The ebb and flow of today’s financial market demands fierce competition. A candidate accepting your offer doesn’t mean they are locked in. They may still be looking at other offers and weighing in their options.

The financial services and real estate industry has seen an increase in wages since September 2020, resulting in 8.8% employees switching jobs. Wealth management firms are offering sweet bonuses and high transition packages to private wealth advisors. This makes the market favorable for them and they don’t hesitate to accept a better offer even after accepting it at one firm.

It is therefore important to take some important measures after the acceptance period to ensure things stay on track with your new employee.

Here are some steps you can follow after a candidate accepts your offer.

Send a Thank You Email

After the acceptance call with Human Resource department, as a hiring manager, you would step in to send a thank you email to the candidate. Let them know that you are excited to have them on the team and are looking forward to working with them.

Whether you are hiring a wealth manager associate, financial advisor, or a financial director, ensure that you send a thank you email soon after the acceptance call. Making a thank you phone call is also recommended as it’s more personable.

Make Onboarding a Seamless Process

A week or two before the candidate’s start date, your IT department will be setting up the employee’s company IT, their desk station, and other important IT-related tasks. Keep the candidate informed about the status of things on your end.

An important step after the candidate accepts your offer is to make sure the onboarding process is as seamless for your candidate. If your onboarding process is a wreck, the candidate may second guess their choice of joining you.

Organized, efficient, and high-tech working environment is essential in the wealth management industry. If your firm is using antiquated tools that require a lot of manual work and are time consuming, it can come across as a red flag to the candidate.

Engage the Human Resources Team

Before joining the team, your new employee may have questions about the team, company, time-off, vacations, health care, etc. Make sure the human resource team is in touch with the candidate to answer all of their questions.

If the candidate doesn’t ask any questions, the human resource team should send them an email covering details about the company’s benefits, payroll resources, employee discount options, health care benefits, paid time off, and maternity/paternity leave benefits.

Hiring is one of the highest-value growth factors for the wealth management firms. If you are hiring right, your firm will see a tremendous trailing 12-month production. Search Groups can help you find the top quality candidates in the private wealth.

Are you just starting out in the commercial banking industry or are you planning to switch roles? The Anderson Search Group can help you find the right match for you.