As the first installment into our new series, today we are going to talk about how long it should take to fill your open wealth and investment management positions, whether for a typical Financial Advisor or Portfolio Manager type search, or for an executive leadership role.

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Today’s video marks the start of our new series about the process of finding experienced candidates to fill critical roles in your company. To begin, how long should a typical search take? Ultimately, this really depends on the type of search. There are three different types of searches with corresponding time frames to consider.

For a client-facing Financial Advisor or Wealth Advisor position that has been left open due to turnover or dynamic growth, you should ideally have a solid pool of candidates within two to three weeks. If you have a strong recruiting process for your candidates and can use existing employees as a referral source, it can even be as short as one to two weeks. If you hire a search firm, they should be able to source, for example, at least three Financial Planners, in under 22 business days.

This time frame should be consistent for any geographical market throughout the US, whether it’s a major city like Chicago or Boston; a mid-sized city like Newport Beach, Cleveland or Pittsburgh; or even some in some of the most remote regions of Vermont or New Hampshire.

Now, if you’re looking for a higher-level, strategic hire such as a Head of Wealth Management, or a newly created Chief Operating Officer role at a Registered Investment Advisor, you should make sure that you’re completely combing the market to connect to all potential candidates. This will take time; however, 60 days is typically enough time to identify a reasonable pool of candidates for your high-level positions. Bear in mind that if this process extends over a long period of time, you won’t be able to compare and contrast your candidates as accurately.


Bear in mind that if this process extends over a long period of time, you won’t be able to compare and contrast your candidates as accurately.


The third type of search is slightly different from the others. Certain clients may not be actively looking for candidates, but instead have an “always be hiring” approach to recruiting. These clients often ask us to keep them in mind when we come across “A” players. This type of search is more about keeping your ear to the ground, especially at certain times of the year. About 90% of Financial Advisors, Lead Relationship Managers, and Wealth Advisors in business development roles will leave in the last or first quarter — around bonus time.

Ideally, you should go be going into the marketplace to conduct a thorough search a few months before that time. Of course, there is never a bad time to hire an entrepreneurial lead client advisor. When the right person walks in the door, you should be ready.

If you would like to learn more about our firm, and our ability to quickly and efficiently recruit wealth and investment advisory talent, please schedule a complimentary consultation. Or you can always call or email us directly. We look forward to hearing from you soon.

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