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In a previous article, I wrote about the hiring process. Now that you have found a qualified candidate, how do you get her integrated into the team?
As a financial professional, you are completely engrossed in running your practice. You didn’t get into this business to wear the human resource hat. Yet, assuming you are already a top-notch advisor and don’t need training yourself, the opportunity for growth of the practice sits squarely on the shoulders of dedicated and competent team members.
The vision most advisors have for themselves is to spend the majority of their time speaking with clients, prospects and centers of influence.
However, there is much more to running a successful practice. In order to reach this vision, other team members need to be involved.
Below are some suggestions for how to best add a new member to the team.
Have a detailed job description
Make sure you know what you want. A detailed job description is a must. If you have other team members, involve them in developing the job description.
Consider this an opportunity to rearrange job duties. When one of my advisors was looking to add a team member, one of the existing team members spoke up and said that she would like to add and eliminate some duties from her job description. She was thrilled to add the responsibilities in which she was interested and eliminate the responsibilities she didn’t enjoy.
Have a plan
Provide information to your new team member on topics such as:
- General information regarding your company and the office
- Office policies and procedures
- Workflow systems
- Training opportunities
- Opportunities for advancement
Remember that people learn by doing, making mistakes and hearing stories. Keep this in mind when training someone new.
If possible, have your new employee shadow a veteran employee. You will likely want to do this sometime after the first week so that the new employee can gain a better knowledge of her job duties, be better able to retain what she is learning, and ask better questions.
It is helpful for a new employee to see how everything she will be doing ties into your practice and actively contributes to making your practice a success.
After she has been on the payroll for a couple of weeks, consider having her sit in on a few client meetings. Seeing what goes on in meetings helps her understand the complete process.
Prior to day one
If required, instruct her on how to get her fingerprints taken. Be sure her new hire paperwork is completed well before the start date. Be sure to give her a copy of the employee manual.
Whether this is the first time you are hiring staff, or you already have staff, it is imperative that you have all of the most recent versions of federal and state employee rules and regulations posted in a prominent area. A break room or supply room is the most common area for posting. Visit www.dol.gov for a current listing of requirements.
If a computer needs to be ordered, do it as soon as possible.
If necessary, order business cards and stationery.
Be sure that the work space is stocked appropriately with office supplies.
If the new person will be meeting with clients and giving advice or will be a part of portfolio management, schedule your prominent wholesalers to meet with her within the first few weeks.
Make sure the new hire is informed about the dress code, when to arrive for her first day, where to park, and with whom to check in.
Day one
The majority of the first day should be spent getting your new employee acclimated to the office. If you are able to get through all of the information quickly, you may be able to begin training on some of the easier tasks for which she will be responsible.
Have her added to the office directory and to the voice mail directory.
For a special touch, host a welcome lunch for the new person and invite the entire office.
Day two and beyond
Day two and subsequent days will be more specific to the job duties required of the new hire and are too varied to go into detail here.
Although not everyone you hire will remain, when you do hire someone, assume this person will be with you for life, and treat her accordingly. Make the commitment to invest the time and energy to train her, help her develop and be successful, support her efforts, keep her challenged, and help her take pride in her accomplishments.
For the past 19 years, Teresa Riccobuono has been a professional organizer, business consultant and practice-management specialist to the financial services industry, helping advisors bridge the gap between their existing and their ideal financial planning practice. She lives in the San Francisco Bay Area but works with advisors across the country. She is a member of the board of directors of the East Bay Chapter of the Financial Planning Association and is currently the co-chair of the Public Relations committee. She can be reached at [email protected].
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