GAMA International Journal November-December 2013 - 20

Quantity and quality are not mutually
exclusive, but go hand in hand.

Several yearS ago, while attending laMP as a field
leader, I had a break-time conversation with a colleague. It
went something like this:
Him (excited): "Boy, there are some great afternoon
sessions on recruiting here. I need to find a way to get real
talent on my team."
Me (curious): "Wouldn't we all like that? So how is
your recruiting going?"
Him (evasive): "It's oK. How's yours?"
Me (proud): "I hired around 20 last year. How about
you?"
Him (self-assured): "I used to do that. Throw a bunch
of names on the wall and see who sticks, but that wasn't
working for me. So last year I changed my approach. I am
only hiring quality now."
Me (maybe a bit offended): "great. So how many did
you hire?"
Him (a little sheepish): "Four."
Me (self-satisfied): "Four?"
Him (with a chuckle): "yeah. one is going to be a
superstar; he's doing great. one is already gone, and the
other two could go either way at this point. But even if all I
get is the one, it will have been a good year, and I still
think I might be able to save at least one of the other two."
at that point we were interrupted and never continued
the conversation. But the experience made me question
whether I was "throwing a bunch of names on the wall."
on the other hand, his one strong hire a year was simply
not going to cut it for me.
I ultimately concluded that I had a business to run and
needed to find multiples of new talent on an ongoing basis.
I had to go for quantity and quality. I could not afford to
sacrifice either.

and today, I am absolutely clear that quantity and
quality are not mutually exclusive, but go hand in hand.
The quandary of whether to seek quantity or quality is
based in a poorly framed debate. The solution for recruitment of "quality" is to achieve "quantity."
of course, many business models exist in our industry, so
not everything that follows will apply universally. also,
recruiting interfaces with and is regulated by laws, regulations, company policies, and other requirements, so before
making any changes in this area, you should always consult
with appropriate advisors to ensure your procedures meet all
legal, regulatory, company, and other requirements. (By the
way, this article - which focuses on recruiting people who
are new to financial services - is not intended as legal or
compliance advice, and the content has not been approved
by any company or firm.)
Finding the Right Stuff
There are five main areas to focus on in trying to improve
recruit "quality": the ideal-candidate profile; sourcing;
engagement and screening; selection; and onboarding.
These are the areas that may contain the highest payoff
when improved. When carefully examined together, they
can serve as a catalyst for rethinking and improving your
processes.
T h e I d e a l C a n d i dat e Pro fi l e

The ideal-candidate profile is a key building block that
supports all the others.
you should have two separate documents: one
compliant and properly branded for public use, and the
other for internal use. Both should lead to the same
candidate.

Key Strategies

The Recruiting Quandary: Quantity vs. Quality

profile is
»your ideal-candidateyour other
the foundation for all of

always
»recruiting increasecomes down
to sourcing. To
quality, first

recruiting efforts.
Eliminate as many candidates as
possible early on in your recruiting
efforts.

g a m a i n t e r n at i o n a l j o u r n a l

increase sourcing.
have an intense selection process
that presents a realistic picture of the
career.

ensure that a structured onboarding
process is in place to help new advisors
succeed.

GAMA International Journal November-December 2013

Table of Contents for the Digital Edition of GAMA International Journal November-December 2013