A Flight Simulator for Financial Advisers
The St. Louis-based brokerage Edward Jones finds the best financial adviser candidates with a hiring process that includes a “day in the life” simulation.
A four-hour virtual assessment lets the firm observes the candidate’s abilities to communicate with clients and think on their feet, said John Rahal, head of financial adviser talent acquisition.
One of the simulations requires aspiring employees to handle a “client” who is upset about an investment. The firm observes the applicant’s competencies as they experience what a day in the life feels like.
It’s much cheaper to discover someone’s not a match before they are hired and trained. Attracting career changers is a significant part of Edward Jones’ recruiting strategy. The typical career changer in Edward Jones’ sights is an individual about 38 years old who is making between $75,000 to $125,000 a year in professional sales or service, and other careers where the person has been able to connect with individuals.