Top Advisor Podcast, Episode #87

Title: Building Your Financial Advisory Team with Top Talent – Insights from Steve Perry
Host: Bill Cates
Guest: Steve Perry, Founder & President of The Well Recruiting Solutions
Release Date: April 16, 2025

Episode Overview

This episode centers on one of the most pivotal levers for scaling a successful advisory business: building a high-performing team through effective recruiting. Bill Cates interviews Steve Perry, who shares actionable insights from his journey as a financial advisor, leader, and now founder of The Well Recruiting Solutions. The conversation unpacks strategies for sourcing, selecting, and cultivating the right talent while maintaining a strong firm culture—delivering lessons for advisors at all stages of growth.

Key Discussion Points & Insights

1. Steve’s Journey Into Entrepreneurship

[03:39 – 05:07]

• Steve transitioned from managing a large advisory office to launching his own recruiting firm.
• Motivation stemmed from wanting true ownership and the opportunity to align his career with his values.

  “I get to talk to people about owning all day long, but I don't have that. And so... I look back and at 60, I would have been disappointed I hadn't take the chance.” – Steve Perry [04:00]

The Meaning Behind ‘The Well’
[05:22 – 08:22]

• “The Well” symbolizes:
  • The generational opportunity financial advising provided Steve’s family
  • The firm’s mission to help both clients and global philanthropic causes
  • A ‘well’ of talent—creating a deep and sustainable source for firms and communities
• Philanthropy is core: part of revenues are directed to global causes.

  “We’re building a well, a sustainable source of... life-sustaining support for people all around the world…” – Steve Perry [07:53]

2. The Biggest Challenges in Recruiting Top Talent

[08:22 – 10:56]

• Name Flow: Quality, not just quantity. Too many resumes via job boards/AI dilute pools with unqualified applicants.
• AI and Tech: It's easy for anyone to apply with optimized resumes—hence, the challenge is sifting through volume to find true fits.

  “You can go out of business real quick if ... you just let anyone in the door.” – Steve Perry [09:20]

3. Overcoming Recruiting Hurdles & Systematizing Talent Acquisition

[11:24 – 14:31]

• Personal Introductions: Still the gold standard. Start with referrals from trusted contacts.
• Proactive Networking: Build your talent pipeline before you have open roles.

  “My biggest recommendation is that you start building that network before you even know what you need…” – Steve Perry [12:36]

• Outsourcing: Use recruiting firms to add leverage, especially for revenue-generating roles.

Messaging Matters:
[14:31 – 18:46]

• How you communicate the role and your firm’s values will attract or repel candidates.
• Job postings alone aren’t enough—most candidates now “just click apply” and don’t read in-depth.
• Using a third-party recruiting brand shifts leverage, improves selectivity, and can help preserve firm reputation.
• Values alignment is critical; articulate your mission to attract the right fits.

  “That's what you need to lean on in the recruiting process… the right person is going to work nowhere else but for you because of those values.” – Steve Perry [17:51]

4. Defining and Identifying Top Talent

[22:03 – 25:44]

• Leverage the Pareto Principle—20% of people will produce 80% of results.
• Top talent is rare: To hire two great people, you might need to interview 20–30.
• Look for:
  • Humble, hungry, and smart individuals (citing “The Ideal Team Player” framework) [24:17]
• Behavioral Interviewing:

  “A question I really like to ask a lot is for someone to describe for me what their best life looks like... If they can quantify that, then two things happen: they're goal-oriented, and you can see if your position aligns with helping them get there.” – Steve Perry [24:33]

5. Navigating Team Growth, Role Types, and Talent Planning

[26:22 – 28:13]

• Types of Talent:
  • Potential: No direct experience, high upside, requires major development
  • Emerging: Some experience, moderate cost & development
  • Proven: High cost, can contribute quickly

  “At the beginning of our company, I had more time and less money... now I need people who know things I don't.” – Steve Perry [27:41]

• Career Paths: Leaders must articulate a multi-year vision for new hires to reduce turnover.

6. Scaling Teams Without Sacrificing Culture

[28:55 – 31:18]

• Codify mission, vision, and values—reference them constantly and share stories that reinforce culture.
• Cultural fit is assessed in interviews; use targeted questions.

  “If they can’t [align with your mission/values], you know you got your answer right there.” – Steve Perry [31:12]

7. The Technology Piece: Double-edged Sword

[37:05 – 39:03]

• Improving Outreach:
  • Automate job posting distribution, amplify firm brand, and use LinkedIn/content tools for engagement.
  • Use Applicant Tracking Systems (ATS) to manage candidates.

  “...the big thing is being able to go back to candidates that you’ve interviewed before ... and being able to re-engage with them in the future.” – Steve Perry [38:44]

• Warning: Tech should aid human connection, not replace it; be wary of impersonal automations.

8. Future Trends in Financial Services Recruiting

[39:14 – 41:43]

• Rise of Team-Based Models:
  • Segmentation of roles (BDRs, lead advisors, service advisors, etc.) rather than the all-in-one advisor
• Specialization unlocks performance:
  • “It allows people to work within their gifting ... and less of their time doing the things they have to do.” – Steve Perry [40:27]
• Ongoing need to reassess value proposition and ensure team structures align with both talent and client needs.

Notable Quotes & Memorable Moments

• “Once they've figured out how to get a sustainable flow of clients, then they have to figure out how to get a sustainable flow of talent if they're truly going to be a business, not a solopreneur.” – Steve Perry [06:28]
• “...the mere fact of... a third party recruiting agency puts you in a position of strength. ...your job is to get through us to maybe get to them.” – Steve Perry [15:41]
• “People do things because they want to do them, not because someone else wants them to do them.” – Steve Perry [25:30]
• “You got to be able to create vision for how this person can see themselves... several years in the future, otherwise they are going to start looking for something else.” – Steve Perry [27:57]
• “If you abdicate and just have technology do all of that, it's super obvious, it looks super botty. You don't want to be that.” – Steve Perry [38:18]
• “At the beginning of our company, I had more time and less money... now I need people who know things I don't.” – Steve Perry [27:41]

Important Timestamps

• 03:39 – Steve’s decision to launch The Well Recruiting Solutions
• 05:22 – Deeper meaning behind "The Well"
• 08:55 – The top recruiting challenges for advisors & the impact of technology
• 11:24 – Most effective recruiting channels & the importance of building a talent pipeline
• 14:31 – The power and challenge of messaging in job postings
• 17:36 – How to leverage values to attract the right talent
• 22:12 – How Steve defines “top talent”
• 24:17 – Key traits to identify in candidates
• 26:22 – The three types of talent and how to plan hires
• 28:55 – Maintaining culture while scaling
• 37:05 – How technology can enable recruiting (when used wisely)
• 39:14 – Future trends: team-based model and specialization

Resources & Contact Info

• Steve’s free resource: Top 10 roles advisory firms are hiring for, with job descriptions and salary data, organized by firm size and geography.
  • Get it at riajob.com

  “You don't have to be an RIA to benefit from it.” [33:57]

• The Well Recruiting Solutions: For recruiting services and more info

Summary

This episode is a blueprint for advisory firm owners and leaders looking to take decisive steps in talent acquisition and team culture. Steve Perry demystifies common missteps, reveals practical frameworks (like the types of talent and the centrality of cultural fit), and underscores the need for intentionality as you scale—from prospecting talent to long-term team development. Advisors will leave with a deeper understanding of the strategies (and pitfalls!) essential to achieving sustained business—and life—success.