Financial advisors looking to make a change: Use a third-party recruiter

When our firm was established in 1988, there were no other third-party recruiters representing independence.  The “why” then, remains our “why” today, which is to consult with advisors interested in changing firms.  Fast forward 36 years, we still feel just as convinced that using a quality recruiting firm dramatically benefits an advisor’s process when exploring opportunities.   A good third-party recruiter is a consultant for an advisor and with the right expertise, connections and intuition, is invaluable in the process.

We frequently say to an advisor, “instead of asking yourself why use a consultant/recruiter, you should ask yourself why not use a recruiter”?

The most impactful benefits a qualified consultant can offer:

  1. Help you organize your priorities– The art of recruiting is knowing what probing questions to ask in order to uncover what is most important to an advisor.  This skill is more of an art than a science.  Quite often, advisors know why they are unhappy, but since they don’t know what’s available in the marketplace, they don’t know what questions to ask or even what they should prioritize. 
  2. Save time– I often chat with advisors who have spent countless hours interviewing firms blindly only to find out that they were spending time with the wrong options.  An expert will know based on your specific needs which BD or RIAs are the best suited.  Saving time on due diligence is one of the greatest benefits a consultant can provide and gives the advisor more time to focus on their clients and running their business.
  3. Get real insight– consultants talk to advisors all day long.  They know which firms have service issues, compliance problems, lack technology, are potentially up for sale etc. when you talk to a recruiter that represents one firm, they rarely highlight their firms’ weaknesses.  That’s where a consultant can provide unbiased insight.
  4. Education on industry trends– An experienced consultant will help you understand what’s happening in the marketplace, where the industry is heading, how ownership of a BD or RIA affects the direction of the firm, how regulatory pressure is affecting firms and how are they adjusting etc.