Along these same lines, prospective recruits with a non-combative and easy-going demeanor that facilitates a positive work atmosphere should take precedence over confrontational and difficult personalities, which harm office morale and interfere with client service, even if the individuals involved have great production and asset numbers on their side.
Meeting Expectations
Provided the firm still wants the advisor to come onboard, all the pieces should already be in place to close the deal if the above items have been thoroughly addressed. Indeed, if a firm offers competitive compensation, the advisor’s decision will likely come down to technology, home office responsiveness, and day-to-day procedures that shape an advisor’s overall ease of business.
This is where the home office can spot motivated advisors who have a real focus on growing their businesses—they are inevitably the ones who spend extra time with more questions that yield insight into whether the firm has the resources to help them reach higher production levels, capture more client assets and enhance the stickiness of existing client relationships.
Since integrated platforms with automated CRM and portfolio management tech have become table stakes in much of the industry today, firms must also be able to provide easy and cost-effective access to compelling marketing materials and up-to-date research intelligence.
Moreover, independent firms that want the best advisor talent need the best home office talent, who can show advisors how to access new solutions and services that they could not offer to clients at their previous firms. This is especially relevant to advisors seeking services such as fixed index annuities or advanced trust services.
Quality Over Quantity
Independent firms have every incentive to focus on recruiting ethical advisors who have expertise in the solutions and services that most closely align with the firm’s long-term strategy.
Provided that the firm commits to the success of its advisors, a quality over quantity-based recruiting approach produces a much better industry environment for everybody.
Patrick Farrell is CEO of Investacorp, a Miami-based independent advisory and brokerage firm that is a subsidiary of Ladenburg Thalmann Financial Services.