Adviser recruitment and on-boarding: select the right people

Why have a process?

Hiring the right financial advisers is critical to the success of your business. It is even more important under the Financial Markets Conduct Act 2013 (FMCA) regime where financial advice providers (FAPs) become responsible for the conduct of their advisers. The dangers of not having the right people include:

  • Cost, time and money, to recruit train and support a non-compliant, underperforming adviser
  • Reputational damage from poor advice
  • Complaints to your DRS.

Your obligations

You owe it to your shareholders, clients, and existing staff to minimise the risk of getting it wrong.

Businesses that don’t have a robust selection and on-boarding process when recruiting advisers have the potential to expose not only clients to financial risk, but also to threaten the business with unnecessary (and possibly substantial) financial, regulatory and reputational risks.

The FMA’s expectations in this regard are clear - a licence holder must ensure it has policies and processes to ensure it recruits the right people, supervises its advisers, and identifies non-compliant advisers and takes action.

An efficient and cost effective solution to meet your needs

Strategi has developed an end-to-end financial adviser recruitment and on-boarding process, part of the Business in a Box suite of tools. This adviser recruitment and onboarding package includes:

  • Recruitment policy
  • Process map
  • Application form
  • Risk assessment tool (initial)
  • On-boarding process/checklist
  • Monitoring/Supervision policy

Download the brochure below for more information on Strategi’s adviser recruitment and on-boarding solution, including why you need it, or contact us for more information.