Financial Advisor: What is the cost of hiring?

Why hire a financial advisor

A financial advisor is someone who helps individuals to budget, control, and grow their money through savings plans and investments. A great financial planner will not only maintain a list of loyal clients, but they will also be able to bring in new clients and help with the marketing of the company.

Contributions of a great financial advisor:

• Grow and maintain a loyal client base
• Prevent or resolve any issues with investments
• Stay up to date with changes in regulations and industry

What are the different types of financial advisor?

Financial advisors or financial planners are able to advise you on how to save your money for future use and ways of capitalizing on your investments. They are well versed in stocks, mutual funds, and saving plans, so they can help you to diversify your portfolio. There are other types of advisors that can help you with saving money, but most of them either do so by selling you investment funds or do not have the same type of knowledge about financial planning. The following is a list of roles that are similar to a financial planner that you should be aware of.

• Investment Advisor: They advise people on their investments, but only work with the wealthy.
• Investment Representative: Also known as stockbrokers, they sell you shares in companies and make a commission from the companies they are selling from.
• Mutual Funds Representative: They sell you mutual funds on behalf of the mutual fund companies.
• Personal Banker: They work for a bank to sell investments to customers, but do not give financial advice on other services.
• Customer Service Representative (banking sector): Banks often employ customer service representatives to give general advice to existing clients, but they will not be able to give advice on anything else.

Where to find a financial advisor

To find the right financial advisor for your business, consider trying out a few different recruiting strategies:

• Online advisor search: There are a few online search engines for independent financial advisors that you can use to recruit people for your company. Though these financial advisors might be working independently, they could be interested in a job, so this is a potential place to recruit new hires.
• Professional associations: Getting in touch with the different financial advisor associations can allow you to find a candidate who has experience in the field and will bring new clients to your business.
• Universities or colleges: Looking at local university or college business programs is a good way to find new graduates who will be looking for a job as a financial planner. Business schools will often have job boards for new graduates to access, so posting a job on there will give you direct access to people with the skills you need,
• Referrals: Asking your network of friends, family, and colleagues if they know of any financial advisors is a great way to find a quality candidate for your job. Using a referral means that you will know something about the candidate before meeting them and will know that they are good at their job.
• Post your job online: Try posting your financial advisor job on Indeed to find and attract quality financial advisor candidates.

Skills to look for in a great financial advisor

A great financial advisor candidate will have the following skills and attributes as well as work experience that reflects:

• ability to explain different financial strategies to clients and answer their questions about investments
• ability to gain trust and maintain relationships with clients
• expertise in financial planning and outstanding organizational skills
• capacity to work independently or as part of a team
• problem-solving and analytical skills

Writing a financial advisor job description

A thoughtful description is important for finding qualified financial advisor candidates. A financial advisor job description includes a compelling summary of the role, detailed list of duties and responsibilities, and the required and preferred skills for the position.

When writing your financial advisor job description, consider including some or all of the following keywords to improve the visibility of your job posting. These are the most popular search terms leading to clicks on financial advisor jobs, according to Indeed data:

• financial advisor
• finance
• banking
• investments
• accounting

Interviewing financial advisor candidates

Strong candidates for financial advisor positions will be confident answering questions regarding:

• experience in explaining financial planning strategies to clients
• experience working with difficult clients
• success at making money for clients through investments
• ability to gain more clients

Need help coming up with interview questions? See our list of financial advisor interview questions for examples (with sample answers).