Many firms we work with have either always been or have made recent efforts to ensure they are offering clients “comprehensive financial planning.”
Most firms say they offer it but it can look different depending on the restrictions of platform, owner’s philosophy and of course, the capabilities of the team.
Here are some considerations if hiring for your planning department.
Eddy Ricci, Jr., CFP ®, CEPA ®: Planning roles can span a wide spectrum of responsibilities in a firm. The employer should assess if they are looking for more capacity to work with the interpretation and entry of data or if they are looking for another professional with deep planning expertise to help their practice to think differently about their client’s needs? If it’s the more data entry and an earlier career stage candidate, spend time mapping out how they can grow to more strategy or client facing work before you start interviewing. If you are looking for someone with advanced planning expertise to think proactively about recommendations and be tagged into client conversations, it will be important to understand the BALANCE of the “new/different perspective” the candidate will bring AND ensuring their planning philosophy “roots” can mesh with that of the firm.
Michael P. Connaughton, CFP®, CLU®, ChFC®: As a hiring firm truly understanding the necessary experience, background, and career vision are vital elements in identifying the right candidate for the practice. Financial planning talent will have varying levels of responsibility, possess expertise of different software and planning tools, and have diverse career aspirations. A discussion within the practice, especially amongst those collaborating with the new planner hire, should clearly define the position, experience level, necessary designations (or pursuit of), and the long term vision of the role to ensure the firm is both attracting and selecting the best candidate.