Ten years ago, the wealth management space operated very differently. Today, factors such as technological changes, acquisitions, increased competition, and a sense of awareness among employees have influenced how wealth management companies operate.
An effective hiring strategy is like a balanced investment portfolio — some elements are targeted toward long-term growth, while others focus on short-term growth. Hiring experienced professionals can bring in the skills and experience necessary for the firm. Hiring recent college graduates, on the other hand, can give you the manpower you need to deliver exemplary service, and also the opportunity to train talent that can stay with you for the long run.
Competition for talent is fierce in the RIA industry. How can you stand out?
Find creative ways to hire
Lofty and aggressive salary packages may not be in your budget, but you can use creative ways to find the right talent. Taylor Schulte, the CEO of Define Financial, was struggling to find a talented advisor for his firm. He couldn’t match the salary of the advisor he really wanted on his team so he came up with a clever idea. He offered the advisor compensation based on a percentage of the firm’s gross revenue. The harder the advisor would work for the company, the better the company would do, and the advisor would reap the benefits. Even though the role offered him a pay cut, the advisor still accepted the offer!
Embrace automation to attract high-tech talent
Candidates today want to work at cutting edge, high-technology firms. If you are using antiquated technology, it can push the top talent away. Antiquated technology can only get you so far. While old technology may be cheap, it can cost you time and resources.
Automation through technology can cut down on a lot of manual work and improve efficiency.
Flaunt yourself through marketing
You are a successful wealth management firm. Why not flaunt it?
Use marketing to:
- Improve your presence: Your firm should be well-known for the expertise it offers
- Make an impact: Your message should be timely, entertaining, and impactful
- Be memorable: When people hear your firm’s name, they should immediately know who you are
Adding the right amount to the salary package can go a long way
Inflation has hit every industry and wealth management is not immune from it. You may not have the budget for hiring the top advisor and you may want to settle for the average. Instead of settling for less, efficient wealth management firms adjust budgets in other areas to pay market rates to their employees. They are not just offering better packages for director and VP level positions but also for advisors.
If you are not giving market rates to your employees, they may look elsewhere, which would mean a higher turnover rate. The higher the turnover rate, the more energy, effort, and money you will be spending on finding another candidate.
Over the last few years, independent firms within the RIA space are attracting top talent from some of the largest blue chip financial institutions out there. Hire talent through Avior Executive Search to get on the top of your game!
ABOUT AVIOR EXECUTIVE SEARCH
Avior Executive Search is a professional recruiting firm specializing in the wealth management industry globally. We have built a proud reputation based on our search process and market knowledge and have an unmatched network with extensive search experience in the United States, Canada, Latin America, Europe, and Middle East global wealth management industry. To learn more about how Avior Executive Search can help you, contact us.