Today with advisory firms steadily expanding their practice by employing more talent, it is interesting to know what recruiters look for in their candidates.
While the requirements might change according to the company, here are some broad expectations of employers.
One of the first barriers of entry to any good advisory firm is having a basic qualification. This could be a CFP certification or an MBA in finance, depending on the post applied.
Mukesh Dedhia of Ghalla-Bansali says that the minimum qualification requirement is to ensure that the candidate has at least a basic exposure to the concepts of financial planning. “We don’t have to spend time teaching them the ABCs of the business. Instead we can concentrate on streamlining their talent to suit the needs of the company,” he says.
Top advisors also expect their employees to have some basic etiquette and communication skills. “This is a non-negotiable requirement. We want our employees to look their best and be good at communication. The people we hire today will be representing our company tomorrow. So, it is important that they conduct themselves in a professional manner,” says Dinesh Rohira of 5nance.com
Comfort with technology:
In an increasingly digital world, advisors are also insisting on technical knowledge. “While knowledge of the softwares we use is handy, we expect our candidates to at least be comfortable using technology,” says Mukesh.
Prospective candidates give a tech test where Mukesh tests the ease with which they are able to carry out simple tasks. The test also forms the basis on which their proficiency with various basic softwares are tested.
Ability to construct a client centric advisory:
In the advisory business, the most essential quality is empathy and presence of mind. Candidates applying at 5nance.com are walked through a series of case studies, where their ability to come up with creative recommendations for clients is tested.
“We give tricky case studies where we assess their understandings and logical reasoning skills. The situations in the case study usually require the candidate to choose between profits for the company or better financial security for the client. By seeing their immediate response to such situations, we gauge if a candidate will suit our enterprise,” says Dinesh.
Other must haves:
Apart from the above, advisors also prefer candidates who will stick with the firm for a longer time. Interview questions also scope for candidates who will be okay with going the extra mile for the company. A few advisors also prefer hiring candidates who stay closer to the office.