At the practice level, utilizing rotational programs can be a great way to attract talent.
Eddy Ricci, Jr., CFP ®, CEPA ®: Rotational programs for recent grads can be a unique way for practices to attract and cross train talent. Usually reserved for “larger institutions”, smaller practices can employ the concept- especially if they are hiring “ahead” of a future workload capacity. This can help with the candidate’s onboarding process, by working closely with different personnel in different functions in the practice- even if it is for a shorter time period. If can also help professionals in the practice get some temporary support and learn more about how to delegate or manage an employee. “To help you gain exposure to all areas of the client experience and the work we do- your first 90 days with the firm will be in a rotational program. You will spend 30 days working closely with our paraplanner to see plan design, 30 days with our investment operations department and then 30 days sitting in client meetings with an advisor.”
Michael P. Connaughton, CFP®, CLU®, ChFC®: Both larger firms and smaller firms often have multiple support needs across several areas of their business as they continue to scale and grow. A great way to attract talent is by offering a rotational program to a candidate that has an interest in wealth management but might not know what area of the business they want to focus on. Rather than hiring for one specific role, this allows you to evaluate a broader pool of talent identifying the right fit based on soft skills and intangibles that are most important to your practice while giving the candidate exposure to different areas of the business, which allows them to focus full time on a role they are most passionate about.