It’s the time of the year when wealth managers are on an active search for jobs and wealth management firms, and hiring teams are on a hunt for effective individuals who can bring investment and growth opportunities to the table.
As a wealth management firm owner or leader, scoring affluent clients is crucial to the company’s success, and it makes sense to hire rainmakers who can convert potential prospects into long-term clients.
With a constantly changing work dynamic how do you find the right people to take on this crucial responsibility? We will discuss some strategies that will help you bring rainmakers into your wealth management firm successfully.
Rainmaking may be a skill but it is more of a mindset. When hiring for the right fit, look for someone who sets goals and makes every effort to achieve them. Rainmakers are assertive and proactive individuals who don’t take no for an answer. Relationship building, empathy, reputation, and expertise are some of the common traits of rainmakers.
Ask interview questions like, “What are your personal values?” “What community activities do you engage in?” “How do you convert prospective leads to clients?”
Right Cultural Fit
As a wealth management firm, there are certain company/team values that you take pride in. Hiring rainmakers who align with those values will help you achieve your goals faster. Beware of “well-poisoners” who may possess the right skills but can be a wrong cultural fit for the company and cause irreparable damage to your reputation and finances.
High level of skill
Finding and retaining clients, especially wealthy individuals is a challenging task. A common salesperson cannot take on the job of a rainmaker. Rainmakers possess a higher level of skill and business acumen needed to deal with high-level corporate clients.
Rainmakers you are hiring should know how to build trusting relationships, generate effective leads, and improve sales and revenue.
If you are constantly hiring salespeople to bring in immediate revenue for the business, this strategy can backfire in the long run. Focus on the long-term prospects. While it may take time to train and build a team of effective rainmakers, in the long run, the relationships they will establish and the revenue they will bring will pay off ten-fold.
Whether you are an individual, a hiring team, or a private wealth management firm, finding the right rainmaker will increase your odds of success. If you are on an active hunt for rainmakers, you can get started by connecting with executive firms that specialize in finding and retaining high-performing talent.