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Advisors: How to Retain New Hires

By now you should be aware of the talent shortage and recruiting challenges facing the financial planning profession. So once you do finally get everyone onboard and in the right seats for your organization, what should you be doing to ensure that your culture and management mentality perpetuate an attractive place for them to work and grow for years to come? Here are some things to remember and tips to consider. -- Caleb Brown



Caleb Brown, MBA, CFP, is a past President of FPA NexGen and Partner in New Planner Recruiting, a recruiting firm that places financial planners in financial planning firms nationwide. He can be reached at www.newplannerrecruiting.com



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Business Plan Buy-In

Business Plan Buy-In

I will inform my new planners of business plans, as they might have some interesting input, and I realize they will have a larger degree of long term buy-in if they are a part of the conversation.

Up-to-date Tools & Equipment

Up-to-date Tools & Equipment

I will ensure my new planners have the best equipment and most up to date software/tools so efficiency doesnít suffer.

Keeping Your Promise

Keeping Your Promise

I will remember what I said and promised during the interview and hiring process in regards to their roles, responsibilities and career path and make sure I am holding up my end as long as they are delivering as expected.

Evaluation Meetings

Evaluation Meetings

I will go to my new planner and let them know whether or not they are meeting or exceeding expectations by providing both positive reinforcement in addition to constructive criticism.

Work With New Planners

Work With New Planners

I will spend time with my new planners, show confidence in them, exhibit patience with them, and view them as the professionals they are.

Client Exposure

Client Exposure

I will let my new planner actually talk to my clients and even consider letting them practice honing their skills by presenting the analysis they performed.

Consider Family Matters

Consider Family Matters

I will make an attempt to ask about my new plannerís interests and family outside of work because I understand that the family always wins. If things at home are out of sync, it will probably, at some point, affect his or her work. I understand that I might not be able to fix it, but do need to be aware nonetheless.

Change the Culture

Change the Culture

I will make an attempt to ask about my new plannerís interests and family outside of work because I understand that the family always wins. If things at home are out of sync, it will probably, at some point, affect his or her work. I understand that I might not be able to fix it, but do need to be aware nonetheless.

Donít Drag Others into Partner Disputes

Donít Drag Others into Partner Disputes

I will not involve my younger planner in disputes with my partners, where ownership is shared among multiple principals, and/or force them to choose between us.

No Perfect Fits

No Perfect Fits

I will realize that there are no perfect fits out there and if I have solid team members I should do everything possible to ensure they are satisfied or another firm surely will.

What should you be doing to ensure that your culture and management mentality perpetuate an attractive place for new hires to work and grow for years to come? Here are some tips to consider.

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