Page 48 - Investment Advisor January/February 2022

THE NEW SCHOOL

By Caleb Brown

Meeting Top Talent Means Being Prepared

to Answer Tough Questions

Job seekers may stumble during an interview, but often it’s the firm owner

who blows it.

ob seekers aren’t the only ones three years before you can talk to cli-
who make mistakes in interviews. ents.} Instead focus on productivity
JFirm owners are prone to blun- and results.
ders as well. Here are the most com- Do: Say something like it usually
mon questions hiring firms are flubbing takes about 24-36 months for people
in interviews, causing new recruits to to become comfortable in the asso-
rethink their interest and remove them- ciate planner role. Understand that
selves from consideration. Be prepared the scariest thing an employee can
to answer these questions: think is “I’ve hit my ceiling.” Provide
the team member with expectations
1. WHAT IS YOUR PLAN FOR GROWTH? at various intervals after being hired.
Don’t: Don’t say you don’t have one, And frame it as you expect them to
but firms have said it, in some cases Do: When describing your vision and be able to achieve these goals after a
when they are growing! Also, don’t say the projected growth, it might be helpful certain time, and if achieved, explain
you aren’t growing — unless it is the to create a roadmap (could be the career the new compensation level/structure,
truth. Just realize you will not be able track stages) to show the interviewee position in the organization chart, and
to attract the A players you likely are how you will get them to where they title, if necessary.
seeking. Few upwardly mobile young want to be (income, lifestyle, net worth,
candidates want to join a no- or slow- career level, etc.), and overlay the two. 5. WHAT DOES IT TAKE FOR ME TO
growth organization, so if this is you, EVENTUALLY EARN OWNERSHIP IN
look at outsourcing to a third-party ven- 3. HOW IS YOUR INCENTIVE THIS ORGANIZATION?
dor instead of an internal hire. COMPENSATION PLAN STRUCTURED? Don’t: Don’t be taken aback or
Do: Provide the last few years growth Don’t: Don’t say: we don’t have one! offended. This is how A players think,
rates, and what you expect going for- Team members at all levels need to and is a reason why talented individu-
ward, plus what specific actions you know if they deliver above and beyond als are leaving other channels within
are taking in terms of adding clients they will be rewarded for it. Also, avoid the industry to join RIAs or launch
and staff to get there. Then go on to saying “it is a work in progress” or “we their own.
layout your vision for the organization. are making changes to it.” Many candi- Do: Understand that equity own-
If it doesn’t jive with them, move on — dates have told us over the years they ership is still a differentiator, but is
because hiring someone who doesn’t felt they had been baited and switched. becoming more of a table stake. This
buy in to your vision isn’t going to be a Do: Provide them with the mechanics. should be part of the career track and/
good long term fit anyways. For example, bonus potential is 10%-20% of or list of expectations you go over in
base compensation, and over the last three the initial onboarding process or during
2. HOW CAN YOU HELP ME years the average bonus has been 16%. This your formal reviews, at least for those
ACCOMPLISH MY GOALS? gives recruits a reasonable expectation of candidates who really do grow and con-
Don’t: Don’t regurgitate the long what they realistically might earn. tribute to the growth of the firm in the
laundry list of items found on the long run.
job description that is focused only 4. WHAT ARE THE EXPECTATIONS FOR
on what you need done in the short PERFORMANCE AND PROMOTIONS? Caleb Brown is co-founder and CEO of
term because of certain bottlenecks you Don’t: Don’t focus solely on timelines New Planner Recruiting. His podcast is at Adobe Stock
might be experiencing. and tenure (e.g. You have to be here newplannerrecruiting.com/category/podcast.

46 INVESTMENT ADVISOR JANUARY/FEBRUARY 2022 | ThinkAdvisor.com