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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
