When it comes to building your own successful wealth management team, finding the right people who will effectively contribute and represent you the way you want can seem daunting. Knowing where to find those individuals is a large part of the challenge. My methods of finding the right people for my team are similar to my prospecting activities. Consider the following as you build your own team:
- Leverage Your Firm’s Resources
One of the ways to inexpensively add services to a practice is to use the resources of the firm that you work for. A lot of firms have insurance specialists, financial planning experts, estate planning experts, fixed-income experts, derivatives experts, and others who can provide services to clients. These experts are usually housed wherever the firm is headquartered, but a number of the larger firms have regional offices, as well, so they might be closer than you think. Using these specialists is like having a virtual team you can call on whenever you need them, but you don’t have to pay them out of your own pocket. Some advisors find that using their firm’s resources is all they need to grow their business, but most advisors reach a point where they want at least a couple of specialists on their own team.
- Rely on Those You Know
Looking at professionals you already work with can take most of the risk out of a new hire. You know how they interact with clients or colleagues. You know their work ethic. You know their skills. You aren’t relying on a third-party reference who may or may not put the same emphasis on client service that you do. You are, instead, partnering with a known quantity.
- Utilize Recommendations from Trusted Professionals
When looking for in-house experts, reach out to those in your network whom you respect and trust. Ask who they use for their insurance, estate planning, banking, and other professional services. This strategy should give you a handful of highly qualified, well-respected prospects to approach.
- Use Groups and Associations You are Affiliated With
I’ve found that groups and associations that share my values are a good place to look for team members. For example, we have openings for an intern each year. I’m a member of my alumni association and am also a board member at a local private high school. I have found that the interns sourced through these groups have almost always worked out. We want to hire interns who can add value. Working through our professional and alumni groups we associate with has worked well in finding what we need.
- Take Your Time with Traditional Methods
I don’t normally advertise open positions. I prefer to find someone through my network, but for some positions, you may find the need to cast a wider net. I did this in search of the right chief investment officer. The advertisement yielded 75 applications which we narrowed down to ten, and then two finalists. After meeting with both candidates, my team was ready to hire one of them. But I wasn’t. On a scale of one to ten, he was just at a six or a seven. And that wasn’t good enough. My team agreed that the best candidate was only about the middle of the scale, but he was the best we had. Instead of hiring someone we weren’t 100-percent happy with, we decided to ask our internal recruiter to send more résumés. We continued the process and had a lengthy courtship with one applicant in particular, who would eventually become my trusted chief investment officer. Taking your time is crucial in order to find the right fit.
Building the kind of team that will help you successfully grow your business requires patience, persistence and knowing where to look. Learn more about how to grow your wealth management business by getting your own copy of Structural Alpha today.