Step 2: Define Career Tracks

Once you know what role your new hire will play in the firm, clearly define how they will grow within the organization. Career tracks are not just for the candidate’s benefit, they’re essential for retaining talent long-term.

A strong career track includes:

• Defined role levels (e.g., associate advisor, lead advisor, senior advisor, partner)

• Expectations and responsibilities at each level

• Technical and interpersonal skills required to advance

• Compensation benchmarks and incentive structures

• Timelines for potential promotion or equity consideration

When career paths are ambiguous, advisors often become frustrated and disengaged, even if they like the firm. On the other hand, when the path is clear, good talent sticks around because they can see how their future aligns with the firm’s future.

Document your career tracks and use them during the interview process. This helps candidates self-select, and shows them you’re serious about professional development.

Step 3: Hire for Culture Contribution, Not Just Culture Fit

It’s common advice to hire for “culture fit,” but that can often translate into hiring people who look, think, and act just like the existing team. This limits the types of clients a firm can serve, reinforces blind spots, and can unintentionally exclude diverse perspectives.

Instead, shift to hiring for culture contribution by asking:
What strengths, experiences, or perspectives does this advisor bring that can make our culture better?

To evaluate this during interviews:

• Ask values-based questions, such as: “What does putting clients first mean to you?” or “Describe a time you helped a client through an emotional decision.”

• Include team members from multiple departments to assess how the candidate engages across functions.

• Look for curiosity, adaptability, and alignment with your firm’s mission, not just technical skills.

Culture contributors bring new energy to a firm. They embrace what works and challenges what doesn’t, helping your organization evolve over time.

Step 4: Build Interviews That Mirror the Role

The best interviews replicate the real-world work of the role. While traditional interviews focus on past performance, a strategic hiring process evaluates how well the candidate will operate in your environment.

Here are a few examples:

• Ask the candidate to walk through a sample client case using your financial planning software.

• Present a mock client meeting and ask how they would prepare for it.

• Invite them to a short team meeting or roundtable to observe their collaboration style.

This not only helps you evaluate the candidate, it gives them an authentic look at your firm’s pace, expectations, and communication style. If they’re a fit, they’ll know it. If not, they’ll self-select out, saving everyone time.

Step 5: Create a Collaborative Hiring Process

While the final hiring decision may rest with firm leadership, hiring should not be a solo activity. Advisors often work within teams, planning, investment, operations, compliance, and their success depends on how well they integrate.

That’s why your hiring process should include:

• Peer advisors who can assess team compatibility

• Those in a similar role who understand workload and skills alignment

• Leadership who can speak to long-term strategy and vision

This cross-functional approach surfaces diverse feedback and reduces unconscious bias. After the interviews, gather everyone’s input through structured debriefs. Ask each participant:

• Would you be confident in putting this candidate in front of a client? A prospect?

• What red flags or concerns did you observe?

• How would this person improve your team’s performance?

Step 6: Align Compensation with Growth Expectations

Too many firms wait until the end of the process to discuss compensation, only to find that expectations are mismatched. Compensation should be discussed early, and it should reflect not only hiring benchmarks but also your firm’s expected growth rate in the future.

Ask yourself:

• Are you paying for business development, financial planning, relationship management, or some combination?

• Are there clear, measurable KPIs tied to bonuses or equity consideration? How do those KPIs align with the career track for this position?

• Does your compensation structure encourage collaboration or competition?

Financial advisors want to know how they will be rewarded, how often performance is reviewed, and how their efforts contribute to the firm’s success. Transparency leads to trust, and trust leads to retention.

Step 7: Invest in Onboarding and Integration

The hiring process doesn’t end with a signed offer. It ends when the advisor is fully integrated into your team, operations, and client experience. A structured onboarding process should last at least 6 weeks and include:

• Orientation to your firm’s values, service model, and client philosophy

• Technology and process training

• Internal mentoring and job shadowing

• Regular one-on-one check-ins to answer questions and reinforce clarity

Firms that invest in onboarding dramatically reduce ramp-up time and build loyalty from day one. Advisors who feel supported early on are more likely to stay, and perform.

Step 8: Build a Talent Pipeline, Not Just a Hiring Campaign

The best firms don’t hire when they need someone. They build relationships long before the job opens. They:

• Attend university and CFP program events

• Sponsor intern programs

• Cultivate relationships with COIs, executive recruiters, and industry groups

• Maintain connections with other advisors within professional associations, conferences, and study groups

Your firm’s reputation matters. The more you engage in the professional community, speaking, writing, teaching, the more likely you are to attract high-quality advisors who already understand your brand and values.

Hiring Is a Strategic Investment

Hiring the right financial advisors isn’t a one-time event. It’s a reflection of your leadership, your structure, and your strategy. By aligning your hiring process with your organizational goals, you set the stage for long-term performance, stability, and growth.

The firms that win in today’s talent market are those that think beyond the résumé. They hire with purpose, structure for development, and treat every advisor not as an employee, but as a future leader of the firm.

If you want great advisors, start by building a great place for them to grow.