Wealth managers can bring great prospects, value, and growth to your wealth management team, company, or business.
Hiring is a strenuous process and can quickly exhaust your time and resources. Finding the right wealth management candidate can take weeks or even months. In a worst-case scenario, if they end up declining the offer, you have to start from scratch.
To avoid falling into the rabbit hole of hiring and rejection, here are some reasons why the candidates may be turning down your job offers and what you can do about it.
The timing isn’t right
Many wealth management candidates actively search for potential clients throughout the year. While some managers may stick to a few clients and stay the course, others may switch companies/individuals pretty frequently. If your candidate is on an active search, there is a higher chance that they may accept an offer soon. Let’s say your candidate is already shortlisted with 4 different clients, this means you have to deal with competition.
The best strategy in this scenario is to reach out to candidates who are passively looking. You will have a higher chance of converting them and actually getting an offer accepted.
The offer doesn’t cut it
According to Glassdoor, the national average salary for a Wealth Manager is $87,689 with a low of $66,000 and a high of $116,000. However, there are wealth managers and portfolio managers who can make even up to $190,000 annually.
If you are lowballing your candidate, they will go for the better offer. Make sure you provide a good base salary along with perks such as sign-on bonus or equity.
You aren’t selling yourself
When a candidate interviews with you, you are not just hiring to fill a position, you are hiring for a missing piece that would fit in your company’s/team’s puzzle. Sell your ideas, your vision, passion, and mission. Explain what makes you a top-performing wealth management entity or firm and how working with you will add to the candidate’s growth. Also, building a great rapport with the candidate goes a long way..
You are stuck and need help
Hiring has been hard in the last couple of years and there’s the matter of the “Great Resignation.” With so many different factors at play, you can’t always pinpoint the main issue that’s led to offer rejection. If you are having a hard time finding wealth managers, for your team, company, or firm, consider connecting with executive firms that specialize in wealth management services. With their deep industry expertise and experience, such hiring firms can find the right wealth management candidates for your team for the long run.