Financial planning and management are the most crucial aspects of financial business success. There is an increasing need for financial planning services for individuals and businesses. For this, you can avail the services of professional financial advisors, and there are many things to consider when you are trying to hire a financial advisor. This article will discuss the step-by-step approach to hiring a reliable financial advisor for your business.
Hiring a good financial advisor – Kavan Choksi explains how
1. Write a proper job description
As Kavan Choksi suggests, the financial advisor market is flooded with professionals, and many such vacancies are being listed to attract the best ones. If you run a business and planning to hire a financial advisor, one should first prepare a proper job description and offer an attractive pay structure, including salary and commissions.
2. Consider the millennials
Most of the old-school financial advisors may be retiring within the next ten years, and it is going to be millennials coming up to the mainstream of financial advisors during this decade. They will account for an up huge part of the financial advisory spectrum, which will also change the way how financial marketing is being handled in the future. They have updated knowledge of technology and the ability to work with the best tools.
3. Posting the financial advisor jobs
You may post the vacancy for financial analysts at the job sites as well as the specialized financial recruitment forums to get the most matching applicants. You may also ensure that you reach the right candidates with the right job description.
4. Screening financial advisors
A basic screening test is an ideal way to determine financial advisors’ problem-solving ability and assess their knowledge of the latest practices and technology. There are different online platforms to conduct screening tests for business hiring. There are tests like the Criteria Cognitive Aptitude Test and Achievement Predictor Test etc., which can explore. These may be the best predictors of success in financial advisors’ performance in the future and help you make the best choice. During the pandemic, it is not always possible to call up the applicants for a direct meeting, so you may have to look for options to send the screening questions through email or the online platform itself.
Some important things you need to consider while recruiting financial advisors are:
- What their academic qualifications and certifications are? How long were they working as financial advisors?
- What type of experience and type of clients were they dealing with?
5. Conducting background checks
Once you shortlist a few experienced financial advisors matching your JD, it is also essential to conduct a background check in order to ensure that they are reliable with no criminal records, etc. You can also rely on third-party services to conduct background checks for new recruits.
Above all these, it is also essential to meet your new recruit in person. Kavan Choksi comments that a financial advisor is someone you need to work closely with as a business owner. So, you can assess whether they sync with you well and can maintain an open communication channel through a personal interview.