Here are some ways growing and lean hashtagwealthmanagement practices are missing out on great talent:
Eddy Ricci, Jr., CFP ®, CEPA ®: Smaller practices likely will have their employees wear multiple hats, which is the nature of a small business. However, we have seen some owners try to “role-merge” too much, which rarely works for them and the future employee (if they can find one). Years back, we saw a practice owner that was trying to merge the following roles into one candidate: Investment Strategy, Investment Operations and Service, Service Advisor (to do reviews with lower tiered segments), and spend 20% of their time finding new clients by their own efforts. As you may have guessed, it didn’t work out.
Michael P. Connaughton, CFP®, CLU®, ChFC®: Firms often share that they are in need of an advisor that can help manage existing relationships through a holistic financial planning process. A main catalyst for this need has been dynamic growth in the business, and they want to ensure they are servicing clients in the way promised. It is the firm’s strong business development results that are causing the capacity issues, so the mentality of only hiring someone who has a transferrable book of business is misguided. Focus on finding a teamed advisor who is passionate about relationship management and financial planning and has a track record of managing client relationships successfully. Don’t exclude a talented group that have the skills you need because they might have a non-solicit agreement, especially if new client acquisition isn’t the concern.