Staffing & Culture | 07.31.24
Financial Institutions: Relational Recruiting
by: Jack Myers and Charles Shreve III
For 30-year investment veteran and ‘fast car’ enthusiast Charles “Chuck” Shreve III, the need for speed is real. The irony is that many of his other life joys — including golf, travelling and his responsibilities as LPL program manager and head of wealth management for FB Investment Services in Fremont, CA — require a more patient and perhaps slower paced version of Shreve.
Prioritizing Responsibilities
Like many LPL program managers, Shreve wears multiple hats at FB Investment Services — from managing investments to marketing and human resources, including coaching existing talent and building a pipeline of potential advisors.
It’s the recruiting and retention of the best — and right — talent that Shreve finds to be one of the most rewarding parts of his role, and he deliberately carves out 10-25% of each week in dedication to it.
Relational Recruiting
“I’m not a big believer in mass marketing as a recruiting tactic. My approach is more relational and involves a lot of introductions from people I’ve worked with throughout my career, dating back to the 90s when I started as a teller,” Shreve shared. Many of these introductions and relationships are not formed digitally, but rather procured over a cup of coffee or at bank events. He explained that face-to-face, human interactions allow Shreve to get to know someone and determine if they’re the right fit for his investment program.
He especially favors getting to know someone on the golf course. “You learn a lot about someone playing golf,” said Shreve, who tries to play 25–50 rounds annually. Are they a people person? Do they know and follow the rules? Do they keep the right score? Can they carry a conversation? Do they get angry? These are all things that come through on the course.”
The Long Game
Though interactions with potential talent normally begin in a coffee shop, Shreve acknowledges that this merely helps lay the foundation for what is inevitably a longer timeline in getting to know someone. He applies a four-pronged methodology that’s translated to a 30% close rate.
- Let the intrinsic values and culture of your institution guide you. Remind yourself of these values to help narrow in on candidates who are best suited for your institution and can best adapt to and embody your culture — and be ready to walk away from candidates that aren’t a fit. “It’s okay to walk away from a top producer and acknowledge they can’t meet your needs. I always want to make sure that when I introduce a new advisor to the president of the bank, there’s comfort with who I just hired.”
- Evaluate their acumen. Just because a candidate is licensed, it doesn’t mean they have what it takes to be an advisor. They must have the knowledge and be a planner, people person and team player. “That’s why I like to meet them in person and see what they’re all about,” Shreve explained.
- Build and nurture your community. It’s best to have deep-rooted relationships and a talent pipeline that allows you to be on your front foot in bringing new advisors to your institution — even if that means nurturing relationships with advisors who may never join your institution. “I have a large network, and so it is not unusual for me to get a call from advisors at other firms to ask for recommendations on how to do something, such as how to bring in a sales assistant. I always want to be a resource.”
- Be persistent, but patient. Highly skilled and compatible recruits are likely already working for someone else. The hiring process is slower, but ensures a better fit for both the candidate and the institution. “Recruiting is an ongoing process — it’s not a three step close,” noted Shreve. “We have a candidate right now that we’ve been talking to for 18 months, and now we’re making time to get to know his wife as she’s apprehensive about him making a change. We want to make sure everyone feels good about the decision, and building trust doesn’t happen overnight.”
Enjoying the Ride
Given the investment of time, resources and relational nurturing — and the balance of the many other hats Shreve wears — he deliberately aims to keep his annual recruiting headcount goals in line with his golf index: in the single digits. And though he’s been successful in doing both, he said it’s the people and relationships that transcend beyond the business, and the fun you get to have along the way, that is most fulfilling. “We all work too hard, we have to have fun. I try to do a good job of that.”
About the Authors
Jack Myers is an LPL client success manager and 29 year veteran of the financial services industry. He has supported Fremont Bank Investment Services for 3 years. Myers, together with Charles Shreve III, supports Fremont Bank’s wealth management by identifying ways to leverage LPL’s tools, technology and resources to support growth.
Charles Shreve III is a 30+ year banking veteran and ‘fast car’ enthusiast. He is an LPL Program Manager and head of wealth management for Fremont Bank Investment Services in Fremont, California.
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