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Do you have more work than you can handle? Need to hire staff to help? U.S. News & World Report has some tips for you.

handshake 220233 1280Meredith Moore, founder and CEO of Artisan Financial Strategies, said she realized she needed to hire a junior advisor who could work with clients who didn't fit her ideal profile. However, she needed an advisor that had an outlook that aligned with her own. 

Instead of simply placing a help wanted advertisement, she created a paid one-year intensive class focused on practice management. The class had strict rules on attendance and assignments. Candidates had to watch videos, listen to podcasts, and other work that required hours of study. 

Moore also didn’t require the candidate to bring over a big book of business. Instead, she split her cases with him. "There is a misconception that AUM means everything when considering hiring advisors, but actually there are other qualities that often outweigh the importance of AUM," says Ryan Shanks, co-founder and CEO of FA Match, according to the article. 

Shanks also said that hiring a newer advisor gives a firm the opportunity to better mold the individual when it comes to a firm’s culture and when dealing with clients. 

Stoy Hall, for his part, knew he needed to hire two junior advisors. Hall is the executive director and senior wealth advisor at Centric Wealth. He found one junio advisor while speaking on a college campus and the other via LinkedIn after a correspondence over a period of time.

He says that hiring can be difficult. “I learned that not everyone is fit for this industry,” he said, according to the article. “Some people need to experience the corporate side over the independent side." He also said that not everyone is cut out to be in an advisory role, but that doesn’t mean they might not be valuable to your firm. Therefore, advisors should consider what non-advisory roles someone may be able to fill if they seem like they can bring value to a firm.

Other places, like Wambolt & Associates Wealth Management Partners, operate an internship program with the goal of identifying college students close to graduation who may make good hires later on.

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