Welcome to the New Era of Financial Advice
We are in a new era for Financial Advice, one where everyone (and we mean EVERYONE) is held accountable. Making sure you have the right people in place inside your business has never been more important.
Simply put: You cannot afford to get it wrong.
It is no secret quality candidates in Advice are not in abundance – the days of putting a Seek advertisement up and finding a suitable candidate are long gone. You need to be proactive, you need to be tenacious, and you need to go out and find the best Talent wherever it may be in the market.
The goal posts are constantly moving and it can be hard to keep up, that is why you need to make sure you are looking for these three qualities in every hire you make - no matter the level of the role.
Agility - The financial advice industry is not going to stop changing and you need employees that can evolve with it. Change is not easy for everyone and that doesn’t mean those who struggle with change should be discounted. What is mandatory, however, is a willingness to change in every member of your team, that’s the critical part.
Client Centric - They must have the needs and goals of the client at the forefront of their minds in all they do, this relates to everything your staff do - ethics, fees, even how accurately they input data into Xplan. Team members need to understand how their role plays a part in the bigger picture of helping clients reach their goals.
Development Focused - For some Advice specialists, the education changes have been challenging and no doubt time consuming. The required knowledge and certifications have even resulted in some people leaving the industry. You need to search for staff that see the value in continuous development, who are committed to raising the bar in the industry and are taking the necessary steps to keep pace with the required professional standards.
It is important to remember that potential employees are also being very selective about their next move. They are looking for a great deal of transparency from their employers and it is important that you have your ducks in a row, so to speak.
Self-licenced vs Dealer Group - Candidates are no longer going into interviews or hiring processes ‘blind’ any more. If you are self-licenced, potential employees want to know you have the right processes in place to ensure best practice. Who is on your investment committee? What approach do you take when deciding on what funds and products you offer clients? Who is your dealer group? Are they reputable and what support do they provide? Top talent want to be reassured that they will be working in an ethical environment that sets them up for long term success.
Support - How is the business structured? What technology have you implemented? How is paraplanning managed? Who is responsible for ensuring compliance is managed effectively? From CSM’s to Senior Advisors these points matter, when compliance requirements grow so does the workload. No one wants to move to a firm that cannot support them adequately or to an environment where they will drown due to the lack of structured support.
You now know what you are looking for in your next Financial Advice hire, but the truth is you are probably too deep trying to figure out how you will roll out the latest compliance policy update to give recruitment the time it deserves. That is where working with the right recruitment agency really comes in to play.
From our office in Barangaroo, Sydney we service businesses and individuals across NSW and Victoria. Our Stitch Consultants are specialists in Wealth & Advice, we take the time to immerse ourselves in the industry, understanding your pain points and frustrations - ensuring we are constantly abreast of market changes, technology trends, salary and remuneration options, as well as FASEA requirements.
We work closely with our clients to develop recruitment strategies that complement their ever-evolving businesses, and our team understands that the recruitment process can be stressful, so we aim to make this as seamless as possible. As a boutique recruitment agency, this means we can adapt to your requirements and timelines and provide a personalised recruitment experience.
We specialise in recruiting Wealth and Financial Advice professionals across all experience levels, on a temporary, permanent or retained recruitment basis. Head to Our Services to find out more about the difference in these recruitment strategies.
If you are looking to fill a void in your business or if you would like some advice on how to grow your current team, get in touch with one of our highly skilled Consultants today via the Contact Page, by calling 02 9188 3030 or emailing talk@stitchrecruitment.com.au.
