Why Skills-Based Hiring is the Future for Financial Firms
- Vanessa Amilet Santos
- Nov 14, 2024
- 4 min read
Updated: Apr 22
You’re Hiring the Wrong Way—And It’s Costing You
Let’s be honest: hiring in financial services is broken. Firms rely too much on credentials, assume experience equals competency, and waste months on hiring processes that don’t deliver. Meanwhile, top candidates slip through the cracks because they don’t have the ‘right’ degree or haven’t spent 10 years in the industry. Sound familiar?
Here’s the truth: hiring based on skills—not resumes—is the future. The firms that get this right will build better teams, retain top talent, and stop making costly hiring mistakes.
What is Skills-Based Hiring (and Why Does It Work)?
Skills-based hiring means prioritizing what someone can do over where they’ve been. It’s about real-world ability, not fancy job titles. It shifts the focus from ‘who looks good on paper’ to ‘who can actually perform.’
For wealth management firms, this means hiring advisors, operations managers, and client service professionals based on measurable skills, not outdated job requirements. And it works.
What’s In It for You?
Better Hires – You’ll get candidates who actually fit the role, not just those who check boxes.
Faster Hiring – Stop wasting months searching for ‘unicorns’ who don’t exist.
Stronger Teams – Build a firm with talent that works well together, not just people with impressive resumes.
Lower Turnover – When people are hired for their abilities, they stay longer and perform better.
The Skills That Actually Matter in Financial Roles
Hiring based on skills doesn’t mean throwing out all requirements. It means focusing on the right ones. Here’s what that looks like for key roles in financial firms:
Client Service Administrator (CSA) & Sr. CSA
Why Skills Matter More Than Credentials:
Strong interpersonal skills, organization, and attention to detail define success in this role.
Technical fluency with CRM systems and financial software is more important than a finance degree.
Problem-solving and client communication outweigh years of generic administrative experience.
Forget degrees—hire for:
Client service and relationship-building
Multi-tasking and process management
Proficiency in financial tools like Redtail, Salesforce, or Orion
Clear, professional communication
Relationship Manager
Why Skills-Based Hiring Works:
This role depends on trust, communication, and strategic relationship-building—not years in the industry.
High-performing relationship managers excel at handling client concerns, anticipating needs, and fostering loyalty.
Stop overvaluing tenure—look for:
Client relationship management
Conflict resolution and negotiation
Financial acumen and regulatory understanding
Emotional intelligence and active listening
Hiring smarter starts with focusing on skills. Need help finding the right talent?
Paraplanner
Why Traditional Hiring Fails Here:
Many financial planners start as paraplanners, but firms often struggle to identify strong candidates beyond CFP aspirants.
Analytical skills, tech proficiency, and adaptability matter more than rigid career paths.
A finance degree won’t make up for missing:
Financial planning software expertise (eMoney, MoneyGuidePro)
Research and data analysis
Report preparation and presentation skills
Attention to detail and compliance knowledge
Associate Advisor & Service Advisor
Why It’s a Skills-Driven Role:
These positions bridge client-facing duties with financial strategy, requiring both communication and technical know-how.
A candidate’s ability to connect with clients and explain financial concepts is what is most important.
In addition to financial expertise, these roles need:
Financial literacy and problem-solving
Sales aptitude and client engagement
Presentation and communication skills
Compliance and regulatory awareness
Lead Advisor/Wealth Advisor
The Leadership Factor:
Experience is valuable, but leadership skills, client trust, and long-term vision separate top advisors from the rest.
The best advisors aren’t always those with the longest resumes—they’re the ones who truly understand how to connect, plan, and lead.
Beyond experience, top advisors need:
Visionary strategic planning
Team leadership and mentorship
Client retention and trust-building
High-level risk assessment and investment strategy
Investment Operations Associate
A Role Built on Precision & Process:
Operations roles require meticulous attention to detail, but too many firms prioritize finance degrees over real-world analytical and organizational skills.
Ditch the degree obsession—hire for:
Data management and analysis
Workflow optimization and process efficiency
Accuracy in reporting and reconciliation
Ability to work cross-functionally with advisors and compliance teams
Operations Manager & Office Manager
Why Leadership & Adaptability Matter Most:
These roles keep financial firms running smoothly. But leadership, problem-solving, and organization matter more than prior finance experience.
A great operations or office manager can come from outside the industry if they have the right mix of skills.
Leadership beats industry experience—look for:
Leadership and decision-making
Efficiency in business operations and process improvement
Budgeting and resource allocation
HR and team coordination skills
The 3-Step Process to Hiring Smarter
Redefine Your Job Descriptions – Instead of requiring a degree and ‘X’ years of experience, list the must-have skills for success and desired outcomes.
Assess Candidates the Right Way – Use skills-based interviews, case studies, and behavioral assessments to see real ability in action.
Hire for Fit, Train for Gaps – If a candidate checks 8 out of 10 boxes, don’t hesitate—train them on the rest.
Why TPM Placement is Leading the Charge
TPM Placement helps financial firms move beyond outdated hiring models. We don’t just fill positions—we help firms build teams that drive long-term success. Our skills-based hiring approach means:
A 97% fill rate – Because we focus on real skills, not just resumes.
A consultative approach – We help firms refine job descriptions, vet candidates, and create hiring processes that actually work.
A 60-day guarantee – If a hire doesn’t work out, we’ll find a replacement at no additional cost.
Deep financial industry expertise – This isn’t just recruiting; it’s about hiring the right people to grow your firm.
Ready to build a stronger team? Let’s find the right talent together.
About TPM Placement
At TPM Placement, we believe in transforming recruitment into a seamless, people-first experience. Our mission is to help businesses 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.
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