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A Perth-based broker has described the challenges he has faced in recruiting brokers into his brokerage, and the process he has implemented to ensure that his recruits fit into his business.
Napoleon Finance director and finance broker Sam Carrello told The Adviser’s Elite Broker podcast that he prefers hiring brokers through word of mouth and referrals, particularly through his brokerage’s aggregator, Connective.
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Mr Carrello, who established his brokerage in 2017 and won Best New Office WA at the Better Business Awards 2020, has faced his fair share of challenges in recruiting and retaining his staff. In fact, he has listed the recruitment process as one of his greatest challenge in running his business.
He recalled that he previously has had to let a staff member go, which he said was not a pleasant experience.
“That was probably the hardest thing I’ve ever done,” Mr Carrello said.
“It was a lot like when you’re in year eight or year nine in school and having to break up with your girlfriend after four weeks.”
Mr Carrello attributed this end result to him rushing to recruit someone because he required additional staff immediately, which he said led to him recruiting the “first person that applied”.
“It didn’t quite work out. So, I think due diligence on staff is probably the biggest challenge,” he said.
“Get that right fit because if you get it wrong, then you’ve got to go through the firing stage, and that’s not nice.”
Using aggregators for recruiting brokers
In the beginning of 2020, Mr Carrello wanted to recruit a broker into his business but said that he could not find one who met his criteria.
“It might be my standards are maybe a little bit too high,” he said.
Because he prefers to recruit through a referral, his own network or word of mouth, rather than advertising publicly (through online job advertisements), Mr Carrello decided to rely on Connective and its network of broker contacts to assist him with hiring a broker.
“If you know who you’re hiring, and you’ve worked with them before or dealt with them before, it definitely makes a big difference,” Mr Carrello said.
When choosing who to recruit, Mr Carrello said he prioritises the candidate’s personality and ensures that they can click with him and his team, which he said he can gauge during an interview or a coffee conversation with the candidate.
“You can usually figure someone out probably within five to 10 minutes into a coffee, just to see if you are going to get along, see how the conversation flows, how they present themselves and how they speak,” he said.
“Because at the end of the day, we’re providing a service, and there’s got to be standards upheld.”
“For me, personality is the big one because it’s a lot harder to change someone’s personality or their mannerisms and how they hold themselves, compared to teaching them which banks are going to approve the deal.”
Nevertheless, Mr Carrello also said that he prioritises technical ability and experience in the brokers that he hires because he lacks the time to train someone from the beginning.
“The guys I’ve hired aren’t green. They’ve all had five to six years’ experience in finance and broking,” he said.
To listen to the full Elite Broker podcast with Sam Carrello, click here:
[Related: How this broker is leading the way in WA]
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