Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
I am a sole practitioner and need to start thinking about succession. I’d like to hire someone with a few years of experience because I don’t have the time or inclination to train a new graduate. I’ve been posting ads to LinkedIn and networking through friends, family and even clients but cannot find a single candidate. This could be a great opportunity for someone to work with me and learn, and also contribute their own ideas and content. What else could I do to locate a good candidate?
R.H.
Dear R.H.,
This topic comes up frequently – a lot of great jobs available in our industry, but not enough good people vying to fill them. It’s exciting for those students and young professionals with the credentials, but terribly frustrating for the firms interesting in putting good people into these roles.
The one thing I often find, when I review a job posting or talk with an advisor about this issue, is that the job posting is very plain. It may outline the title and what the advisory firm wants this person to do, but it stops there.
People who are looking for new roles, especially millennials, want to be excited about the firm – the culture, the leadership and the values. In today’s age, most people don’t take a job because the job description is well written. They take a job because they think they can make a difference, have a chance to advance or be involved in something important. They want to be inspired to do well. When trying to attract talent, spend as much time talking about the work environment and the impact they will make as the job they will do.
It is the difference between:
$150 million financial advisory firm seeks junior financial advisor to work with clients and help to find new business. Role will be responsible for coordinating materials for meetings, follow-up with clients and attending networking events.
and ...
Growing financial advisory firm seeks an organized, motivated and experienced financial professional to join their team. This financial advisory support role will be the cornerstone to client servicing and new opportunities for the firm. Caring for clients, making good decisions to positively impact their financial lives and using rigor and research in all we do, allows us to create a culture that honors both the client, and team member’s expertise. If you have a financial background, would enjoy being an advisor for the long-term and want to make a difference, talk to us about this opportunity.
The difference comes from:
- Using descriptive adjectives that paint a picture
- Bringing forth culture and what you stand for in your firm
- Helping the candidate see the impact they could make
- Creating interest so someone who is experienced might want to learn more
Review your current description and make whatever changes would allow you to accomplish these things.
Network, post to LinkedIn and talk to people about the job – be enthusiastic and engaging so people who might be interested can see your passion at the outset!
Dear Bev,
How we do parlay our interest in giving back to the community into something beneficial for our clients and our firm. We do much good work and we promote it on our site. We get team members excited to participate and talk about what they are doing internally and we actually make a difference. It is all so positive but we don’t get a lot of clients mentioning it, or asking about it and they don’t offer to get involved. It would seem our efforts should carry over to those clients who like us and want to be a part of what we are doing.
M.P.
Dear M.P.,
I delivered three very different presentations at a conference last week and they all had one central theme that I will share with you here – define your desired outcome. Why are you engaging in these activities? To give back? To get your employees excited and participating together? To “actually make a difference?” Or is it to gain the approval and contribution of clients? Is it to have clients be excited and want to participate in what you are doing?
You can have more than one desired outcome – having excited employees and excited clients is not mutually exclusive. But in reading your note, I don’t fully understand your objectives. I read it as if you embarked on something that mattered to you, your team, and your firm, and now you want clients to be equally excited about what you are doing.
I suggest you and the team sit down and establish your desired outcome for this initiative. What will success look like to you in devoting this time and energy? What do you want clients to think and feel about what you are doing? What role, if any, do you want clients to play?
If you are able to become clearer about the objectives, you’d have a better answer about what to do regarding communication for this.
I applaud your contributory efforts and it is always nice to be able to give back but remember in business, everything you do should have a purpose and outcome. It might only be “to give back” which is fine in and of itself, but then don’t try to parlay it into additional outcomes when there wasn’t a focus on it and there might not be a natural fit.
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.
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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
