7 Advantages Banks Offer When Recruiting <br>Top Advisors
April 14, 2014 7:29 AM
7 Advantages Banks Offer When Recruiting <br>Top Advisors
Community banks and credit unions need to recognize and tout the distinct advantages they offer advisors as they compete with bigger financial institutions for top talent, says Frank Smith, vice president of Recruitment at LPL Financial Institution Services.
In an article published in Bank Investment Consultant, Smith ticks off seven strengths that community banks and credit should emphasize when recruiting top advisors.
Read full article: Advisor Recruitment Advice for 2014
Images: Thinkstock
In an article published in Bank Investment Consultant, Smith ticks off seven strengths that community banks and credit should emphasize when recruiting top advisors.
Read full article: Advisor Recruitment Advice for 2014
Images: Thinkstock
<b>1. Established Infrastructure</b>
Top advisors are used to working at sleek offices with good administrative support and state-of-the-art technology they will expect no less in their new positions. Established local banks or credit unions will have this infrastructure in place and it is something worth emphasizing with a prospective recruit.
<b>2. Customer-Centric Financial Services</b>
One of the most attractive draws for advisors especially those with their own client booksis the strong cultural importance community banks place on customer service and relationship banking. Advisors can also position their move as a broadening of the services they offer.
<b>3. Benefits and Transition Package</b>
Most banks and credit unions offer wellness and health care benefits as well as interim salary and forgivable transition compensation so that transitioning advisors can focus on moving their business and establishing relationships with their new financial institution.
<b>4. Brand Recognition</b>
Local financial institutions have deep roots in their communities, instilling a sense of trustworthiness and brand recognition with local customers. This creates a deep referral base of deposit and loan customers, which can be an invaluable resource to a newly relocated investment advisor.
<b>5. Focus on Providing Advice</b>
At large national firms, many advisors find that in addition to their advisory jobs they are also running a small business. Advisors who would like to do away with the financial and managerial responsibilities that go along with running a business may favor a move to a well-capitalized institution that will relieve them of these duties so that they can focus completely on providing advice.
<b>6. Appreciation for Advisors Existing Clients</b>
Often times, in order to attract experienced advisors, a rethinking of employment terms and compensation packages is necessary. For instance, many banks allow new advisors to maintain ownership of their existing client relationships and accept a lower margin on the business to show goodwill and trust. In exchange, banks may attract more advisors, gain some margins, and find opportunities to cross-sell banking products to these new relationships.
<b>7. Strong Broker-Dealer and Investment Advisory Platform</b>
Having top-tier investment services and broker-dealer partners are extremely important for any bank, and can either make or break the deal. A strong B-D and platform lets advisors know that you are serious about building a financial advisory practice for the long-run. In addition, these affiliations give advisors access to some of the best tools and services to enhance their practice.
