Manage Your Practice
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When Hiring, First Test, and Then Interview
From Harvard Business Review
Added on November 2013 in Manage Your Practice
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Summary: Many service companies, including retailers, call centers, and security firms, can reduce costs and make better hires by using short, web-based psychometric tests as the first screening step. Such tests efficiently weed out the least-suitable applicants, leaving a smaller, better-qualified pool to undergo the more costly personalized aspects of the process.
Why Firms Love Second-Career Advisors
From Financial Advisor IQ
Added on November 2013 in Manage Your Practice
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Summary: The financial-advice industry attracts a lot of career-switchers. In fact, at many large firms they make up the majority of new recruits. While a second-career advisor may not come as cheaply as a 21-year-old fresh out of school, success in a previous profession is an excellent predictor of future productivity, these firms say. Second-career FAs don’t cost any more or less to train. And advisors who have built a network of solid relationships in their first career often come with an built-in client niche.
30 Great Schools for Financial Planning
From Financial Planning
Added on November 2013 in Manage Your Practice
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Summary: In this article, Financial Planning Magazine 30 of the top Schools for Financial Planning. Be sure to see which schools are near you for potential internships and new hires.
Advisors: How to Train New Hires
From On Wall Street
Added on November 2013 in Manage Your Practice
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Summary: Most firms subject new hires to trial by fire. As a result, many say they experience disorder, lack of clarity, and confusion. Very few firms, even the best, engage in thoughtful training. This suggests that advisors can do better when it comes to preparing team members to succeed. Considering the time and thought required to design, develop and deploy formalized training programs, it’s no surprise that the advisory profession doesn’t have a mature training model. Here are some ways to help new hires thrive.
Align Staff Incentive Pay With Realistic Goals
From Finacial Advisor IQ
Added on November 2013 in Manage Your Practice
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Summary: That year-end bonus no longer motivating staffers as it once did? Maybe it’s time to revamp the compensation model, an Advisor Perspectives blog suggests.The blog acknowledges decades’ worth of research showing that employees find motivation in things other than compensation — “achievement, recognition, work that’s challenging and fulfilling, autonomy, and the opportunity to learn and progress,” for example.
