TGIF: Top 10 Traits Firms Want From New Advisor Hires
Rather than rely on some think tank or consulting firm, Financial Planning queried principals at more than 50 advisory firms to find out from the people who actually make the personnel decisions what qualities they value the most.
Turns out, many of these attributes aren’t found on candidates’ resumes.
Here’s an interactive slide show featuring the Top 10 traits advisory firms want to see from a prospective new hire.
Personality<br><br>
It takes a special personality to be able to handle varied situations and provide a positive client experience, said Ron Bartlett, a senior partner at Lexington, S.C.-based Bartlett Financial. In hiring, we try to discern the answer to this question: Would we want our mother or grandmother treated as they handle their clients?
Integrity<br><br>
Rick Kahler, president of Kahler Financial Group in Rapid City, S.D., said he conducts thorough background checks and runs credit reports on all potential new hires a tactic thats becoming more and more common at firms of all sizes.
Experience<br><br>
Respondents said experience doesnt necessarily trump education or personality, but its incredibly important particularly to firms that are growing quickly and dont have the time or resources to spend bringing a new hire up to speed.
You cannot learn everything in a classroom or a book, said Brian Schmehil, a financial planning analyst at Oakbrook Terrace, Ill.-based The Mather Group. Being able to consistently practice at a high level what you have learned is more important than years of studying and writing papers.
Education<br><br>
But hiring managers want to see more than just a college degree. Theyre looking for CFP credentials and a commitment to continuing education in order to stay abreast of new products, strategies and technologies that can improve a firms assets under management.
If a planner does not have a foundation of knowledge, they will be difficult to train and limit their growth potential, said Rose Price, branch manager at Vienna, Va.-based Financial Networking Investment Corporation.
Book of Business<br><br>
Book of business [is most important because it] shows they are not a dependent but a productive member of an organization, said Donald Roy, a branch manager at Merrimack, N.H.-based New England Wealth Advisors.
Tech Savvy<br><br>
This is a must, said Mike Woods, president of Stocker Woods Financial in Denton, Texas. This is our future and we have to get our minds around how were going to best utilize it.
Most respondents ranked tech expertise as the third- or fourth-most important attribute in a potential new hire.
A new planner has to at least be competent in working within our technology platforms or else we will limit the return on our investments in technology, Schmehil said.
Leadership Ability<br><br>
We can teach financial planning expertise after a college degree base, said Frank Finn, CFP, at Finn Zullo in Wellesley, Mass. And everybody has to be somewhat tech savvy coming in the door. But we cant help, nor do we want to, with motivation and self-starter attributes.
Compassion<br><br>
How a candidate managed these real-life situations in the past probably isnt going to be found on his or her resume. So its important to ask if theyve ever been through this, what they did or didnt do to help, and then follow up with a client or two to determine whether or not the advisor offered genuine compassion and guidance.
Perhaps the most important attribute is having the true enjoyment of helping other people try to reach their highest goals, Bartlett said.
Chemistry<br><br>
Early in the interview process, its important to feel out a candidate beyond their education and experience to see what makes them tick in their personal life, what motivates them and how they might mesh with your existing staff.
I know its kind of nebulous and hard to put a finger on it, said Gary Ruchin, founder of Vernon, Conn.-based Ruchin & Associates. It is the interaction at the first meeting that I think begins a great relationship.
How do you feel about the first impression of the person? he added. I made a mistake (twice) because I did not trust my gut instincts.
Ambition<br><br>
But theres a fine line between ambition and arrogance. One respondent mentioned a story about a top producer who had a fantastic interview but then blew it by being exceptionally rude to the wait staff at dinner. He didnt get the job.
[I look for someone with] fire in the belly for planning, Kahler said. They need to demonstrate passion for planning." Several respondents said they view membership in industry organizations such as the FPA or NAPFA as a sign of a candidate's passion and ambition.