Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Dear Readers,
In the last week I’ve had no less than seven conversations with advisors who are either looking to hire, or are frustrated with the hiring process, or have put the wrong person into the wrong role and now need to figure out how to undo it. Employee management can be an incredible drain on time, energy and resources. Getting it right is so important. The “right” hire depends on each situation. To make a hire, or ensure someone you have is operating at full capacity, here are my “Seven Tips to Hiring Success”:
- Know the job. Too many advisors tell me they hire because, “We’re overwhelmed! We just need help!” or “I’m doing things I don’t like to do.” Finding someone because you just don’t know what else to do does not work. Be clear about the role, where it fits within your construct, and be sure to put it in writing.
- Focus on cultural fit. Are your partners hard-driving, “get it done” types, or slow to act, planners who like to think about things? Is your culture a “work 18 hours a day” or a “work hard and play hard” environment? Be sure to describe the culture and make sure the person you are hiring is a good fit.
- Check in on values. Similar to culture, make sure you are clear what motivates the person you are bringing in or have put into a role. Money isn’t everything to your employees. Do they crave recognition? Do they want the chance to change processes and make a difference? Do they enjoy client interaction or being behind the scenes and providing a support role? Know what motivates the person, and be sure you can give them what they need.
- Have an onboarding plan. Yes, even if you are one person about to hire an admin for the first time, or a large practice with many cooks in your kitchen, having a plan right at the outset is so important. The plan ideally should cover the first year, but even if you just cover the first 90 days you will be increasing your new team member’s chances of success. How will they learn? What do they need to learn? Who will teach them? Get this all answered before they start.
- Know your strengths and weaknesses as a manager. Are you in a position to provide what the employee needs? Can you hold them accountable and give them timely feedback? In far too many cases I see people who are probably reasonably good at their work fail because they just aren’t getting the clear direction, accountability and input they need to do the best job they can do. Feedback is key – clear, timely and consistent.
- Create a compensation plan that drives the behaviors you want. One advisor I spoke with this week, who works for a large organization, had his hands tied because the organization dictated the level of pay and bonus structure. And the bonus was “discretionary” so not tied to specific deliverables. Comp and bonus must make sense for the role and for the expectations. Look at your business objectives and make sure the compensation program is aligned with what you need to achieve.
- Communicate often and consistently. No one works well in a vacuum. No one. If you have laid out an onboarding plan and put accountabilities in place, you are one step closer to setting your team member up for success. Make it a point to check-in on a regular basis. Ask the person what they need to succeed, and what obstacles they might be facing. Have open conversations about the business and what you hope to accomplish. Bring them in to decisions you might be making about market focus, or investment strategy. Make them feel part of something. Belonging is a human need so help them to feel they belong alongside you, helping you to succeed.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008, she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
Read more articles by Beverly Flaxington
Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
