I recently had an advisor tell me that after exploring all his options, he had decided to hire another advisor to grow his practice rather than expand by changing affiliations or merging with another firm.

He had defined the need for an additional qualified advisor, but now he needed to find one who was a right fit.

 

Finding the Right Fit

Whether recruiting one financial advisor to achieve measured growth or recruiting as an on-going effort to continually expand at a rapid rate, defining expectations is crucial.

After defining the need for an additional financial advisor, translating your firm’s value proposition and growth objectives into concrete expectations is the next step in attracting the top talent.

 

 Why Define Expectations?

  • Defining the expectations with your team before approaching an advisor will ensure everyone is on the same page, saving time and money.
  • Referring back to the expectations helps to guide the interview process.
  • Sharing the expectations during a second interview, will give the advisor insight into your firm’s philosophy and culture.
  • Understanding the expectations will help the advisor make a smooth transition.

 

 A Checklist for Defining the Expectations

Answer these statements to clarify exactly what you are looking for before contacting prospective advisors.

  1. In three months, we expect a successful advisor will have accomplished…
  2. In one year, we expect a successful advisor will be able to…
  3. We will measure success through the following…
  4. In order to be successful within our company, an advisor will need to believe…
  5.  In order to be successful within our company, an advisor will need to see…
  6. In order to be successful within our company, an advisor will need to work with…

 

The clearer you are about whom you seek, the easier it is to narrow your search and filter out the wrong-fit advisors.

 

Tom Daley is the CEO and founder of The Advisor Center