For years now, it’s been getting more difficult and expensive to find and train good advisor professionals. At our firm, we see this as a consequence of an industry growing up — as the industry matures, it becomes more challenging to find, train and retain the right people.

Some firms have found recruiting to be so daunting that it’s an impediment to growth. Other firms recruit anyone and everyone, providing minimum standards of skills and sacrificing the clients' well-being in the thirst for growth.  To compete effectively, growing firms now need a higher calibre program than they did in the past.

Of course, the best way to stay ahead of your staffing demand is to fuel it with highly motivated and superbly trained young professionals. But if you’re thinking about hiring junior associates this year, how can you improve your chances of success with new entrants to your firm?


At our firm, we created a disciplined and streamlined process to identify, select and develop new advisors.


After the initial screenings, we interview them, covering four main areas:

Job knowledge: We ask what they think a financial advisor does, what challenges they might face, what responsibilities they want to attain over time, and what technical skills they possess that could make them successful.

Motivation: What has contributed to their success so far, and why they chose the career they did? We also want to know what expectations they have of the firm — and why Exceedia?

Intellectual ability: What can they bring to the firm? What are they willing to develop in skills competence? How much dedication are they willing to commit to evolve and provide more skilled services to our clients?

Interpersonal skills: This can be tricky to learn in an interview. In addition to asking what activities they were involved in, we ask them to describe team efforts — identify some wins and losses, and explain what they did about the latter. Also, what qualities are they looking for in a supervisor? What do they regard as their outstanding qualities?



All new associates undergo training and personal development, the first year to 18 months will include: investment research; planning and taxes; client services. We have them participate in business coaching to develop their management abilities. There are daily team meetings focused on different areas - technology, social media, financial planning, financial literacy, workshop development, office management, product training. We have found daily learning, reflecting and sharing the best method for ensuring our associates integrate learning into their practice.

Bring More Value to Our Clients

Gen Y’s values are different. The generation graduating college now is not nearly as motivated by money as were boomers — who include the executives currently running many firms. New graduates won’t respond to the same hiring tactics you’ve used for Gen X, either. Recruiting, training and motivating these folks has to be different.

Firms need higher levels of sophistication. Firms must ramp up faster to remain competitive, so they need staff to be productive more quickly. That means key investments in acquisition, training and development for the best and brightest talent.

Jobs and organizations are evolving. It’s clear that as companies get bigger, jobs become more specialized. If your firm is growing and wants to be scalable, your staff must specialize, as well — or you will quickly become inefficient. Meanwhile, firm structures are evolving based on changing business models — requiring flexibility on the part of your entire organization (not to mention the entire industry).

Young professionals expect more than job security and fair compensation; they want an enjoyable work experience. They want to feel part of something more significant than just their work — hence the need for teamwork and seeing the value of their contribution, early and often. They want a connection to their workplace and the world at large, and a mentor to guide them. Successful managers build relationships with their staff and make mentoring and deep listening part of their skill sets.

We encourage team members to come up with ideas for better, more efficient or more cost-effective operations, then make those contributions highly visible — giving them immediate impact. Praise for contributions helps team members feel they are part of the big picture.

Our programs offer junior staff specific metrics on education, experience and professional training; the goal is to advance them to senior advisor. We want our advisors to work toward an expected professional standard with little uncertainty — something that provides substantial “retention glue.” No one has left our firm because there was “no future” or they “didn’t know how to advance.”

Also, juniors are not stuck with one senior advisor for life. There’s no silo-building by seniors, or career stagnation for juniors — which could occur if an advisor built his or her own insular team. Because juniors know they will work with more than one senior, there’s no potential resentment from getting “stuck” or working with someone they don’t enjoy.


Our staffing strategy represents an evolution. Many advisors with little hiring experience often envision the new hire taking on responsibilities the senior advisor had been handling. That might work for the first one or two new people, but that’s about it.

These firms miss a fundamental fact: With growth, organizational structure must evolve to remain competitive. Jobs will change, whether you plan for them or not. Moreover, to change your business or revenue model, you may need to change your organization.

Evolving your overall business structure and finding, hiring and retaining young advisors isn’t rocket science, but it is hard work. Plan for where you want to be, get professionals to help you with your hiring, then train, nurture and tend to your business “family.” That kind of strategy will enhance their careers and support your firm’s growth and profitability.


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