October 14, 2023

A No-BS Guide to Smart Recruiting for Financial Advisory Leaders in Singapore

From Pain Point to Profit

Mindy Wee
Customer Success @ Finberty
Mindy Wee

Recruitment. The ever-pervasive thorn in the side of financial advisory leaders in Singapore. You’ve tried it all, haven’t you? Job fairs, campus recruitment at NUS, poaching from competitors, maybe even a billboard or two.

Achieve success in recruiting financial advisors

But let’s drop the act: it’s time to shift from a scattergun approach to a sniper’s precision in recruitment, and we’re here to guide you through it, sans the fluff.

Unveiling ICP: The Unsung Hero of Recruitment

What is ICP, Really?

ICP, or Ideal Candidate Profile, is more than a buzzword. It’s a strategic approach to pinpointing exactly who you want on your team, ensuring you’re not just attracting anyone who can pass their CMFAS exams.

Why Should You Care?

Think of ICP as your recruitment GPS, directing you towards high-calibre candidates while avoiding the unqualified detours. It’s about ensuring every new hire is a strategic addition, not just a headcount.

ICP in Action

Firms utilizing ICP aren’t just filling vacancies; they’re curating a powerhouse of talent, ensuring each recruit brings something pivotal to the table.

The Significance of Personal Experience: More Than Just a Sob Story

Why Your Story Matters

Your journey, from navigating through the 2008 financial crisis to adapting to the digital transformation in financial services, is a goldmine of relatable content for potential recruits.

Being Relatable, Not Just Likeable

Authenticity beats a polished image. Sharing your struggles and triumphs in navigating Singapore’s dynamic financial landscape makes you a leader worth following.

Case in Point

Leaders who share their journey, from their first sale in Toa Payoh to managing high-net-worth clients in Orchard, create a narrative that resonates and sticks.

4-Step Guide to ICP-Driven Recruitment

1. Identify the Pain and Gain

The Regulatory Hurdles

Financial advisory directors and managers, you’ve felt the sting of ever-tightening regulations, PDPA to MAS compliance checks. The struggle to ensure your cold calls won't get you into trouble and your recruits are fully compliant is real headache.

The Talent War

With over 20 life insurers and numerous financial advisory firms in Singapore, the battle for top-tier talent is fierce. You’re not just competing on a local level; international firms are also eyeing the same talent pool.

The High Attrition Rate

When turnover rates is high, the cost of onboarding and training a recruit only to lose them within a year is a bitter pill to swallow.

2. Craft a Magnetic Value Proposition

Innovative Training Programs

What if your firm could offer a training program that not only equips new advisors with the necessary skills but also ensures they’re compliant from day one?

A Robust Support System

Imagine a support system where new recruits are mentored by seasoned advisors, who’ve navigated through the complexities of Singapore’s insurance landscape, ensuring a smoother transition from a novice to a professional advisor.

Career Progression

Clearly outline a career progression path that’s not only lucrative but also intellectually stimulating, ensuring that your recruits see a future, not just a job.

3. Engage with Authenticity

Share Real Stories

Talk about the time when your firm navigated through a tough period like the 2008 financial crisis or the COVID-19 pandemic. How did you ensure your advisors were supported and clients were reassured?

Be Transparent

Discuss the challenges openly. Be it dealing with policy lapses or managing client expectations during market downturns, your authenticity will resonate with potential recruits who’ve faced similar challenges.

Highlight Successes

Don’t just tell them; show them. Share data and stories of advisors who’ve climbed the ranks within your firm, turning challenges into victories.

4. Use Data, Not Just Gut

Analyze Past Recruitment Strategies

Dive into the data of your previous recruitment drives. What was the average tenure of the recruits? What correlated with longer retention - was it a particular source of recruitment, or perhaps a specific training program?

Understand Why They Leave

Conduct exit interviews and analyze the data to understand why advisors leave. Is it the lack of support, limited growth opportunities, or perhaps something more systemic in the industry?

Identify the Common Threads

Look for patterns among your most successful recruits. What traits, backgrounds, or skills do they share? This data is crucial in refining your ICP to attract similar high-potential candidates.

LinkedIn: Your ICP Application Playground

Now, armed with a meticulously crafted ICP and a wealth of personal experiences, where do we apply these in the real-world recruitment battlefield? Enter LinkedIn. This platform is not merely a digital resume repository but a potent tool for executing your ICP-driven strategy in the Singaporean financial advisory context:

Precision Targeting: Navigate through the sea of professionals with LinkedIn’s granular targeting, ensuring your narratives resonate with candidates that mirror your ICP.

Authentic Engagement: Utilize this platform to share your authentic stories and insights, establishing your firm as a beacon of genuineness and relatability in the industry.

Data-Driven Decisions: Leverage LinkedIn’s rich data to validate and refine your ICP, ensuring your strategy is not just theoretically sound but also empirically validated.

Community Building: Consistently disseminate valuable, relatable insights, subtly nurturing a community of professionals who might one day see their future within your firm.

The Future is Precise, Personal, and Profitable

Navigating through the competitive financial advisory recruitment scene in Singapore demands more than generic strategies and broad strokes. It calls for a leader who is precise in their approach, personal in their narrative, and unapologetically profit-driven. The ICP-driven strategy is your vessel to navigate through the recruitment storms and into a future of a robust, high-performing team.

Want to stay sharp and win the recruitment game with precision? Book a complimentary consultation with us.

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