Why You Need a Professional Recruiting Partner

Vanessa Amilet Santos
Nov 15, 2024
4 min read

Updated: Apr 20

DIY Hiring vs. Recruiting Partner: When to Roll Up Your Sleeves and When to Call for Backup

Hiring isn’t just about filling a seat—it’s about finding someone who will represent your firm well, keep clients happy, and contribute to long-term growth. The right hire builds trust with clients and strengthens your operations. The wrong hire? Well, they can damage relationships, slow down productivity, and cost you a lot of money.

For wealth management firms, hiring isn’t easy. The best candidates aren’t job-hunting—they’re thriving at other firms. And unlike big corporations, small and mid-sized firms don’t have the luxury of high turnover. Every hire matters.

So the big question is: should you handle hiring yourself or work with a professional recruiter?

TL;DR – When to DIY vs. When to Call a Recruiter

DIY Hiring Works If:

You have a strong internal hiring process and industry connections.
You’re hiring for an entry-level.
You have a robust referral network and candidates are coming to you.
You’re only hiring once in a while, not regularly.

You Need a Recruiter If:

You need to hire for high-level, specialized, or client-facing roles.
Your job ads aren’t attracting the right candidates.
You don’t have time to properly vet and interview candidates.
Hiring is taking too long, delaying business growth.

Now, let’s get into the details.

The Pros and Cons of DIY Hiring

Some firms take the DIY route. If that’s you, you might be thinking:

“We can post a job ad, review applications, and handle interviews ourselves. Why bring in a recruiter?”

Fair point. But let’s break it down further.

Pros of DIY Hiring:

✅ You save on recruiter fees. Recruiting services usually cost 25-30% of the first-year salary for a hire. If you’re hiring a CSA at $70K, that’s a fee of around $17K-$20K. Hiring on your own seems cheaper—at least upfront.

✅ You control the process. No middleman means you can move at your own speed, select exactly who you want to interview, and directly shape the hiring experience.

✅ You know your firm’s culture best. If you’re confident in your ability to gauge personality and fit, you might feel better doing it yourself.

Cons of DIY Hiring:

❌ It’s time-consuming. Hiring takes 100+ hours per role when you factor in sourcing, screening, scheduling, and interviewing.

❌ You’re limited to active job seekers. Many of the best candidates aren’t applying to job boards; they have to be recruited.

❌ One bad hire can be expensive. A wrong hire can cost up to 30% of their annual salary in lost productivity and rehiring expenses.

When DIY Hiring Might Work

If you have a steady flow of candidates, a well-oiled HR process, and plenty of time, hiring on your own might be fine. Here’s when it makes sense:

DIY hiring is a good idea if:

You already have strong internal HR support. Someone on your team knows how to source, screen, and interview candidates efficiently.
The role is entry-level and non-specialized. Positions like a receptionist don’t require niche expertise.
Your referral network is strong. If great candidates are landing in your inbox, you may not need to search far.
You’re hiring infrequently. If it’s been three years since your last hire and your firm doesn’t expect to expand soon, DIY might work.

Not sure if DIY hiring is the right move? Let’s talk—our complementary discovery call will help you figure it out.

When You Need a Recruiting Partner

Some hires are just too crucial to get wrong. If you’re looking for an Associate Advisor, Service Advisor, Wealth Advisor, Investment Operations Associate, or Operations Manager, a recruiter can make all the difference.

You should bring in a recruiter if:

Your job postings aren’t attracting quality candidates. If all you’re getting are unqualified resumes, a recruiter can tap into passive talent pools.
You need to hire for leadership or high-stakes roles. Finding an experienced Lead Advisor, COO, or CMO isn’t as easy as posting a job.
Your hiring process is dragging on too long. A dedicated recruiter speeds up the process so you’re not missing out on great talent.
You don’t have time to properly vet candidates. The best candidates aren’t just technically skilled—they also fit your culture and values.

The Hidden Costs of a Bad Hire

A bad hire isn’t just annoying—it’s expensive. Studies show that hiring mistakes can cost up to 30% of the employee’s first-year salary (and that’s a conservative estimate). Beyond salary, a bad hire leads to:

Wasted productivity. Your team spends time training someone who doesn’t work out.
Client trust issues. High turnover doesn’t inspire confidence.
Team morale drops. A poor hire can create workplace tension.

Professional recruiters help you avoid these landmines by thoroughly vetting candidates before they ever land in your inbox.

What a Recruiting Partner Does Differently

Hiring isn’t just about posting a job. A great recruiter takes over the hard parts, so you can focus on running your firm.

How TPM Placement makes hiring easier:

We understand your firm. We take the time to learn about your business, culture, and what makes your firm unique.
We find the right people. We don’t wait for candidates to apply—we actively recruit the best talent.
We handle the heavy lifting. Resumes, interviews, vetting—done.
We help with the final offer. Negotiation, onboarding support, and making sure your new hire sticks around.

The result? A hiring process that works, candidates who stay long-term, and zero wasted time.

Need a strong hire? Let’s chat and find the right fit for your firm.

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.