Nucleus, the UK online-based platform business, has issued a white paper examining recruitment headaches for financial advisor firms, following a survey showing that hiring people is a tall obstacle to growth.
The report, Recruitment For Financial Planning Practices, sets out steps for advisors to follow and aims to make the recruitment process as pain-free as possible.
Nucleus issued the report following a recent survey of its members showing that 73 per cent of advisors surveyed reported they found the recruitment process difficult and a further 66 per cent said they used a recruitment agency to help them fill positions.
The white paper sets out a structured recruitment process for advisors to consider specifically around role selection and cultural fit; it highlights solutions to practical issues with recruitment such as promoting internally or recruiting externally; satisfying long term vs. short term needs; considering notice periods; time; budget, and salary benchmarking and package.
As at 1 July, assets under administration on the Nucleus platform stood at £5.5 billion and the number of member firms was 170.