When it comes to growing a practice for the long term, talent acquisition is just as important as client acquisition. The people who handle the day-to-day work of the firm are crucial to its operations, particularly as firm owners and other leadership focus their time on higher-level strategic initiatives rather than routine operational details. However, developing a strong hiring process can be challenging – and it's easy to overlook its importance until the next hiring need arises. A firm with a clear and well-defined hiring process can attract stronger candidates and evaluate them more effectively, creating a compound effect that strengthens the firm over time.

In this guest post, Eddy Ricci, founding partner of Lead Advisor, explores how firms can refine their hiring processes to attract top talent and how small firms can stand out in a competitive talent market.

Ideally, the interview process is mutual: the firm needs enough information about the candidate to make an informed decision, and the candidate needs enough insight into the firm to do the same. To that end, interviewers can benefit from emphasizing speed (aiming to complete the process within 30 calendar days), connection, and candidness about the firm's strengths and areas for improvement. Additionally, discussing how the firm's core processes, values, and growth opportunities may directly impact the candidate can help candidates better understand what it's like to work at the firm.

A proactive hiring process considers all components of the role, including compensation, team dynamics, and the purpose of the role (especially if it's being refilled). It also plans for a smooth onboarding experience. Ideally, the process is intentional, documented, and repeatable – minimizing internal stress and reducing the time required to make a successful hire. This foundation can be built by creating not only a detailed job description but also an onboarding plan and ensuring the team is aligned and prepared for the new hire.

Once the job is listed and an initial candidate pool is formed, the hiring process can follow three interview stages. The first stage is a brief 'same page' screening to confirm the candidate's qualifications, answer initial questions, and outline the next steps in the process. Some firms may also include a work assessment after this step. The second stage is an in-depth interview, focusing on the candidate's technical skills and alignment with the firm's goals and values. At this point, candidates can also ask detailed questions about their potential role in the firm. The third and final stage is a mutual alignment interview, which addresses any remaining questions and ensures both sides are ready to move forward. By the end of the process, both the candidate and the firm should feel excited about the decision to move forward!

The key point is that firms that craft a repeatable hiring process can create a better candidate experience. A warm, connection-focused, and communicative interview process not only helps firms stand out to candidates but also improves the quality of their evaluations – ultimately increasing the likelihood of finding the perfect mutual fit!

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Almost anyone who has onboarded new employees will attest to the inherent balancing act it requires. New advisory firm employees need to learn ‘just a few' things: who their teammates are and how to work productively with them, who the firm serves, what makes the clientele unique, and how to navigate the daily operations and long-term goals of the firm. New associate advisors face an additional learning challenge as they are asked to internalize the hard and soft skills needed to deliver high-quality advice. In short, there's plenty to learn. Yet, new advisors also need opportunities for responsibility and autonomy to progress and remain engaged. For smaller firms – especially those with little to no experience onboarding new advisors – creating a well-paced financial plan can feel daunting. However, a structured and flexible onboarding plan not only helps an associate advisor ramp up efficiently but also ensures a smooth transition into an autonomous and fulfilling role!

In this article, Senior Financial Planning Nerd Sydney Squires discusses how to construct an associate advisor onboarding plan that guides an associate advisor through their first year, establishes clear checkpoints for progress, yet still allows enough flexibility to grow with the new advisor!

A few key principles can make the onboarding process smoother for both the associate advisor and their manager. First, clarity: both the advisor and manager should be able to clearly define the core financial planning skills that a new hire is expected to develop in their first year. Second, measurable progress: the plan needs objective standards and measurable benchmarks so that everyone can track development and stay accountable.. Third, balanced structure and flexibility: while the plan should serve as a clear ‘guiding star' for the new advisor, it also needs room for adjustments as the advisor's strengths and preferences emerge.

One effective way to structure the onboarding process is to organize the skills that the associate advisor will ideally learn in their first year into key categories. We have provided an onboarding plan template for advisors to download, which breaks up the skills list into two primary categories: 1) client communication skills (e.g., meetings, email communication, and phone calls), and 2) technical skills (e.g., building an initial financial plan). As the onboarding template is filled in over the year, the advisor and manager can review the plan during check-ins to assess progress, identify challenges, and highlight what feels most fulfilling in the role. Additionally, having a one-stop reference sheet with resources – such as compliance guidelines and broker-dealer help desk contacts – can minimize routine questions and streamline the learning curve throughout the onboarding process!

The key point is that while onboarding associate advisors is often a highly individualized process in small firms, a clear, structured onboarding plan ensures managers and associates stay focused on the big picture as the advisor learns and takes on new responsibilities at a sustainable pace. Ultimately, a little planning, a collaborative attitude, and strong communication (with a good sense of humor!) can go a long way in developing confident, competent, and autonomous advisors!

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