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Performing Due Diligence

When deciding to hire a new financial advisor, the branch manager should perform his or her own extensive screening to ensure that the prospective financial advisor will be a successful fit within the branch office. Once the branch manager has selected a candidate to hire, the following are a few guidelines recommended for an efficient and successful hiring process.

Listed below are some important topics you may wish to ask about during the initial interview:

  • History and background
  • Current practice size
  • Relationship with clients
  • Product use
  • Fee-based/commissions
  • Compliance issues
  • Reasons he/she wants to change
  • Significant issues (see below)
  • Gross production vs. net production (break-even analysis)

Some information you may wish to share with potential hire:

  • Overview of your broker dealer
  • Overview of your branch office
  • Payout schedule
  • Expectations
  • Benefits of joining your branch office and B/D

Raymond James branch managers should have a prospective financial advisor complete and sign the background consent form (form 1797) and fax or mail it to the home office. This form allows you to pull a credit report and run a CRD report.

Raymond James branch managers should work with their respective Regional Sales Management Regional and Assistant Regional Directors to discuss hiring any new financial advisors.