Most private wealth candidates focus on two critical elements for their job success: time and relationships.
Private client advisors understand the need for timely investments and time in the market. Because they work with their wealth management team investors and clients to create asset wealth, these advisors manage time and build trusting relationships. They expect hiring teams to do the same.
Leadership expert John C. Maxwell noted, “Time is an equal opportunity employer, but how we treat time is not equal.” Current interview and job offer practices in financial planning confirm Maxwell’s observation.
Recruiters have advised private wealth divisions within banks and firms that without “an excess of highly qualified candidates, an offer decline means you have to restart your candidate search. Starting from scratch takes time and can be expensive. Declined offers can add 30, 60, or 90 days to your search, not to mention the cost of an unfilled need.”
On the other side, candidates want results quickly as well – job candidates expect a professional offer within 21 days of their interview.
Reasons Wealth Management Candidates Turn Down Offers
Attracting high-quality candidates for private wealth divisions within banks and firms comes down to how timely you respond and whether you’ve successfully built and maintained a professional relationship with the candidate.
These habits may force your top asset manager candidates to look elsewhere for employment:
- Background checks take 4x longer than they should. Try to complete the background check within 24 hours.
- Upper management approval takes too long. Make a verbal offer quickly and follow up with a written offer “pending approval.”
- The interview process was not transparent or brand-consistent. Outline the steps clearly for the candidate; keep all communication professional.
- The decision-making period for accepting the offer is too long. Cut response time in half, or you risk losing your hopeful hire to another firm.
- Offers are neither attractive nor aggressive. Private Client Advisors are salespersons who expect you to sell the position.
How to Follow Up on Declined Offers
A possibility that another company will lure away your top candidate is a possibility. The reasons for declining your offer can vary. Candidates may have:
- accepted a job offer closer to home or allowed remote work
- opted for better benefits (training, leave packages, salary)
- agreed to the current employer’s counter-offer.
If your candidate declines your offer, find out why. The answers may help you improve your hiring processes. Take these steps toward discovery:
- Write or call the candidate to express your genuine disappointment.
- Ask if your private wealth division could have done something differently in the interview process. Include open-ended questions to elicit thoughtful responses.
- Finally, wish the candidate success; you may meet again.
Adhere to short timelines and build a strong relationship with wealth management candidates. You’ll discover they decline fewer of your offers.