Get in touch

0345 375 1747

How to write an IFA job description

by Heat Recruitment

Do you know how to write an IFA job description?

As the financial services sector continues to deliver record profits, competition for top talent is growing fiercer by the day. Eager to gain the edge over industry rivals, wealth management firms in this thriving market are actively refining their talent acquisition and retention strategies, acutely aware that their ability to recruit high-performing financial advisers is make or break.

For independent financial advisers equipped with the right blend of skills and experience, the heavy market demand makes the prospect of job hunting an exciting one. For a hiring manager in a wealth management firm, it’s a different story.

In order to influence and incentivise IFA talent, they must ensure every touch point in the recruitment process keeps candidates engaged with the company and enthusiastic about the position in question. Considering the IFA job description often acts as an introduction to the company, it makes for a good place to begin.

How to recruit financial advisers

5 things to consider when writing an IFA job description

Supply a salary range

Simply put, if you want to attract the most sought after financial advisors in the market, you had better include a salary range and commission structure in your IFA job specification. The best IFAs aren’t browsing job boards and applying to every opportunity regardless of salary and location – in fact, it’s quite the opposite. You want to make sure that you only interview financial advisors whose salary expectations match up with your budget.  Don’t waste your company or your candidate’s time by avoiding this crucial detail.

Set the scene for success

Beyond an attractive salary, talented financial advisors want to work for a firm in which they will be equipped with all the tools they need to write new business and assist their clients. For most IFAs, this means back office support from paraplanners; it means digital solutions that enable them to work efficiently; it means a dedicated marketing team to call upon for promotion. Above all, it means the right foundations for a productive working environment where they can thrive and achieve their objectives. After all, an appealing commission structure means nothing if an IFA is bogged down with paperwork.

Keep their clients in mind

When high-calibre financial advisers are headhunted by wealth management firms, one of their key priorities is for the company to bolster rather than batter the professional relationships they have worked to build with their clients. This in mind, specifying your fees is critical in providing a strong client proposition and convincing IFAs to consider your company. If your firm goes the extra mile to monitor markets and stay ahead of global events in order to best advise its clients, this is your opportunity to shout about it.

Be transparent

An engaging job description isn’t packed with buzzwords and whimsical terms. If cutting through the noise is your goal, your IFA job description should be completely transparent about how the successful candidate will work with clients, how they will be compensated and what business-wide goals they will be working towards.

Be specific about the targets they should be hitting, be clear about the company structure and the breakdown of roles and responsibilities within the business. Transparency builds trust – the more information you divulge about your firm, the better chance you have of engaging potential candidates by painting a clear picture of what it will be like to work for your company.

Pay attention to perks and policies

In such a competitive landscape, wealth management firms who win the war for talent will be those who actively promote the benefits on offer within their job specification. While holiday pay and on target earnings are the bread and butter of any IFA job description, a focus on work-life balance and related benefits will demonstrate your commitment to the health and wellbeing of your talent.

Whether it’s health insurance, gym memberships or increased flexibility, financial advisers want to know the firm they move to will respect the need for a healthy body and mind in performing to the best of their ability. What’s more, consistently communicating your initiatives, perks and policies in your IFA job descriptions will have the added benefit of bolstering your employer brand.

If you’re looking for strategies to effectively recruit and incentivise financial advisers, please download our latest report.

How to effectively recruit and incentivise financial advisers