When hiring, you should strive to be thorough and precise, but at what point does the process become a deterrent? Because the current demand for new advisors and planners is high and supply is small, you need to be prepared to make a decision and not worry about what other more qualified candidates might come later.
Here are some other common causes that lead to an unnecessarily extended search and interview process, and how to avoid them.
Lack of role clarity: When firms are not sure what they are looking for because they do not have a clearly defined role and a clearly articulated job description, it is impossible to find a good fit within a reasonable time frame. Of course, it's hard to even know a good candidate when you see one if you aren't sure what you're looking for.
You may be stuck either thinking all candidates are equally good and must be extensively vetted to narrow the field, or that all are equally bad or uncertain fits. Before starting the process of trying to find a good hire, be certain you have specific and clear responsibilities thought through and written down.
Too high of expectations: Sometimes a firm's compensation offering does not match with the candidate they are seeking. It's going to be hard to attract an A+ candidate with a B+ opportunity. When firms try this, what inevitably happens is as the interview process progresses, the A+ candidate realizes it is not the A + opportunity they could get from another firm.
Of course, most firm owners like to think of their opportunities as being A+, but the reality that we see — across a wide range of firms that are hiring, and what candidates are interviewing for — is not all of them really are, so be careful your offer is in line with the candidate.
