When Recruiting Financial Advisors
Recruiting, like sales, is a long-term process. It does not produce immediate results.
As such, you should not focus on a particular day or time period, but rather on developing systems to get a steady flow of potential recruits into the agency. Unfortunately, there is no ready supply of quality agents waiting outside agencies.
In the search for quality producers, managers can take the following steps to simplify the process.
Be patient and persistent. It may take years for a manager to recruit an agent because quality agents usually are not ready for a career or agency change at the time you approach them. So, youve got to have a strong follow-up system. Even in todays computerized environment, tickler files work well.
Be resourceful and keep your eyes open. Youll also need several sources to keep the pipeline filled with potential recruits. Youll need to develop a clear profile of ideal candidates and then set out to find them.
There is an old saying: “If you want to catch an alligator, you go where the alligators are.” So, a great way to find prospects is to go places where they get together; industry association meetings and conferences are good places to start.
You should also take advantage of word-of-mouth referrals from other agents and personal observation. If you see someone who may have what it takes to succeed, strike up a conversation. Some of the most successful financial advisors come from an unrelated background but have the drive and desire to succeed.
In-house recruiters add value. I successfully have used an in-house recruiter for several years. Hire experienced telemarketers and train them to make recruiting calls, positioning them as independent recruiters working with your firm to help expand your operation. Compared to professional head-hunters, this is very cost-effective and keeps a steady flow of potential agents coming through the door.
Independence sells. Understand what agents want and meet their needs. After witnessing a 50% decline in career agent recruiting and sharp increases in independent agents, we adjusted our recruiting efforts.
Sell the idea of ownership. Help the agents understand that they will work for themselves and will own their practice (including renewals and future compensation), clientele, time and ideas. Ownership brings power of growth.