Signs You Have a Problem with Your Hiring Process

Hiring Red Flags: Signs Your Wealth Management Firm Is Losing Top Talent (And How to Fix It)

Running a small wealth management firm is no small feat. Between client meetings, compliance, and keeping your business profitable, hiring should be the least of your worries. But if it’s feeling like an uphill battle, you’re not alone.

If your hiring process is dragging on, yielding weak candidates, or causing constant turnover, it’s time for a reset. Let’s break down the red flags that mean your hiring process is working against you—and what to do about it.

1. Your Job Postings Attract the Wrong Candidates

If your inbox is full of applications from people who clearly aren’t the right fit, your job postings might be the culprit.

Common mistakes:

• Using generic job descriptions that don’t reflect your firm’s unique needs

• Focusing on hard skills but ignoring cultural fit and long-term vision

• Copy-pasting job postings from large firms that don’t apply to your team

Why This Hurts Your Firm

Hiring the wrong person isn’t just a time drain—it’s costly. The cost of replacing a bad hire can range from 50% to 200% of that employee’s annual salary. In a small firm, every team member plays a critical role, so a mis-hire can cause major disruptions.

How to Write Job Descriptions That Attract the Right People

1. Be specific about the role. Instead of saying “We need a Client Service Associate,” describe their daily responsibilities and how they contribute to the firm.

2. Emphasize firm culture. If your firm values high-touch client service, collaboration, or work-life balance, make that clear.

3. Set clear expectations. Outline what success looks like in the first 90 days and beyond.

4. Use relatable language. Avoid corporate jargon—write as if you’re speaking directly to the ideal candidate.

2. You’re Wasting Hours on Interviews with the Wrong People

Time is money. If you’re spending hours in interviews with people who clearly aren’t a fit, your screening process needs work.

Why this happens:

• Your job posting isn’t clear enough, so too many unqualified candidates apply

• You lack an effective pre-screening process to filter candidates upfront

• You feel rushed to fill a role and cut corners in vetting candidates

  
  

How to Stop Wasting Time on Bad Interviews

1. Create a structured pre-screening process. A 10-15 minute phone screen can weed out candidates who aren’t the right fit.

2. Use a skills assessment. Short exercises or case studies can help confirm whether a candidate has the necessary expertise.

3. Incorporate behavioral assessments. Tools like Kolbe or DISC can help gauge personality and team fit before moving forward.

4. Be upfront about salary and expectations. This prevents candidates from getting deep into the process only to decline later.

👉 Need a hiring process that works? We offer free consultations. Let’s talk.

3. You’re Losing New Hires Within a Year

Hiring is expensive. Losing employees after a few months? Even worse. If turnover is an issue, it’s time to diagnose the problem.

Why small firms lose new hires:

• The job didn’t match what they expected

• Poor cultural fit—great on paper, bad in practice

• No clear growth path, making them look elsewhere

  
  

How to Keep New Hires for the Long Run

1. Set clear expectations from day one. Provide a detailed job description and onboarding plan so there are no surprises.

2. Improve your onboarding process. Assign mentors, schedule check-ins, and make sure new hires feel integrated into your team.

3. Offer professional development. Employees are more likely to stay if they see a future in your firm.

4. Foster a supportive culture. Make sure new hires feel valued, heard, and challenged in meaningful ways.

4. DIY Recruiting is Burning You Out

You’ve tried LinkedIn. You’ve posted on Indeed. Maybe you even asked your network. And yet, you’re still stuck sorting through irrelevant resumes, scheduling no-show interviews, and hoping the right hire magically appears.

The hidden costs of DIY hiring:

• Time lost—You should be focused on clients, not job boards

• Missed opportunities—The best candidates aren’t always actively job-seeking

• Hiring mistakes—Without the right vetting, a bad hire is more likely

When to Stop DIY Hiring and Get Help

1. Track how much time you’re spending on hiring. If it’s taking you away from revenue-generating activities, it’s time to rethink your approach.

2. Assess your results. If DIY recruiting isn’t producing strong candidates, a recruiter might be a better investment.

3. Find a recruiter who knows your industry. A specialized recruiter will understand wealth management and bring you pre-vetted candidates.

4. Consider the long-term benefits. A high-quality hire who stays for years is worth far more than a rushed, bad hire.

5. You’ve Made Hiring Mistakes in the Past

If you’ve hired someone who seemed perfect but turned out to be a costly misstep, you’re not alone. But it’s worth asking: Why did it happen?

Common hiring missteps:

• Relying on “gut feeling” instead of structured interviews

• Hiring too quickly out of desperation

• Not properly vetting for skills, personality, and firm culture

  
  

How to Avoid Bad Hires in the Future

1. Use structured interviews. Ask every candidate the same core questions to get consistent, comparable responses.

2. Test for soft skills. The ability to communicate, problem-solve, and handle clients is just as important as technical expertise.

3. Verify credentials and references properly. Don’t just call references—ask specific questions about performance and reliability.

4. Slow down the process. A thoughtful, thorough hiring process beats a rushed one every time.

   
   

👉 We help small wealth management firms find the right hires—without the headache. Let’s chat.

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The Bottom Line

Hiring doesn’t have to be a never-ending struggle. If your process is slow, frustrating, or just not bringing in the right candidates, something needs to change. The good news? Fixing it doesn’t require reinventing the wheel. With a well-defined hiring strategy, the right screening process, and expert support, you can finally build a team that lasts.

👉 Struggling with hiring? Let’s simplify it. Get expert help finding the right talent for your wealth management firm—no stress, just results. Talk to us today.

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About TPM Placement

At TPM Placement, we believe in transforming recruitment into a seamless, people-first experience. Our mission is to help small wealth management firms thrive by connecting them with top-tier talent through a thoughtful, emotionally intelligent approach. We know that finding the right candidates goes beyond matching resumes to job descriptions—it’s about understanding the unique needs, culture, and long-term goals of every client. With decades of combined experience in business management, financial services, and recruitment, our team is dedicated to delivering results that fuel growth, innovation, and lasting success. Let us take the complexity out of hiring so you can focus on what you do best.