Case Study - Nationwide expansion project for a well established Regional Wealth Management Firm?
We were one of five recruitment firms working on an expansion project for a long-standing regional wealth management firm keen to expand their wealth advisory business nationally. In order to achieve this it was crucial they attract the best financial advisors, but, equally necessary was the need to attract the best back office support candidates i.e. administrators and paraplanners who would be tasked with the work generated by the financial advisors.
Admittedly, this firm was a well-established regional firm, however, they lacked the infrastructure that is vital for a nationwide expansion, and this was evident in their flawed HR department. For example, the multiple quality financial advisors and paraplanners that we directed to this firm, experienced severe communication channels with the HR department, which included but was not limited to weeks of delays in response time. The primary cause of this was, several members of the company were examining the credentials of the candidates before interviews were arranged, subsequently, leading to a prolonged silence before reaching out to the candidates. Unfortunately, this resulted in the candidates losing interest and consequently securing opportunities with rival firms. It is important to note, the wealth management market is candidate driven whereby the best candidates are offered roles within days of applying.
Naturally, the firm were puzzled and concerned with this resounding deficit in high calibre employment. We received several e-mails from the Director in relation to the lack of progress; the firm attributed this lag to the company package not being good enough and questioned whether the company was being presented appropriately. Once again, it is important to note the firm was reputable and the package was above the market average. The real problem was their recruitment process. Albeit, it is a traditional approach adopted by may firms, whereby candidate profiles are assessed by several high ranking members of the firm, it is a lengthy one, and not on par with the current fast climate of the modern day job market. Arguably, another drawback was the firms use of multiple recruiters on a no win no fee basis, simply put this meant the recruiters were deprived of an incentive, raising the question, why would they to channel their energies into this one client? The answer is: they won’t.
We instantly knew this project needed a two-fold solution, a complete transformation, and a recruiter who was dedicated and focused on this firm. Long and behold we were keen on administering this two-fold solution. During an in depth project meeting we shared our insights and concerns with the firm, highlighting the huge flaw in their strategy, which is a common problem, and one we have come across before and combatted successfully. We further proposed the client give us sole responsibility for this project for two months, i.e. we would be the only recruitment firm exclusively working on this and in these two months we wanted to transform their recruitment process, which thankfully the client happily agreed to.
Going forward the changes we implemented were as follows, once we secured the interest of a candidate, we were given permission to book in interviews without in depth consultation with the client. It was this level of trust that we believe resulted in the success of the project. We recruited a significant proportion of back office support candidates, as well as recruiting highly qualified and sought after chartered IFA’s and wealth managers. After this initial successful liaison with the firm, we determined there was a natural symbiosis present between the firm and us; therefore, we offered to write off all the recruitment fees if the client was happy to sign an exclusive agreement with Avenoir Group.
We believe once a successful relationship is established with a client, it is important to further this. The client shared the same beliefs, as they were more than happy to comply. We are in the business for the long run and unlike many recruitment firms we put our money where our mouth is. We would happily write off all recruitment fees, as to us building long standing mutually beneficial relationships for years to come with the right clients is more important.
Posted on Monday Mar 12