7 Reasons Financial Advisors Should Get Help in Hiring

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Written By: Ginny Hudgens | The Strategic Implementer

The number one reason we are called to assist Financial Advisors on a retainer basis is they know they either don’t have the right staff or they may have the right staff in the wrong seats.  How can you prevent this from happening? Get some help in hiring your staff members. No one is born knowing how to hire correctly.  It takes experience and a process.

Here are some reasons to get our help with your next hire:

1. You will save yourself an incredible amount of time
  • Our process includes:
  • Reviewing resumes
  • Screening candidates
  • Assessing candidates
  • Doing reference and background checks
  • Communicating with all applicants
2. You will save money
  • Your time – enough said!
  • You need to know where to place job ads and where not to.
  • You can avoid a bad hire which can cost thousands.
3. Specialized knowledge
  • We write job ads all the time…we have a trove of job ads for all positions. We can save you time and money by helping you write a job ad that will attract the right candidates to your position.
  • We also know what to look for and what to avoid in resumes and interviews.
4. Arms-length negotiation with new employee and rejection of candidates after an in-person interview .
  • Having an outside third party who can take care of this saves you time, money and the stress of having to communicate with these candidates yourself.
5. Proven process to find great employees We have a proven process to find the right employee the first time. 6. Advice and counsel on who to hire, and sometimes more importantly, who not to hire. 7. Interviewing people with a critical eye is not your strong suit because you end up getting along with everyone.

Reasons NOT to use a recruiter:

  1. Recruiters try to sell you on candidates rather than advising you on the right person for the job.
  2. Pricing based on the salary of the new employee means the recruiter will always want you to pay more – we charge a flat fee based on the position.
  3. Large recruiting agencies do not understand the position or our industry.
  4. Recruiters can shuffle candidates through several rejections before finding the “sucker” who hires the candidate.
  5. Recruiters advise candidates on how to interview with you, the employer, based on what they know about you, so you may not be seeing how the candidate would naturally respond to questions in the interview.  I.e. recruiters “game” the interview with you so candidates will seem like a better fit than they truly are.
  6. Limited guarantee of 10-90 days (if any), when most employers will continue to try to “make it work” with the new person for at least 90 days.
    1. Most new hires that do not work in the first 90 days, at the upper limit of recruiter guarantees, are because of a failure in training or poor screening. We always encourage a 90-day review with the new employee, even if there are no negative issues to report.
    2. TSI’s one-year guarantee allows you time to work with the new employee to try to work through speed bumps, instead of cutting them loose as soon as you have a small issue.
  7. Insufficient vetting of candidates to only get the best candidates in front of you.
If you are in the market to hire, give us a call and find out how we can make this generally stressful task much easier for you and your team.