Lead Advisor

Here are some ways growing and lean #wealthmanagement practices are missing out on great talent ⬇ Eddy Ricci, Jr., CFP ®, CEPA ®: Smaller practices likely will have their employees wear multiple hats, which is the nature of a small business. However, we have seen some owners try to “role-merge” too much, which rarely works for them and the future employee (if they can find one). Years back, we saw a practice owner that was trying to merge the following roles into one candidate: Investment Strategy, Investment Operations and Service, Service Advisor (to do reviews with lower tiered segments), and spend 20% of their time finding new clients by their own efforts. As you may have guessed, it didn’t work out. Michael P. Connaughton, CFP®, CLU®, ChFC®: Firms often share that they are in need of an advisor that can help manage existing relationships through a holistic financial planning process. A main catalyst for this need has been dynamic growth in the business, and they want to ensure they are servicing clients in the way promised. It is the firm’s strong business development results that are causing the capacity issues, so the mentality of only hiring someone who has a transferrable book of business is misguided. Focus on finding a teamed advisor who is passionate about relationship management and financial planning, and has a track record of managing client relationships successfully. Don’t exclude a talented group that have the skills you need because they might have a non-solicit agreement, especially if new client acquisition isn’t the concern.

Brad Wright CFP® and I spoke with Jennifer Mayo, CAP® of the Essex County Community Foundation on the below episode of the Financial Planning Association of New England's #WickedPissahPodast! Jenn shares her personal experience with philanthropy through her family’s efforts launching the Ice Bucket Challenge with the Pete Frates Foundation and how it led her to ECCF. She speaks to the ECCF’s mission and how they collaborate with professional advisors, non-profits and charitable organizations, while covering giving strategies, donor-advised funds and much more.

Happy Monday! We are currently #hiring for multiple Client Service Roles ⬇ 📍Indianapolis, IN: Client Relations Assistant (3 years of administrative experience required) 📍Indianapolis, IN: Client Service Associate (3 years of client service experience required) 📍Charlestown, MA: Client Service Associate 📍Waltham, MA: Client Service Associate (SIE or Life & Health insurance license required) Let us know if you or anyone you know might be a fit by sending a resume to: ka@lead-advisor.com Or view other open roles at https://lnkd.in/eeb5fu4B

Want to compete for the best talent? It begins with your hiring process. Eddy Ricci, Jr., CFP ®, CEPA ®: The practices with the best hiring processes have thought through what the primary purpose of each step in their process is prior to interviewing, and then share it (and timelines) with the candidates. Simply put, the best firms map out what they must know about the candidate and what the candidate must know about the firm/role, in each interview step. Michael P. Connaughton, CFP®, CLU®, ChFC®:  The wealth management firms we see attract top talent have a well-structured hiring process.  They aim from the onset for candidates to walk away with a clear understanding of the firm’s values, how they service clients, ways team members collaborate, and the number of steps involved in moving forward.  Some of the key elements we've noticed is that hiring firms will include multiple team members in their interview process, allowing candidates to get a feel for their culture and growth opportunity while moving at a fast pace, with a clear timeline to keep momentum and best position them to hire their desired talent.

We are currently #hiring for 3 roles in the Indianapolis area ⬇ 🔺 2nd Chair Wealth Advisor - (CFP preferred) 🔺 Client Service Associate - (3 year of financial services experience required) 🔺 Client Relations Administrative Associate - (3 years of EA or administrative experience required) Let us know if you or anyone you know might be a fit by sending a resume to: ka@lead-advisor.com Or view other open roles at https://lnkd.in/eeb5fu4B

Happy Veteran's Day🇺🇸 Today, we honor the brave men and women who have served our country. Thank you for your service!

How important are assessments in the hiring process? Eddy Ricci, Jr., CFP ®, CEPA ®: Assessments certainly have a place in hiring for certain positions, but we believe some clients can be too reliant on them. Firms have invested in countless assessments for 30+ years to help in predicting if a start up advisor will be successful- and retention has not really improved in 3 decades. Either the assessments don’t work, firms don’t know how to use them, or they ignore what the data is telling them…..whatever it may be the end result is still retention isn’t great! In employee positions, we have “perfect fit” candidates per an assessment quit/get fired within 60 days. And it goes the other way- I remember a wealth management practice owner who needed an EA. A GREAT candidate bombed the assessment – but the owner took a shot anyway-  4 years later they are still doing great work together! Michael P. Connaughton, CFP®, CLU®, ChFC®: Can assessments provide valuable feedback around your next hire?  Absolutely.  Should assessment output preclude you from engaging with a candidate that checks several other boxes?  NO!  We’ve seen candidates that nail an assessment that don’t have the necessary intangibles, and candidates that don’t “score” well who hold the needed skills and are a fit for the role. Assessments are a decent guide but can also be manipulated, so don’t put too much emphasis on them in your hiring process. Factor in soft skills, culture fit, interview approach, and communication effectiveness along with assessment data to make the right hiring decision.

In the latest episode of the Financial Planning Association of New England's #WickedPissahPodast I speak with NICHOLAS A PAPAKYRIKOS of Nicholas A. Papakyrikos CPA PC . We discuss tax policy impacts and the upcoming election, tax strategies, SECURE Act 2.0 and more. https://lnkd.in/eKcAUZDi

Some Wednesday #wealthmanagement stats! Per Kitces Report Data, below are stats regarding time allocated by specific activity for 5 advisory firm roles ⬇

Happy Monday! We are currently #hiring for multiple Lead Financial Advisor roles ⬇ 📍Walpole, MA (series 7 & 66 licenses required) 📍Westport, CT (CFP required) 📍Chattanooga, TN (series 7 & 66 licenses preferred) 📍Naples, FL (series 65 license preferred) Let us know if you or anyone you know might be a fit by sending a resume to: ka@lead-advisor.com Or view other open roles at https://lnkd.in/eeb5fu4B