11 Apr What If Your Top Performer Quit?
How can you avoid a prolonged search process when you need to hire yesterday? Over the last year or two, we’ve been contacted numerous times by RIA’s and Multi-Family Office’s about searches they’ve conducted for positions that have gone unfilled for up to a year or more. According to a recent leading industry study on staffing and compensation, on average across 1B+ RIA’s, it takes six months to find a talented support advisor. Lead Advisors, who can also develop business externally, typically take two years to find. This kind of extended time frame can severely hamper productivity and is the direct result of a firm taking a passive approach to hiring.
We highly recommend that you always be interviewing potential new employees. Once a week, set aside an hour or so to have a coffee or catch a bite to eat with a top performer. You never know when you’ll need a good pool of candidates to move forward with—people you have a connection with and whose backgrounds you’re well aware of.
Case in point: Recently, an RIA lost a lead relationship manager after bonus time, but instead of taking the average of two years to find another full service advisor, they filled the position in just a few weeks because they’d been networking the whole time and already had three people lined up to speak to quickly.
If you’d like to learn more about implementing a continuous interviewing process at your firm, feel free to schedule a complimentary consultation. We look forward to hearing from you soon.
Leah Yosef International is the Private Wealth and Investment Management search division of Sanford Rose Associates, recognized by Executive Search Review as being one of the Top 10 Search Firms in North America with 90+ Offices worldwide. To learn more, please reach out to your Leah Yosef International executive search consultant today. Schedule A Consultation