Onboarding Training: The First Six Weeks of Employment

Herbers & Company frequently recommends beginning with a six-week onboarding training program for new hires (see Figure 2 below). While this may seem extensive, it’s crucial for establishing a solid foundation for employees’ careers within your firm. During these formative weeks, employees develop lasting impressions of the company and start to make subconscious decisions about whether they envision a long-term future with the firm.

Investing in a comprehensive onboarding program is therefore essential to ensure that new hires not only form a positive first impression of your firm but also begin to deliver services that are fully aligned with your client experience.

Onboarding training should be designed to give new employees a comprehensive view of the firm, its people, systems, and culture, as well as an understanding of where they fit within the organization. While each firm is unique, the first six weeks should cover key areas that gradually build on each other:

Week 1: Understanding Your Unique Service Model and Technology

The first week focuses on immersing new hires in your firm's unique service model and the technology that underpins it. This includes an introduction to the core services provided by your firm, how these services are delivered to clients, and the specific technology platforms used to manage client relationships and business operations. This foundational knowledge ensures that new employees understand how the firm differentiates itself in the marketplace and equips them with the tools they’ll need to succeed.

Week 2: Mastering Administrative Tasks and Client Service Standards

In the second week, the focus shifts to understanding the basic administrative tasks that keep the firm running smoothly and the client service standards that define the client experience. New financial advisor hires, no matter their level of experience are trained on the daily administrative procedures, from managing documents to scheduling meetings, and are introduced to the firm's expectations for client interactions. This training reinforces the importance of consistency and excellence in client service, laying the groundwork for building strong, lasting client relationships.

Week 3: Effective Client Communication

Communication is a cornerstone of client relationships, and the third week is dedicated to helping new hires develop and enhance their client communication skills. Training during this week covers how to engage with clients effectively, from initial contact to ongoing relationship management. This includes understanding client needs, delivering clear and concise information, and managing difficult conversations with empathy and professionalism. By the end of this week, new hires should feel confident in their ability to represent the firm and maintain positive client interactions.

Week 4: Marketing and Sales Responsibilities

The fourth week is focused on the marketing and sales aspects of the financial advisory role. Even if direct business development, marketing, and sales duties are not required of the role, it’s important for new hires to understand how their work contributes to the firm’s overall success. This week covers the basics of marketing strategies, the firm’s approach to client acquisition, and any sales-related responsibilities that advisors may have. New hires will learn how they can contribute to business development, whether through networking, referrals, or supporting the firm’s broader marketing efforts. Additionally, they learn messaging, how they talk about the firm’s brand and the work they do at the company.

Week 5: New Client Processes

In the fifth week, the focus shifts to understanding the detailed processes involved in onboarding and serving new clients. New hires are trained on the procedures for bringing new clients into the firm, from initial consultations to setting up accounts and creating financial plans. This week emphasizes the importance of a seamless onboarding experience for clients and equips new hires with the knowledge and skills to ensure that new clients are integrated smoothly and efficiently into the firm’s services.

Week 6: Compliance and Ongoing Client Relationship Management

The final week of onboarding is dedicated to understanding compliance requirements and the ongoing management of client relationships. New hires are trained on the firm’s compliance policies, ethical standards, and the regulatory environment in which they operate. Additionally, this week covers best practices for maintaining and deepening client relationships over time, including regular check-ins, ongoing advice, and proactive management of client financial plans and portfolios. By the end of the sixth week, new hires should be fully prepared to manage client relationships in a compliant, professional, and effective manner.

This structured six-week onboarding process not only equips new hires with the knowledge and skills they need to succeed but also reinforces the firm’s commitment to their professional development and long-term success. By investing in onboarding training, firms can ensure that their new employees are well-prepared to contribute meaningfully to the firm’s goals and deliver exceptional service to clients.