Here are some hiring techniques for Financial Advisors. Hiring and
training people is the most costly and time consuming expense in a
Financial Advisor's business. You want to hire someone who is like your
best client and treat them that way.
In developing your business plans, you will want to hire individuals who
are client and team builders. They don’t need an MBA in marketing, however
having a client centered approach is critical in building your image. Have
you ever left a professionals office, frustrated by the way you were
treated by the staff? Or have you been impressed by the way you were
treated? The next time you visit a world class franchise, see if you can
recognize the top staff. They are all getting paid the same, however one
person can make or break your experience.
Now think of your practice. Are
you impressed by the appearance and professionalism of the staff? A story
I once heard about guests at a Walt Disney resort was how the staff
cleaning the room paid attention to placing the children’s toys each day
differently as they cleaned the room. The guests felt like every detail
was important to the whole family. Now how much did they pay that employee
? How much did it cost Disney to give that family that great experience.
Nothing, yet it was worth a thousand referrals to their resort.
Strategy: How do you treat your best client? Really think
this question through. Now how do you treat your team
member(s)? treat your team members as your best client and
you will develop the experience that you are looking for
throughout your organization.
Grant's Tip: Make sure that you are never completing $10
per hour tasks as a financial advisor. If you are doing any task that
is $10 per hour and your time is worth $60- 100 per hour or
more, it is costing you $$$ per hour to do these tasks. When you
are hiring, think down the road. Do you need two people, one
for marketing and client communication, and one
for administration and processing? Break down the daily tasks
that these people will be completing and put a dollar amount of
the type of task.
Producers in this industry tend to use the term 'sales assistant'. If I go
to the car dealer and I want service I go to the service department, I
don’t go to the sales department but the service department, which is
usually clearly labeled. If your client wants service, do they go to the
sales assistant? Why not go to your client service manager. That is the
title given to my 'sales assistant'.
A 'sales assistant' should be renamed
to communications manager. They are to ensure that you have plenty of
appointments set up whether it be client reviews or new contacts, they
should be the one in touch with your database. Depending on your size here
is what your team may consist of-:
Full-time registered Client Service Manager
Full or part time Communications Manager
Client service assistant(s)
Printing and graphic designer
Compliance officer to approve your marketing
The Most Important Concept in Team Building is to get the right person and
use the additional time to see new clients. If you can’t afford staff at
this time (which I highly recommend you hire anyways ) consider hiring
out on contract. After the first few years in the business, I couldn’t
afford to hire a full time person, but I hired a marketing consultant on a
contractual basis to do newsletters, mailers and prospect communication.
This cleared up valuable time to look for new clients.
Also on your list of marketing team builders are wholesalers. They can be
an invaluable part of your team when it comes to marketing. Their
marketing departments usually have successful marketing and communications
people to work with. See
strategy # 15 for more information.
A marketing, printing or communications company should also be on your
team. Finding a great graphic designer to do adds, seminars , business
cards etc. is important to you successful delivery of your messages. Ask
the top marketing people in your area who they use for their printing and
Finally, your compliance and or in house marketing people. You may have
all the resources you need inside your own company. Your compliance
officer may or may not understand your marketing efforts, but it pays to
have them help you get the approvals you need.
Copyright 2003 By: Jay Conrad Levinson and Grant W. Hicks, C.I.M - Co-author of "Guerrilla
Marketing For Financial Advisors
", Trafford Publishing 2003.
You may use these articles in your
marketing, newsletters and web sites as long as you retain the copyright
information at the bottom, including the link to our web
site and inform us where it is being used as well as sending us a copy of
Always check with
your compliance office and or branch manager before implementing any
marketing idea. The information does not constitute a recommendation for
the sale or purchase of any securities or insurance.