The Problem
"Why Every Financial Services Recruiter Needs This: A Tale from Someone Who's Been There" 🌟
I know the challenges you're facing because I've been a Managing Partner myself.
I've also spoken to countless others in the industry who've shared their own recruiting nightmares. Here's what I've typically seen, and perhaps you'll find it eerily familiar.
The Never-Ending Cycle of Job Boards 🔄
You start with ZipRecruiter, Monster, Indeed, CareerBuilder, Wall Street Jobs, WizeHire, InsuraSeek, Discovery Data, and even LinkedIn Professional accounts.
You pay $300-1,000 a month for EACH, hoping to get a flood of qualified resumes. Initially, it works.
But then, the well starts to dry up. You're stuck in a cycle, switching from one platform to another, doing your best to avoid signing a 12-month agreement that only benefits you for a few months.
In a perfect world you would have a membership to all of them so that you could switch between each of them to constantly be using the ones that are providing the best results.
The downside?
That would cost you well over $10,000 per month just for resumes.
The Assistant Quagmire 🤦♂️
Then, you hire a recruiting assistant, or at least you try. After a few months of slowing your advisor recruiting to focus on finding a good recruiter, you finally settle on the 24 year old recent college grad.
What you thought was going to be $20 an hour hire ends up costing you ANOTHER $5,000 to $7,000 a month.
Then you begin the process of training this person.
Before you know it, 6 months has gone by and now you FINALLY get to find out if they can help.
Experience tells me you will ultimately find that they're either too ineffective to keep or too good not to leave for a better-paying job.
Either way, you're back to square one every 12 months, losing another 6 months in the process of hiring and training a new assistant.
The Opportunity Costs ⏳
Your focus is diverted from where it should be—on advisor relationships, leadership development, business development, and strategic planning.
Instead, you're bogged down with recruiting or training a new assistant or sifting through a mountain of mediocre resumes.
The Emotional and Mental Toll 😓
You're never fully present—always distracted by the nagging questions: "Is my recruiting assistant actually effective?
How much am I wasting on these job boards that don't deliver? When do I pull the plug?" This emotional burden doesn't just weigh on you; it affects your family life and the morale of your entire team.
The Financial Strain 💸
All of this leads to an exorbitant cost per hire—our research data says anywhere from $10,000 to $50,000—and this doesn't even account for the hidden costs:
the time you've lost…
the opportunities you've missed…
the emotional toll it's taken on you and those around you….
The Warm Recruiting Mirage 🌵
At some point, you might throw your hands up and say, "Enough is enough! I'm just going to focus on warm recruiting."
But let's be honest, by the time you reach this point, you're already behind the eight ball.
A robust warm recruiting strategy takes months, if not years, to yield tangible results.
So, what happens to your income in the meantime?
What if your warm recruiting strategy doesn't pan out?
What if you can't control the results because, let's face it, warm recruiting is a long game?
In the back of your mind, you know that a savvy business owner leverages both financial and relational capital.
You should be doing both, not putting all your eggs in one basket.
That's why we founded The Well.
We use our deep knowledge and experience in the industry and bring a fresh and sustainable flow of screened candidates to your firm, so you can do what you do best, select the best ones for your culture and develop them into the future superstars of the industry.
We're here to break this cycle for you, to give you back your time, your revenue, your peace of mind, and yes, even your life.
The Solution 🌈
Frankly, you don't want to keep track of:
…how many resumes your assistant has reviewed
…how many phone calls they've made
…what their conversion rate is
…how many interviews they've set
…how many showed up
…whether they did a good job on the screening presentation
You have plenty of that to do in developing your advisors.
If you're anything like me, what you really want is simple:
You want qualified, high-caliber candidates showing up at your office, ready to have a serious conversation about a career in financial services.
This is what you enjoy the most and what you do best.
And that's exactly what we provide at The Well.
We take care of all the
sourcing…🔍
calling… 📲
setting appointments… 📆
reminding… 📞
emailing… 📨
and screening! 🙋
We deliver qualified candidates based on your specific needs, right to your doorstep. 🚪
All you have to do is tell us how many candidates you need, and we'll tell you how much it will cost- and it’s less than HALF what you are already paying.
In fact… check out our pricing