5 Tips for Recruiting Financial Planners

5 Tips for Recruiting Financial Planners

Recruit 2 Advice - 5 Tips for Recruiting Financial Planners
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Twenty years of recruiting Financial Planners has taught me these crucial lessons for getting it right.


There is more to successfully recruiting Financial Planners and employing people into your business than meets the eye, and some careful planning will go a long way in avoiding headaches down the track.

Try to avoid these pitfalls recruiting Financial Planners

Meeting someone on the golf course, at an FPA function or being introduced through a mutual friend is no guarantee of success.

Over the last decade I've heard story after story, often from Financial Planners approaching us to find them a new job. They explain why they are unhappy and want to change business.

"I've been here two years and still don't have a Job Description or bonus structure. The Principal mentioned equity when I started, but I haven't heard anything since, that was three years ago"

On their way out the door...

From Principals and Managers I often here the other side;

"They appeared happy and were doing well, I don't understand why they left".

Often these reasons are hidden away in the need for clarity of expectation, development path and reward.

So here are a few ideas to getting it right up front.


  1. PREPARE   

Define clearly the objectives you want to achieve from the position before you start; be able to articulate those succinctly.


  • A Job Description clearly outlining the objectives, key tasks, relationships and expectations.
  • Induction program, KPI’s, Review Schedule, Incentive scheme.
  • Key personnel required to be involved in the selection process



Develop a broad brush profile of the type of individual and skills they will require to be successful in the role. Consider looking at professional behavioural profiling to consider personal characteristics, culture and team fit. Know what you're looking for.


  1. PLAN

Based on your objectives and profile consider where best to source candidates for the role. Your professional network, Licensee Practice Manager, Direct Advertising, of professional recruiter are all sources.



Before you get in front of candidates write a quick script, articulating:

  • Why you got into Financial Advice
  • What you are trying achieve with the business
  • The culture of the business
  • What your expectation is of the candidate
  • What the rewards are
  • Answer questions directly
  • Don’t fudge. Tell them the challenges they will face in the role. You will benefit from this in time.

The most successful marketing firms in the world know how they present and conduct themselves in initial meetings is a key indicator of how they can be expected to behave once a relationship commences. Recruiting has an element of PR, so be prepared to put your best foot forward.

If you present as rushed, unprepared, unclear or uncertain this will create a lasting impression.

Be clear, concise, and demonstrate your passion and vision.


  1. QUALIFY   
  • Prepare an interview form with questions to ask candidates:
  • Why they got into advice?
  • What they want to achieve in their career?
  • The style of organisation / culture they enjoy working in?
  • Ask about their expectation of the business, and you?
  • What they consider fair reward and incentives in the role?
  • What are their weaknesses, or what’s the worst thing you will find out about them?

TIP: Avoid the halo effect when interviewing, try to avoid focussing too much on the positives. We all try to see the best in people, remain objective and follow your notes.

The key to qualifying is too ensure both parties clearly understand and agree the expectations. Both parties should identify prior examples demonstrating their capabilities and achievements.

Tips for Success, Conclusion:

The more time you can afford preparing the process, reviewing and amending/updating a job description, ensuring the induction plan is still relevant – and making sure you can effectively communicate and demonstrate your plan, the higher your probability you will have of attracting and retaining a great Adviser, and good long term employee or business partner.

Being prepared and clearly articulating your passion and expectation may sound obvious but is often glossed over. Fifteen years of recruiting Financial Planners has taught me these are crucial in the first impression you create, and potentially de-motivating for potential employees if not done well.

All the best, Dugald

Are you considering growing the practice but haven’t the best path to take yet. In another related article we examine a few employment options to help you decide the best direction, and grow your financial planning practice. Grow your Financial Planning practice

A great way of driving behaviours in your practice is with a balanced scorecard incorporating Key Performance Indicators. Want to know, we have an article - Are KPI’s useful and how should you use them in your practice?

Handy Links for recruiting Financial Planners

If you need a Position Description for Financial Planning follow the link to this page – IFA Recruitment

Download the PDF template to review some suggested KPI’s for Financial Planners.

Key Performance Indicators - Financial Planner - PDF



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