closing the gapThe scenario:

A top-notch team meets with the hiring manager at a firm that has all the marking of being a great fit. The culture and the vision can align, great technology and a client-focused value proposition. The team describes their needs and goals in details, lets them know what they are wanting from this move, and outlines the financial expectations. The hiring manager listens, takes notes, and nods in agreement without an indication of any of this being an issue. The hiring manager is enthusiastic about getting them to join the firm and how much better this will be for their professional lives and financial futures. The meeting is adjourned and the team leaves feeling everyone is on the same page. The hiring manager says that he will outline the terms of the deal and outline their next steps.

Time passes, and the team starts putting together their game plan for the potential move and how this will work for them as a team, individually etc.

A week later the hiring manager that met with the team reaches back out to discuss the deal and there is a noticeable change in their demeanor. He makes small talk for a bit and then proceeds to tell them that the best deal could write up would be based on a team but only captures two-thirds of what they were expecting. You of course take emotion out of the situation, but you are not sure how to proceed. The first though that goes through your head is: IS THIS A DEAD DEAL?

Is the deal dead? Not necessarily, but the only change the hiring manager has of saving it is to acknowledge the disconnect and prove to the team that despite the difference in the expected deal terms, they will grow faster and more efficiently in the new firm. The hiring manager is the responsible one for getting the train back on the tracks and getting it moving again.

Next Steps

If the hiring manager feels strongly enough about the proposition, they need to help the team connect the dots on how this will be a good fit for them.

  1. Since the offer was below the mark, the hiring manager needs to re-establish a connection with them letting them know he understands their perspective and share his own experiences with them, so they have a common bond. He needs to validate their disappointments.
  2. They need to discuss as a group what the team’s most important drivers are (I.E. financial, stability, Benefits, Transition planning, etc.).
  3. The hiring manager needs to unpack the deal for the team and walk them through the different components, so they can see what they are getting. This will allow them to have an apple to apples comparison and feel more comfortable with the deal.
  4. Last, the hiring manager needs to discuss about the intangible things. He needs to discuss the firm’s philosophy and the intrinsic value involved. This requires the hiring manager to be able to have a solid connection with the team and understanding of what needs the team has to have resolved to best meet their requirements to move. The hiring manager needs to be strong in their delivery and recognize that both sides have invested a lot of time into this process.

How likely will the deal close?

This is ultimately determined by how well the hiring manager was at delivering his points to the team. In the end it is not just about the money. The hiring manager must get the team to see the value in the firm’s culture and the long-term potential. In these situations, the Cultural FIT is very important for the team to feel this is a place where they can come and grow their business along with identifying with the company values.

Ultimately closing the deal is a process that takes a bit of work on both sides of the table. The team has to have a full understanding of their goals and be able to clearly communicate what their goals are along with which ones are the most meaningful. The hiring manager needs to be able to address this list and be genuine while presenting the best possible solutions for the team.

The process is successful if there is an alignment between the talent acquisition requirements of a hiring firm and the goals of an advisor and/or their team. If both sides are open and communicate effectively with each other this should help lessen the likelihood of needing to address major gaps later on.

If you are a Financial Advisor thinking about making a change and wanting to evaluate this further, you can reach out to Madison Professional Group. We can help you define what the end looks like for you and counsel you to dig a bit deeper. This can mean answering important questions about your business, your short term and long-term goals as well as what to replicate about your current experience, what is frustrating you.the most, and what you would be willing to give up making a change.

%d bloggers like this: