An insider's guide to hiring & careers in financial services
Kevin Sailor
President and CEO
In November, firms finalize budgets and hiring plans for the following year, and some of those plans include leadership changes and positions nobody has announced yet.
This is a great time to consult with your recruiter to see about building a bench of good candidates for those positions. This helps us keep our eyes and ears open for you as we talk with strong talent that might be a good match.
Below, we dig into why we keep searches confidential, and what that means for candidates.
- Kevin
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In this issue:
💡 Expert Insights: Who needs to know about an executive search, and when?
🙋🏼♂️ Ask a Recruiter: Is it a red flag when a recruiter can’t name the company?
⭐ Associate Spotlight: Daniel Jimenez
💡 Expert Insights
Confidentiality: Who needs to know about an executive search, and when?
FRI Executive Recruitment Team
When a firm starts looking for a replacement, the news may reach clients, employees, and the person currently in the role. Each group reacts before the firm has had a chance to explain its plan. And once word gets out, you don’t get to take it back.
Here’s why searches are generally kept confidential (and how).
A leaked search changes how clients and staff behave
Clients get nervous. When a long-time advisor’s retirement leaks, clients start asking who will manage their relationship next. They have worked with that advisor for years and want to know what changes. In a small market, the news can travel faster than the firm’s transition plan.
Internal candidates react. Employees who have spent years working toward a role learn that the firm may hire from outside. Many firms want someone with proven experience in the seat, and a public search can strain relationships with the people who hoped to step in.
The person being replaced hears it secondhand. In our experience, a senior search can take anywhere from 30 days to six months, and the current leader usually stays in place until the replacement is found. If the news gets out first, that person learns about the search from someone else.
“Employees have been building their tenure to step into that position, but most of the time they want to bring someone in who’s experienced and qualified.”
A recruiter keeps company name private until the time is right
A hiring manager who calls a candidate directly names their company in the first sentence. FRI reaches candidates on their personal phones and email, holding back the client's name until the candidate shows interest and the time is right.
Some details wait even longer. Hiring firms often keep specifics such as the size of a book of business until a candidate reaches final rounds of interviews. This staging gives the client time to manage the transition and gives the candidate time to decide.
Rest assured: We don’t tell employers who we’re talking to
Many candidates would look at a new opportunity — but worry about what happens if their employer finds out. Some are uneasy taking a recruiter’s call at all. At FRI, confidentiality is paramount. We don’t share who we’re speaking with, and a recruiter working a search often calls several people at the same company. A first conversation is a way to learn what’s open in the market before there is any decision to make.
Curious about our confidential openings, or planning a search that needs to stay confidential? Reach out to any member of the FRI team using the details at the bottom of this newsletter.
🙋🏼♂️ Ask a Recruiter
Q: Is it a red flag when a recruiter can't name the company on the first call?
Our take: No. In our experience, the strongest roles are often the confidential ones. The client has asked us to keep its name private, sometimes because the person in the role doesn’t know a replacement is being sought yet. What we can share on a first call is the role and the location. We also ask what you want from your next move so we can tell you whether the two match. Once you’re interested and the client is ready, we share the company name.
➡️ Have a question for our team? Send it our way.
📌 New Career Opportunities
We’re currently recruiting for a wide variety of roles in fiduciary services, including:
Investment Strategist
Charitable Planning Attorney
Senior Fiduciary Tax Accountant
Loss Control Consultant
…many, many more
The full list of career opportunities, including locations and next steps, is exclusively available to Connective Services subscribers.
⭐ Associate Spotlight
Get to know our team: Daniel Jimenez
Daniel ran his first and only marathon in 2018, with his wife and eight-month-old son waiting at the finish line in the cold. Now he is building his mileage back slowly while raising young boys in Costa Rica. He still gets up at 4 am, though the kids set the alarm now. His advice: Running, like recruiting, takes consistency and commitment to reach your goals.
🔗 Connect With Your Recruiter
Greg McDowell
Executive Search Team Lead
[email protected]
LinkedIn
Denise Decker
Executive Search Team Lead
[email protected]
LinkedIn
Christie Burgess
Executive Search Team Lead
[email protected]
LinkedIn
Daniel Jimenez
Executive Recruiter
[email protected]
LinkedIn
Cody Newton
Executive Recruiter
[email protected]
LinkedIn
👋🏼 About Connective Services
Connective Services is a newsletter brought to you by Financial Recruiters International and Alexander Raymond. Both firms are full-cycle recruiting companies connecting fiduciary services organizations with highly skilled candidates. Financial Recruiters International serves the financial sector while Alexander Raymond specializes in insurance and contract staffing.
