10 Recruiting Resources to Have in Place
10 Recruiting Resources to Have in Place
As a practice principal focused on attracting top financial advisors, having the right resources at your fingertips is crucial for a smooth and effective recruitment process. Here are ten key materials to prepare in advance:
Recruitment Lifecycle Timeline: This timeline outlines the various stages of recruitment, helping you stay aligned to a path with the goal of each meeting leading to the next strategic step.
Practice Analysis Form: A structured questionnaire to capture the key aspects of an advisor's practice, providing a comprehensive overview before you dive into due diligence. This is a free service on the AdvisorBox app and also a service added package for those who want human review and consultation.
Formal Offer Letter: An official document that clearly states the job offer, including the associated benefits and expectations for the role. You can find template offer letters in the AdvisorBox app's Templates box.
Non-Disclosure Agreement (NDA): This legal document protects confidentiality, giving advisors the confidence to share sensitive information. Also available in AdvisorBox app template builder.
Employment Agreement: A detailed contract that covers equity, payout structures, client ownership terms, employee benefits, and other important employment specifics. Also available in AdvisorBox app template builder.
Background Consent Forms: Authorization forms that enable you to conduct necessary background checks, enhancing the integrity of your recruitment process. Also available in AdvisorBox app template builder.
Executive Summary: A concise and compelling presentation of your firm's strengths, tailored to engage potential advisor candidates. A professional pitch deck if you will. Also available in AdvisorBox app template builder.
Income Comparison Charts: Customized charts that project potential earnings for advisors, clearly showcasing the financial advantages of joining your firm.
Broker Protocol Guidelines: For advisors transitioning from other Broker Protocol firms, a review of the Protocol's rules and protections reassures them of a compliant move. Have a lawyer specialized in this review the agreement and have a plan of action in place. (See vendor portal).
Transition Step-by-Step Plan: A detailed roadmap that outlines the onboarding process post-hire, clarifying roles and responsibilities for a seamless transition. (varies by firm)
It makes a difference in the advisor recruit's experience and in their impression of you when you are or not prepared. You're the captain of the ship they are considering jumping on. With clients you always know there is a form somewhere you can access. Recruiting centric support materials aren't readily available for recruiting advisors (though their is a lot of topic material) from all IBDs and platform providers. Consider getting everything lined out first for the kind of recruiting and types of advisors you're targeting.
The AdvisorBox app has what’s needed when it comes to recruiting and acquisition templates and for more robust support see our AgreementsBox and AttorneysBox.
This article is authored by Darin Manis, founder of AdvisorBox, LoanBox & AdvisorLoans.