Adviser recruitment and placement has changed...industry insight and experience a must says Tynan

MELBOURNE, Australia - Aug. 25, 2015 - PRLog -- The critical and strategic importance for dealer groups and advisory practices to utilise the skills and services of industry professionals when recruiting advisers was brought home to Connect Financial Service Brokers (Connect) CEO Paul Tynan during a recent assignment.  “The financial services industry is very complex and experience (especially knowledge in relation to ‘who’s who’ in the marketplace) can be the difference between a successful recruitment, and an outcome that causes serious business disruption with major business losses”.

Over the past 35 years, Tynan has seen advisers leave one dealer group only to be disappointed with their choice and decision.  The reasons for this differ with each scenario and some of the more disturbing outcomes include – advisers not being able to adapt to the operating model of the new practice; not understanding the fundamental difference between an institutionally aligned business model and a non institutional practice; and advisers unable to find the best practice / bridge as they move from a salaried position into a self employed role.

Commenting further on the project Tynan identified the client as a boutique dealer group seeking a self–employed adviser to work off an excellent referral base.  “I was surprised at the number and quality of the applicants that responded to the opportunity and the four shortlisted candidates were outstanding aspirants”.

This was then followed by face to face interviews between the principal and candidates that Tynan facilitated and their efforts identified an excellent adviser that successfully fulfilled the owner’s requirements.

In addition, the process discovered another adviser that would join the dealer group and fulfill the principal’s need for a successor for this long term succession / exit aspirations.

Both candidates have joined the dealer group and the principal has benefited by the two self starters freeing up his time to work on the business developing new processes, systems and marketing strategies as well as pursuing interests outside the business.

Reflecting on this and other recent recruitment exercises, Tynan attributed the successful outcomes to not following a ‘normal’ recruitment process.  “HR recruiters don’t have hands on financial services industry knowledge, insight and experience that would have identified and capitalised on the unique backgrounds and potential of the two candidates that resulted in a win-win-win outcome for three parties”.

“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 and therefore must change.  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 also confirmed that he has been engaged by a growing number of accounting and financial advisory groups who have been frustrated by the lack of sellers and unable to find the right businesses to purchase.   His solution has been to introduce culturally aligned businesses and people and then facilitating successful outcomes such as JVs, referral partnerships, mergers, acquisitions or sale.

“It is not unusual for some of these conversations to take up to two years and we are currently seeing a number of these long term introductions come to fruition”, concluded Tynan.

ENDS

Issued by Connect Financial Service Brokers          www.connectfsb.com.au

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