Don’t leave adviser recruitment to HR firms: Tynan
Practice principals need to be involved in the interview process when hiring new advisers, to ensure they get the right candidate for the role, Connect Financial Services Brokers chief executive, Paul Tynan believes.
Tynan warned that recruitment firms were not necessarily the best people to identify whether an adviser was a good fit with the practice they were seeking to join.
"HR recruiters don't have hands on financial services industry knowledge, insight and experience," he said.
"I acknowledge that HR and the recruitment process seek to connect and align people and businesses, but unfortunately, it is still the same old focus of placement for the sake of placement.
"The future demands a more modern match-making approach that understands the work practices and conventions of the past are long gone and the future will be dominated by more and more individuals going into the self-employed world."
Tynan said recruitment within the financial services industry was "very complex" and that "experience can be the difference between a successful recruitment and an outcome that causes serious business disruption with major business losses".
Part of the challenge of recruiting advisers stems from issues such as advisers not being able to adapt to the operating model of their new employer; not understanding the fundamental difference between an institutionally aligned business model and a non-institutional practice; and advisers being unable to find the best practice for them.
AUTHOR
Nicholas O'Donoghue
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
