Practice Management

How to Hire the Right Staff for Practice Growth

Kronos

Written by Kronos Technologies on April 03, 2019

Finding the right people to build your team is one of the most crucial things for an advisor to master. Creating marketing systems, utilizing technology and optimizing workflows are all important elements of an advisor’s growth strategy, but it’s your people who will be the single biggest contributor to future growth. That’s why the best advisors create momentum in their practices by consistently finding and hiring the best new talent.

Read on to learn how to find and hire the star team members who will fuel the growth of your practice.

Review your vision for your practice

Every practice is different, you have unique needs and a distinct vision for what you want your business to look like in the years to come. Making the right hires requires that you first get clear about what your practice will look like in five years. Then define the roles that will be needed to make that dream a reality. 

When considering your vision ask yourself, what kinds of work will drive the growth of your practice? Is it most important that you find people to help you excel at client service and support? Are you looking for sales growth, meaning you need to add other advisors? Or are you looking to fill your pipeline with a greater number of prospects—meaning an excellent marketing resource would have the most impact.

Define the role to be filled

For each new role you expect to fill, define the key responsibilities the person will have, and what experience and skills will be required.  

When listing key responsibilities, consider: targets for the area of the business they will work in, potential projects that need to be completed, and what systems need to be developed to improve efficiency and effectiveness.
The next step in defining the role is to describe the experience you’re looking for. Does your hire need specific experience relevant to your specialties? What experience do they need in working with the technology you use in your practice? What tech, insurance or investment education do they require? How much work experience do they require?
Finally, list the specific skills necessary to make a candidate successful in the role. What knowledge or attributes would a successful candidate have? Should they have product knowledge, SEO and online marketing skills, or customer service training? Is it important that they have strong communication skills, technology prowess, or writing chops? Do they need to have demonstrated skills in problem solving, presenting or uncovering needs?

Find the right people

Once you have defined your vision, identified the roles that need to be filled and created role descriptions, the final step is to actually find the ideal candidates for your practice. Here are three great methods for sourcing applicants.

Graduate Recruitment

Graduate recruitment is an awesome, but sometimes over-looked, way to fill entry-level positions with talented and passionate prospects. Graduate recruiting offers good value in terms of salary and recruiting costs—and the right hire will add revenue for years to come. 

To attract the top graduates you need to set your firm apart from your competition by offering more than just a competitive salary. Attracting the best talent often relies on the value-added programs you can offer. Set up an internship program so you can work with candidates before graduation—giving you both the chance to see how they fit in your culture.
When looking to attract top graduates, build your employer brand online by using your social media posts to share your vision for your practice firm. Demonstrate how you work and what the work means to you by posting photos, sharing client stories, and creating blog posts that illustrate your firm’s culture.

Social Media Groups

You should already have a presence in financial services groups on LinkedIn, Facebook and Twitter— these are also the places where great candidates for your practice are likely to be congregating. Posting your job in these places will give you quick and easy access to a huge pool of potential recruits.

In addition to your job posting, target your social media posts to attract the best-of-the-best. Showcase what you do for your clients. Promote the value-added programs you have implemented for your team like incentives, reward and recognition, social functions, training and travel. Don’t’ be shy about talking up the excellence of your team and your clients.
And make sure to leverage the great built-in social media tools, like Facebook Directory and Facebook Ad. Use Twitter’s search and hashtags to reach the candidates you’re looking for. And, become a presence in LinkedIn groups—finding a job is a big reason they were created.

Online Recruiters

As in most industries, technology has revolutionized recruiting. New efficiencies have been made possible because of the adoption of algorithm-based testing, online job boards, and form-based applications. Recruiters use this powerful suite of tools to reduce advisor effort and costs. They enable advisors to access vast numbers of candidates and easily winnow the field to only show the most appropriate selections. These tools make recruiters a great solution for advisors looking to hire more senior and experienced team members. 

With your vision in mind, make sure to take the long view when it comes to recruiting. Choose a vendor who will be able to meet your recruiting needs for the foreseeable future and with whom you feel comfortable developing a long-term relationship. As you grow, you’ll need to find many more stars to keep your momentum going so it’s important to partner with a vendor who can scale with you.

Wrap up

Building sustainable growth in your practice means doing a great job of finding and hiring the best talent. Top advisors clearly define their vision for the business and identify the roles that must be filled to make that dream a reality. They define each role so that they have clarity around what a good candidate looks like. And they use the appropriate recruiting method to find the next star of their practice.

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