10 Proven Strategies for Adding Top Advisors to Your Firm

There are a lot of essential elements that go into the successful operation of a wealth management practice, from getting the necessary technology in place to finding the appropriate office space, but nothing is more important than getting the right people in the right roles — and keeping them there. This is not a new or novel realization, recruiting experts agree, but that doesn't mean achieving recruiting success is an easy task. Sourcing top talent has always been hard, and the challenge has only grown more daunting amid a persistently tight job market. In fact, in the ample shared experience of Jeffrey Litteken, managing partner of advisor recruiting firm TalentLink Solutions, and Hunter Judson, Jr., principal and wealth management practice director at the recruiting firm Judson Group, success in this domain has never been more difficult or more important. Speaking recently during a breakout session at the BNY Mellon Pershing Insite conference in Orlando, the pair said that a strategic approach to recruiting is essential for wealth management firms seeking to drive growth. By investing in recruiting, they emphasized, firm leaders are investing in their organization and its long-term success. At a high level, the duo said, a successful recruiting effort is built on three broad pillars. The first is creating (and effectively telling) a compelling story that will resonate with the kind of talent the firm wants to find. The second is creating an intelligent and efficient interview and hiring process — one that gets the serious attention it deserves without using up excessive time and resources. Finally, the third pillar is about knowing "how to make the right offer and make it in the right way." Starting from this framework can help any wealth management firm — big or small — increase its recruiting and retention success. Litteken and Judson noted that each pillar can itself be broken down into a number of actionable strategies that any firm can master with the right approach. By combining some or all of these approaches, Litteken and Judson agreed, wealth management firms will be able to get the talent they need in a timely, efficient manner. See the slideshow for a list of 10 strategies drawn from Litteken and Judson's extensive experience. (Image: Adobe Stock)