When you post a job online, you can’t control who applies for the job. Inevitably, you’ll see all kinds of applications, even those that don’t have any of the proper job qualifications.
Hey, you can’t be mad at someone for taking their shot, right?
One of the main benefits of engaging an executive search firm that focuses on the wealth management industry is the deep network and knowledge of that industry. Not to mention access to the “passive marketplace” which does not exist on job boards.
With wealth management recruiting firm, you don’t have to sit and sift through every candidate applying for the position. The firm does all of this legwork for you. Thanks to the recruiter, all you are left dealing with are the hunters that applied.
This is the main benefit of hiring a recruitment firm. It’s not unheard of for the recruiter to reach out to people within the industry that they know will help move the needle for your company. Recruiters have a network, and they will make sure your company gets the talent it deserves.
How does one go about this, though? What are their tactics?
Common Search Tactics of Wealth Management Recruiters
Farmers usually dedicate their time to portfolio management and servicing advisors, while the hunters are the advisors that are going out and doing the dirty work to get more clients.
The hunters bring back the meat, and the farmers skin it and get it ready for dinner, essentially.
So, how do recruiters find not just hunters but the top hunters in the industry?
There’s no question that the competition for wealth management talent is one of the fiercest of any industry, and the demand for top-quality advisors far exceeds the availability.
In fact, companies will hire any good advisor they find because they are so hard to find.
In a field so competitive, countless applicants will say whatever they need to get hired and fail miserably once on the job. Here are a few key things executive recruiters have done over the last decade to weed out this specific type of “stud-to-dud” employee and simultaneously shine a spotlight on the top hunters:
A Lengthy Interview and Screening Process
Simply making the applicants complete one easy assessment or activity can be enough to eliminate the weak. Those that are willing to deal with the grit of criticisms from employers also won’t mind jumping through a few hoops in the hiring process. In fact, they will even show a sense of urgency and proactivity that reflects their work ethic.
Confidence Vs. Humbleness Test
A great question to ask applicants is if they have ever participated in organized sports in the past. While this isn’t a requirement as a financial advisor, it can give away key insight to how well the candidate excepts constructive criticism. It can also highlight their willingness to always look for improvements and growth within themselves.
Financial advising is a heavily relationship-based field. The top hunters will not only be proactive and go-getters in the industry, but they will have enough self-awareness to recognize their feelings and the feelings of others. They can show sensitivity where it is needed. This is a key characteristic of top hunters because it is one that wins over the trust of clients in a heartbeat.
People want to know they are in good hands when choosing a financial advisor, and leveling with them emotionally is a great way to do this.
Do you have a better way of making sure only the best people apply for a role at your organization? Reach out, and let’s talk!