Understanding the Recruitment Process


How does someone get the best offer?

Ask yourself under which scenario is it more likely someone would get the best deal, one where an advisor engages a firm directly and essentially represents a single transaction, or one where they are introduced by a recruiter that does dozens of deals with that firm?

How do you know you will get introduced to the firms you want or should talk to?

Internal recruiters advocate for just one firm...the one for which they work. The same is true of some external recruiters, most of whom only represent two or three different companies. Engaging these individuals isn't necessarily a bad thing, but it is tantamount to walking onto a BMW lot and hoping the salesperson is going to help you compare their vehicles to Audi, Lexus, Mercedes, etc. Not going to happen.

Recruiters who have actual experience working as financial advisors is a big benefit since you'll waste less time trying to describe investments you need access to, etc. The best recruiters understand and can help you evaluate multiple options, including wirehouses, regionals, independent broker/dealers, and even registered investment advisories (RIAs).

How much do recruiters cost?

For candidates, about the same as a Realtor charges to help you find a home; nothing. Recruiters are paid by the firms they represent so there is no cost to candidates to take advantage of their connections and experience. Of course, confidentiality is the industry norm and typically goes without saying.

Can't someone explore options without a recruiter?

Of course, just like you can fix your own car, diagnose your own medical issues or plan your own vacation. All are possible, but having someone with experience to guide you is always better.

What's the best approach then?

If possible, talk to us before you engage directly with firms, managers or other recruiters. Once you are in a firm's recruiting pipeline, we will not be able to be involved helping you vet and evaluate that specific company if you have had conversations or meetings with them in the last six months or so. We can, however, still introduce you to opportunities with other firms.