He advised that firms look for the candidate who makes the most effort in the interviewing, financial planning exercises, and screening process. One applicant completed the process in two days while working part time and taking a full load of college classes; Brown said most applicants took two weeks to complete it.
“When I asked the candidate what motivated her to complete the work so quickly, she said that the exercises were challenging and she wanted to get a head start on the competition.’’
He recommended five steps for successful screening, which include interviewing but also computer skills testing and personality testing.
Further chapters deal with compensation packages, proper training and development of new hires, how to handle underperformers and succession planning.
“Above all else, remember that your firm’s greatest asset is its human capital,’’ Brown said.
Successful Hiring for Financial Planners: The Human Capital Advantage, by Caleb Brown. Coventry House Publishing. 138 pages. $14.99.
Eleanor O’Sullivan is an award-winning journalist who writes for Financial Advisor.