Saturday, September 23, 2023

Recruit the right consultant for your company in 5 steps -Dlight News

Finding the right consultant to empower your business or drive growth has never been easier. Over the past year, the “Big Resignation” has significantly exacerbated the shortage of consulting talent in our industry. But there is good news! These five steps can help you meet today’s challenges by rethinking your hiring practices:

  1. Before hiring, think about alternatives

  2. Use a targeted screening profile

  3. Be smart with your search tactics

  4. Focus the interview on “what” and “why”

  5. Avoid common hiring pitfalls

1. Consider alternatives before hiring someone

A wrong hiring decision can be costly. Therefore, before hiring a consultant, consider what assumptions you have and whether the following alternatives would make sense.

“I want to hire a potential successor.”

Alternative: Create a continuity plan with another consultant in your company while you search for an ideal successor.

“I want to share ideas with another consultant.”

Alternative: Look for other ways to connect with advisors, e.g. B. via networking and business events or LinkedIn and other social media platforms.

“I want to share the overhead.”

Alternative: If your company’s compliance rules allow it, rent part of your premises to an accountant or a lawyer – who could also serve as a source of referrals.

“I want to hand over the service to C and D customers.”

Alternative: prune your C and D clients or move them to a lower service tier.

2. Use a targeted screening profile

Once you have decided to hire a counselor, determine what relationship you want to have with that person. Looking to hire an Associate Advisor to work behind the scenes or directly with clients? Do you want to hire this person as an employee, share clients with them, or simply share the space with another manufacturing consultant?

After clarifying the consultant’s role, make a list of what you’re looking for, e.g. e.g.:

  • Several years of experience or point in career

  • Production and business mix

  • knowledge, skills and titles

  • Customer Service Standards and Service Model

  • investment philosophy

  • Growth trajectory and business goals

  • customer niche

  • personality and personal values

Once you’ve compiled your list, use it to create the job posting that you’ll share with your network, job boards, and candidates.

3. Be smart with your search tactics

Since 2020, many companies have successfully transitioned to virtual interviewing and remote work. This change means geography doesn’t have to limit your talent searches. Use the following resources to focus or expand your recruiting efforts in any location.

  • Recommendations. Leveraging your professional network is still the gold standard. Alert trusted professionals, including other advisors and influencers (such as accountants, bankers, lawyers, and wholesalers) that you are recruiting.

  • Industry-specific directories and job exchanges. When you need a CFP® practitioner who CFP Board Career Center offers a recruiting search tool. The Financial Planning Association job board, National Association of Personal Financial AdvisorsAnd eFinancialCareers are also helpful websites for finding qualified candidates.

  • Non-industry job boards. Job boards like are still popular places to post your ad. A local chamber of commerce job board could also be a good source of leads.

  • Universities offering CFP® courses or finance degrees. Check out university job boards in each location and consider reaching out to their alumni groups.

  • LinkedIn. Post a status update to your feed announcing your job search, or upload a free listing via LinkedIn jobs.

  • Google. Google’s powerful algorithms enable your consultant’s talent search in any zip code. Even if the consultants you are contacting don’t want to do anything, they may know a candidate who is interested.

4. Focus the interview on “what” and “why”

After you’ve identified a few leads, a good first step is to review their work history FINRA broker check. Next, you want to meet your ideal candidates and sell your story. To find out who is really a good match for you, focus on questions like “What does the candidate get out of it?” and “Why does this advisor want to change something?”

What’s in it for the candidate? Think from the consultant’s perspective: How will this person benefit from being part of your organization? What is your company’s value proposition and why is your practice the right place to hire this consultant? Be ready to talk about:

  • your service model

  • Access to a customer niche

  • Opportunities to switch to a paid approach or a financial planning approach

  • Use of technology and systems

  • Systematized customer processes or systems in your company

  • Peace of mind in succession or continuity

  • cooperation and camaraderie

  • your office location

  • Use of specialist staff

  • Opportunities for professional development

  • A possible path to partnership (if applicable)

To attract top talent to your company and recruit the right consultant, you need to create a compelling story that explains the benefits of the position and addresses the candidate’s goals.

Why does this consultant want to change something? And why now? People are motivated to find a new situation for many reasons and it is important to know these reasons. Ask questions like:

  • Why do you want to change something?

  • What are your goals for this role?

  • How might this position fit into your long-term goals?

  • How do you acquire customers?

  • Which service model do you prefer?

If you’re hiring to help grow your business, you’ll want to learn more about this consultant’s accomplishments and acquisition experience.

5. Avoid common recruitment pitfalls

Be careful not to force a round pin into a square hole. Attitude errors can usually be traced back to an initial misalignment of goals or expectations. Successful consultants are adept at persuading and selling themselves. So stick to your goals and don’t be enchanted by a person who doesn’t suit you.

Don’t compromise and don’t believe that anyone will change to achieve your vision. Focus on what the advisor brings to the relationship in their current state, not what you see as potential.

Patience goes a long way

Last but not least: Take your time with this decision. The hiring process can be lengthy, especially given the shortage of consultant talent due to the current low job market and post-pandemic environment. Stay true to your profile of the ideal advisor and keep exploring alternative solutions until you find the perfect candidate. Trust the process and keep working on the future growth of your business.

Editor’s note: This post was originally published in June 2019, but we have updated it to bring you more relevant and updated information.

These tools/hyperlinks are kindly provided and are for informational purposes only. We do not guarantee the completeness or correctness of the information provided on these websites. Please consult your member company’s policies and obtain prior approval for any sales idea or application you wish to use.

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