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CALEB’S AGENDA

•Overview of talent pool•What are candidates seeking?•Sourcing strategies•Screening ideas and resources

2

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0

5000

10000

15000

20000

25000

No Age Given 20-29 30-39 40-49 50-59 60-69 70-79 80+

CFP®Certificants by Age

Number of Certificants

Source: CFP.net As of6/9/16

3

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

19911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016

Total Sat

Total Passed

4

Source: CFP.net as of 6/9/16

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TALENT DISTRIBUTION CURVE

5

6

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7

What is your story?

POSITION CHARACTERISTICS

• Table stakes

• Solid revenue growth for firm

• Salary plus incentive compensation

• Work with existing clientele; no business development requirements initially

• Career Path and established expectations

• Mentoring and training from Senior Planners

• Differentiators

• Structured/formal training

• Opportunity to work with younger clientele

• Clear track to firm ownership

• Employee centric culture

• Helping build/be a part of something

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TIM’S AGENDA

• What Experienced Candidates are Seeking

• How to Screen and Vet Candidates

• Interview Timeline Suggestions

• Why Candidates Stay with their Current Employer

• Characteristics of a Successful Placement

• High Level Overview of Compensation

WHAT EXPERIENCED CANDIDATES ARE SEEKING

• Objective and holistic platform

• Opportunities for career advancement (equity potential)

• A focus on service opposed to sales

• Quality of Life – Location, flexibility, etc.

• Fully-utilized and given additional responsibility

• Interesting and challenging work

• Similar philosophy and approach as the owners of the firm

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HOW TO SCREEN AND VET CANDIDATES

• Profile 1 - CFP with 7 years of experience out of college. Series 65 licensed.• Male candidate

• He is engaged to a woman who lives in the same city and has a job with a bank.

• He is from Chicago but his fiancée is from the Southeast and she has family in Tennessee and Georgia. She is also completing her MBA in a few months.

• Owns a home in Chicago Suburbs and works 10 minutes from the office. Your opportunity is in downtown Chicago and with public transportation it will take him 45 minutes to get to work.

• Current firm is a fee-only RIA and it is his third employer since graduating college. He’s been at current firm for the last 2 years.

• When you look at his resume, there is a small gap between his first two jobs.

• When asked why he left his last two jobs he said it was because he wasn’t given opportunities to have more client contact.

Okay, now let’s dissect and dig a little deeper!

HOW TO SCREEN AND VET CANDIDATES

• Profile 2 – CFP with 10 years of experience, Series 7 and 66 licensed• Female Candidate• Single, but significant other is completing PhD program in Chicago. Will be finished in

about a year. No children. Significant other moved around a lot growing up and has family scattered across the US.

• She is from Southern California and went to college at Arizona State.• She has an apartment in downtown Chicago.• She is currently a relationship manager at JP Morgan and has been there 18 months.• Manages a book of 50 relationships totaling 250MM AUM.• Prior to, was with Charles Schwab in San Diego for almost 8 years which was her first job

out of college.• When asked why she is open for a different opportunity, she says she wants to have more

opportunities for advancement and to get paid what she’s worth.

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TO DO BEFORE THE INTERVIEW

• Before the interview, study their resume and look them up online (Facebook, Google, Linked In, Broker Check, CFP Website

• Look for things on the resume that don’t make sense – gaps of time, patterns, style of writing and things that just don’t make sense in general.

• Be prepared to sell your opportunity as much as they’ll be selling themselves. Both parties are interviewing one another.

INTERVIEW TIMELINE SUGGESTIONS

• 1st Round - (60-75 minutes) - Have candidates meet with 1-2 key decision makers. Meet the candidate separately. (No need to have them meet 5 people on first round. What if they are a dud and now you’ve wasted your team’s valuable time?)

• Did they send a follow up note? If not, does it make you question their follow up skills with clients?

• 2nd Round (2-3 hours) – Have them spend time with team members at all levels – If possible, take them to lunch or meet outside the office for coffee.

• Ask them for references and give them a Case Study or Assessment to evaluate their critical thinking and technical skills.

• Personality Profile Test, Industrial Psychologist or Business Advisor

• Check references

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WHY CANDIDATES STAY

• Great Quality of Life – commute, ability to work from home, summer hours, close office at 2PM on Halloween, firm closes the week off between Christmas and New Year’s Day.

• Paid well for what they do – especially your experienced advisors. • Feel valued and important

• They feel challenged and are given increased responsibilities• Love their clients and their teammates• Equity

• They see a future at their firm – a path.• Their firm invests in them….MBA, other certifications, etc.

CHARACTERISTICS OF A SUCCESSFUL PLACEMENT

• Motivation to take the new position was not driven by money.

• Quality of life was equal to or better than previous firm – commute, hours, flexibility to work from home, etc.

• They weren’t hired primarily for their “book” or “potential book”

• The candidate met multiple team members during the interview process.

• The candidate and client had a strong desire to want to work together.

• Expectations were clear. No surprises.

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COMPENSATION

• Incentive-Based Pay vs. Performance-Based Pay

• Equity vs. Non-Equity