This article was originally published on Yahoo! Finance on July 16, 2019.
Springfield, MA, July 16, 2019 (GLOBE NEWSWIRE) — FA Match, the digital recruitment platform that connects RIA firms, banks, wirehouses and independent broker-dealers with advisors seeking meaningful career transitions, today announced the launch of the FA Match Success Network, an advisor referral program for wealth management firms of all sizes and fee structures.
The FA Match Success Network enables firms to refer financial advisors whom they’ve directly sourced as potential hires but do not wish to move forward with – or, advisors who have decided the opportunity is not what they’re looking for. Firms collect a “success fee” when the advisor they’ve referred to FA Match secures a position at another company via the platform.
At its core, the Success Network makes it possible for organizations to tap into brand new streams of revenue, profit from missed opportunities, and contribute to a more interconnected wealth management landscape.
“When it comes to recruiting talent, the fit is everything. Teams often meet advisors who have the qualifications and experience, yet just aren’t right for their firm – or vice versa, the advisor decides the firm isn’t what they’re looking for,” said Ryan Shanks, CEO and co-founder of FA Match. “We asked ourselves: what if those firms could help the advisor candidates identify other organizations that are a better fit, and collect a fee for their time? The Success Network makes it possible – a win-win solution for everyone involved.”
Firms who join the FA Match Success Network will receive a custom referral link. When the advisor signs up for FA Match using that link, their search progress will be tracked, and a percentage of the placement fee will automatically be sent to the firm when the advisor makes a career move.
“Everyone who’s a part of the Success Network cycle benefits – especially firms like SCF who would not otherwise have access to this form of revenue, and advisors who deserve a second chance at finding their career match,” said Grant Cox, EVP and Chief Marketing Officer at SCF Securities, a national broker-dealer/RIA headquartered in Fresno, Calif. “We’re proud to be an early member of the FA Match Success Network and believe that it will help make our hiring team more productive, well-connected and profitable.”
Having launched in January, FA Match connects purpose-driven firms with talented advisors on the basis of quantitative insights and like-minded values. Advisor profiles are free and completely anonymous until they agree to connect with a “Mutual Match.” Once both parties are connected, their first phone call is facilitated through the platform. There is no fee to use the platform – hiring firms only pay for successful placements.