealth. With the firm since 2005, she consults with advisors on business issues, including human resources, marketing, succession and continuity planning, operational efficiency, and business planning. Kristen completed her master’s degree in communication management at Emerson College.
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