4 Simple Ways to Improve Your Onboarding for New Private Client Advisors

4 Simple Ways to Improve Your Onboarding for New Private Client Advisors

Alonna, a recent college grad, was excited about her first day on the job. The private wealth firm that hired her talked extensively about their process for onboarding new private client advisors, and this attention to new employees guided Alonna’s employment choice. As earlier as the interview process, Alonna knew exactly what to expect in the first few weeks of her transition into the firm’s corporate culture.

The firm also recruited Anthony at the same time Alonna joined the firm. With fourteen year’s experience, Anthony seemed to have a good handle on his duties as a private client advisor, and he would be working with one of the senior advisors. As a result, his manager told Anthony, “Your office is here. You know what to do, but let me know if you have any questions.”

Six months later, Alonna’s onboarding was complete. Already she found her work fulfilling, clients appreciated her interest in them, and she identified her career path within the firm. On the other hand, Anthony still seemed to be floundering. He cut corners, sometimes forgot his scheduled client meetings, and was already talking to recruiters about looking for “greener pastures.”

What made the difference in retaining the top talent the firm had tried to attract?

It was the onboarding process: Alonna’s onboarding was customized to her needs; Anthony’s was non-existent.

Four steps in onboarding for new private client advisors

Never before has there been a greater need for effective onboarding. With an estimated $70 transferring from Baby Boomers to  Millennials, new private client advisors must be ready to help with the wealth transition. They must have a well-planned and thorough onboarding process. 

  1. Automate your system. If you’re not using a CRM, invest in one. You’ll reduce onboarding times and save money. Additionally, clients accustomed to making transactions in a fast-paced digital world will find the experience appealing.
  2. Customize the onboarding experience. Recent graduates and passive talent from other firms do not require the same onboarding experiences. Make their transition and onboarding as unique as they are.
  3. Be welcoming. The first few days at a new firm can be overwhelming. Stock the new employee’s desk with a few essentials, give them some corporate bling and be available for questions as they come up.
  4. Provide interactive opportunities. Encourage teamwork and collaboration as a way for the new hire and current employees to get to know each other. Some companies have adopted gamification to onboard employees, providing everything from tours of the offices to teaching policies and practices.

Onboarding for new private client advisors is not a new trend among private wealth firms. However, onboarding well is a practice worth getting better at.

Finding People Who Make a Difference®. Sanford Rose Associates® understands the need to find the people who will “make a difference.” Our goal is to match human capital needs with highly qualified individuals as quickly and efficiently as possible, with the end goal of enhancing the client’s organizational capability.

4 Simple Ways to Improve Your Onboarding for New Private Client Advisors