Updated Sunday, November 23, 2014 as of 8:16 AM ET

Advisors: HR Disasters to Avoid

Itís a common occurrence: Financial advisors hire the wrong person and then suffer the consequences to their practice.

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Comments (1)
This is a brilliant article. The substance of the article exposes some of the major issues in the advisory industry. I have worked for both wirehouse and independent firms as an analyst or similar title.

Although I hold the triad of J.D., C.P.A, and C.F.P., I was let go at several positions due to the 'vertical strategy' of Wall Street firms. All of these firms mimic each other. It's comical how they pretend to be at the cutting-edge when the reality is it's somebody that a firm let go that is now using the firing firms ideas at the new firm.

Please allow me to address the laughable reasons this article presents as HR disaster. Imperfect fit? You must be kidding me. There will always be a better 'fit' out there. Advisors need to look in the mirror and realize developing a competent support staff is mutually exclusive to their ability to build their OWN book.

Hidden motive? Seriously? If growing as a professional is an ulterior motive, then advisors should start higher GED's. Everyone wants to improve. If an advisor is so scared of hidden motives, then put their ass on the line and offer a 3-years support rep contract that complies with easily definable covenants not to compete. Trust me advisor, most of these people just want an opportunity to use their education, gain some experience, and see where life takes them. Get off your soapbox.

My advice to advisors is to find someone that is hungry, interested, and desires a balance of life. Hungry? Not literally, but is still interested in finance and hasn't realized the jig is up and the diversification shouldn't be so expensive. Interested? Literally, but don't count on anyone wanting to be in finance or financial advisory forever. Again, the jig is up. It's nice to help those without the basic knowledge. After that, you're just another suit. Balance of life? Yep, I bet the naysayers of this post are laughing. However, what you are missing is that these people care - about life and business. Serve them the balance they desire and they will be the best hires of your life.

Best wishes to FA's out there that think they're better than there selling skills without reading this diatribe. Guess what? You are not better. You are worse. Wise up.

Sincerely,

Brian.
Posted by Brian M | Tuesday, March 11 2014 at 3:24PM ET
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