Think about why you became a financial advisor. Your reasons might include a desire to help people or intrigue in investing. Definitely NOT on your list: hiring staff, negotiating office leases, purchasing office equipment.
Let’s face it. As a financial advisor, the business of running a business is part of the gig. That doesn’t mean you need to sacrifice time on non-revenue-generating activities or with clients. Instead, take the practice-development advice of those who’ve succeeded, such as one CEO of a financial services firm who shared his hiring best practices with Financial Advisor Magazine. His recipe for winning at the hiring game:
- Look for complimentary talent
- Write compelling job postings
- Get referrals
- Offer competitive compensation and benefits
- Run a rigorous interview process
- Develop a formal orientation program
Waddell & Reed wins at practice development as well, much to the gratitude of its financial advisors. With a home office team dedicated to helping advisors with the complexities of running a business, advisors are better able to maximize their time doing what they signed up for – helping clients.