Growing your Practice? Who is YOUR Ideal Advisor?

Very often our team works with advisors who have decided that to grow their business, they need to expand the team. Thus begins the conversation about recruiting and where to start.  We recommend a few basic first steps.

First, describe the ideal advisor that you would want to work with and the attributes that will make them the right addition.  What type of background, experience, investment philosophy and client service model do you envision this person needing to be the right match? Next, what is the vision for your firm? Why do you need this person and what do you expect them to bring to the table? What skillset are you looking for and how does that enable you to grow your business?

Finally, be sure to have a clear picture of your marketing plan and approach that makes adding an advisor important.  Think about what might be missing and what another member to the team can bring.  Often, we see advisors make huge strides in their social media campaigns by bringing on a younger advisor with knowledge of LinkedIn, etc.  Will this person be experienced or new to the industry?  For some interesting commentary on making the case for a junior vs experienced advisor, check out Growing Your Advisory Firm by Recruiting the “Right- Fit” Advisor from ThinkAdvisor.

Once you have these components determined, now turn the tables on your perspective.

At Pathfinder, we believe that the perspective or viewpoint of the client is the lens through which every decision should be examined.  Apply that same philosophy to the advisor you are looking for and consider what your ideal advisor would want from the practice they intend to join.  Think about how these two viewpoints – yours and theirs should match.   Consider how you will paint the picture of how your practice plans to grow and how this valued member of the team is key to that vision.  Naturally, compensation is a big part of the conversation, but make sure it’s not the only part.

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