Manage Your Practice
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Recruiting Advisors? First Define Your Strategy
From Financial Planning
Added on November 2013 in Manage Your Practice
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Summary: Wealth management firms seeking to grow by recruiting new advisors need to first develop a clear business strategy. That was the message industry consultant John Furey, principal of Advisor Growth Strategies, pounded home to advisors at Schwab Advisor Services' annual Impact conference on Monday.
Never Fight in Front of Your Clients
From Finacial Advisor IQ
Added on November 2013 in Manage Your Practice
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Summary: Many financial advisors join forces at some point, either with peers or with clients’ accountants and attorneys, to decide what’s best for those clients. And in any convocation of experts, disagreements are bound to arise. Advice firms can take steps to make sure healthy debate doesn’t sour into discord that could wind up endangering client relationships.
Recruiting Millennials? 4 Things to Keep in Mind
From On Wall Street
Added on November 2013 in Manage Your Practice
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Summary: There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business. Yet with big demand and small supply, prices are high (and continue to escalate) for this type of advisor.
When Hiring, First Test, and Then Interview
From Harvard Business Review
Added on November 2013 in Manage Your Practice
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Summary: Many service companies, including retailers, call centers, and security firms, can reduce costs and make better hires by using short, web-based psychometric tests as the first screening step. Such tests efficiently weed out the least-suitable applicants, leaving a smaller, better-qualified pool to undergo the more costly personalized aspects of the process.
Why Firms Love Second-Career Advisors
From Financial Advisor IQ
Added on November 2013 in Manage Your Practice
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Summary: The financial-advice industry attracts a lot of career-switchers. In fact, at many large firms they make up the majority of new recruits. While a second-career advisor may not come as cheaply as a 21-year-old fresh out of school, success in a previous profession is an excellent predictor of future productivity, these firms say. Second-career FAs don’t cost any more or less to train. And advisors who have built a network of solid relationships in their first career often come with an built-in client niche.
