Page 40 - Investment Advisor - September 2023

service. The last thing you want is an aren’t honest about what you see as the most comfortable working within a con-
advisor who’s used to working with, fair wage for hiring them. ventional 9-to-5 framework and others
say, 40 clients at their previous firm and There’s nothing wrong with saying are a bit more unpredictable.
then suddenly is expected to work with to a candidate that the wage they want When a job candidate asks questions
100-plus clients at your firm. is higher than the wage your firm is about whether they’ll be required to
The same is true for associate advisors, willing to pay. The problems arise when work full time from the office, under-
those who cannot yet work directly with you hire based on a wage that’s outside stand that they’re really asking, “How
clients on their own. It’s important that of what you deem as fair and resent the professional is your culture?”
you let the candidate know how much hire for it after bringing them on board. At this point in the evolution of adviso-
client exposure they are going to get. 4. Take no for an answer. Simply ry firms, the answer should be something
If they believe they will be working put, when a job prospect declines your like: “We’d like to see you each day, but we
with clients at the onset and your goal is to offer, respect their “no.” also know that the most important aspect
put them more behind the scenes to sup- We’re seeing firms that receive a “no” of your job is client service. Hopefully
port other advisors in the firm, you’ll have sweetening their offer. All this does is you’re taking care of yourself along the
a misalignment of capacity expectations. illustrate to the candidate that you are way, and we trust you to do that.”
3. Pay fair wages. In today’s robust desperate, opted to lowball them in the The bottom line is that if you’re hon-
hiring environment for experienced first place, and don’t respect boundaries. est with the advisors about the position
financial advisors, firms must know what Remember, candidates who tell you you are hiring for, truthful with yourself
their fair wage is. The goal of every advi- “no” are doing you a favor by saving you about what you can afford to pay in
sory firm should not be to look at bench- from future turnover. wages, and respect your advisors’ auton-
marking studies on compensation, but 5. Build a professional culture. omy and treat them in a professional way,
rather to figure out what they can afford. Every financial advisor has a different you’ll have a much better chance at hiring
Affordability is your firm’s fair wage. capacity for working with clients each great advisors and retaining them.
From experience, I can tell you that you day. Some have more energy one day and
can find good quality advisors who will less the next. Some tend to have lengthy Angie Herbers is a managing partner at Herbers
accept all sorts of pay ranges. But you’re conversations with clients and others & Company, an independent management
not going to retain those advisors if you are shorter and to the point. Some are strategy consultancy for financial advisory firms.

38 Investment AdvIsor September 2023 | thinkAdvisor.com