Manage Your Practice
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Recruiting Millennials? 4 Things to Keep in Mind
From On Wall Street
Added on November 2013 in Manage Your Practice
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Summary: There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business. Yet with big demand and small supply, prices are high (and continue to escalate) for this type of advisor.
When Hiring, First Test, and Then Interview
From Harvard Business Review
Added on November 2013 in Manage Your Practice
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Summary: Many service companies, including retailers, call centers, and security firms, can reduce costs and make better hires by using short, web-based psychometric tests as the first screening step. Such tests efficiently weed out the least-suitable applicants, leaving a smaller, better-qualified pool to undergo the more costly personalized aspects of the process.
Why Firms Love Second-Career Advisors
From Financial Advisor IQ
Added on November 2013 in Manage Your Practice
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Summary: The financial-advice industry attracts a lot of career-switchers. In fact, at many large firms they make up the majority of new recruits. While a second-career advisor may not come as cheaply as a 21-year-old fresh out of school, success in a previous profession is an excellent predictor of future productivity, these firms say. Second-career FAs don’t cost any more or less to train. And advisors who have built a network of solid relationships in their first career often come with an built-in client niche.
30 Great Schools for Financial Planning
From Financial Planning
Added on November 2013 in Manage Your Practice
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Summary: In this article, Financial Planning Magazine 30 of the top Schools for Financial Planning. Be sure to see which schools are near you for potential internships and new hires.
Advisors: How to Train New Hires
From On Wall Street
Added on November 2013 in Manage Your Practice
1 visitor like this article | Viewed 6993 times | 0 comment
Summary: Most firms subject new hires to trial by fire. As a result, many say they experience disorder, lack of clarity, and confusion. Very few firms, even the best, engage in thoughtful training. This suggests that advisors can do better when it comes to preparing team members to succeed. Considering the time and thought required to design, develop and deploy formalized training programs, it’s no surprise that the advisory profession doesn’t have a mature training model. Here are some ways to help new hires thrive.
