Hiring staff

Hiring staff. NOT the reason you became a financial advisor.


Think about why you became a financial advisor. Your reasons might include a desire to help people or intrigue in investing. Definitely NOT on your list: hiring staff, negotiating office leases, purchasing office equipment.

Let’s face it. As a financial advisor, the business of running a business is part of the gig. That doesn’t mean you need to sacrifice time on non-revenue-generating activities or with clients. Instead, take the practice-development advice of those who’ve succeeded, such as one CEO of a financial services firm who shared his hiring best practices with Financial Advisor Magazine. His recipe for winning at the hiring game:

  • Look for complimentary talent
  • Write compelling job postings
  • Get referrals
  • Offer competitive compensation and benefits
  • Run a rigorous interview process
  • Develop a formal orientation program

Waddell & Reed wins at practice development as well, much to the gratitude of its financial advisors. With a home office team dedicated to helping advisors with the complexities of running a business, advisors are better able to maximize their time doing what they signed up for – helping clients.

Associated Tags: Practice Management

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