Podcast Center
Video Center
Webcasts
Resource Center
Events
January 01, 2017 at 07:00 AM
For the past 30 years, the conventional wisdom has been that advisors who want the best recruiting deals should flaunt bigger offers they have from rival firms to encourage other suitors to raise their bids.
While in some cases this really makes sense — especially if an advisor is primarily motivated by the deal itself — many firms secretly scorn such soldiers of fortune. They know there’s always a bigger offer somewhere, and that advisors motivated by such packages rarely stay after their deals end.
In most cases, I’ve found that firms who feel loved do more for prospective advisors than many in the industry might think. As in life in general, when people feel understood and appreciated, they are more inclined to reciprocate by trying to please the other party.
Advisors who let prospective firms know they seem to be the best places for a growing practice can elicit powerful rewards. These firms are often supermotivated to do everything in their power to accommodate potential recruits with such an attitude.
This is particularly true of advisors who can succinctly outline why they feel so optimistic about their move. Everyone and every organization wants to be valued for their unique attributes.
This makes sense from the hiring firm’s standpoint for several reasons. Once the branch and regional managers believe an advisor truly wants to join a firm, it’s worth their time to focus on the needs of this advisor.
These individuals usually are talking to many prospective advisors at the same time. Like other salespeople, they focus on the prospects they are most likely to close. It’s the best use of their time.
Once they feel an advisor is highly motivated to sign on with their firm, they have more leverage to go to battle on the advisor’s behalf with senior management. They are even excited about fighting on behalf of an advisor who really wants to come on board.
