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Four Things to Consider When Hiring a Financial Advisor

Merlin Blog / Employers  / Customer Service  / Four Things to Consider When Hiring a Financial Advisor
How to hire a financial advisor

Four Things to Consider When Hiring a Financial Advisor

In today’s unpredictable economic climate, the financial industry is facing a stream of new challenges, from complicated tax reform to growing competition with technologically advanced robo-advisors. In order to increase their paydays, financial institutions must prioritize hiring the most qualified financial advisors and wealth managers to their roster. To help you do so, here are four tips you should follow to find the top talent from your candidate pool.


Portfolio History

Certainly experience is valuable in every industry, but in financial services, it is a requirement. Before you hire anyone, dig deep into their previous portfolio of work. How many accounts did they manage? Were there ever any customer complaints? What was their strongest or weakest year? Why? A good financial advisor will be honest and upfront about their successes as well as their failures. Also, confirm their statements with references, previous managers, and past clients.


Relationship Management

For some clients, making money is just as important as relationship management. Who wants to hand over their hard-earned cash to someone they don’t particularly like or trust? Find out how the financial advisor has treated previous clients by speaking to them directly. In what ways are they accessible? How quickly do they respond to messages? How are they at communicating what’s happening in a financial portfolio? How do they reassure clients during a volatile period?


Technology Savvy

Though some might consider technology as competition, motivated financial planners will use these new tools to their advantage. For example, data aggregation companies offer myriad data points to help chart patterns of growth or decline, which can be helpful in determining future investments. And with crytpocurrencies like Bitcoin becoming bigger players in the financial markets, advisors should be well versed and comfortable working with these new technologies. Be sure to ask potential advisors what kind of apps or tools they use and how it helps them or their clients.


Long-Term Strategy with Clients

“Holistic planning” is a popular buzzword when it comes to financial planning. Nowadays, most clients are seeking planners to make not only sound investments, but also advice and guidance to achieve long-term goals, such as buying homes, saving for their children’s education, and preparing for retirement. Ask candidates to explain their strategy when it comes to playing the long game with a client’s assets. How do they ensure each of their client’s life goals are met?

Remember, as you go through the hiring process, look for candidates that are not only confident, but also inspire confidence in you. After all, if you don’t trust your them, why should their clients?



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