Recruitment And Selection For The Financial Advisor Position At Toronto Dominion Bank

Competitive Human Resource Management

The process of recruitment and selection is among the significant elements of running established and startups business. Employees with the right skills can help the organization attain its long-term and short-term goals. Employees without the right skills can do harm to the business through creating a work environment that is toxic and missing sales. Experts advise on the selection and employee recruitment are essential for any business to meet its objectives and goals. The recruitment process is the ability of an organization to source out for new employees, to keep the firm in operation and improving the human capital quality employed in the organization (“Recruitment and Selection – HRM Guide”, 2016).The main aim of conducting a recruitment and a selection process is so as to hire employees with the best talents from the market so as to keep the organization competitive. The recruitment process is about managing the high volumes of resume jobs and the competencies to select the right candidate for the organization.

Competitive human resource management usually starts with a recruitment process that is competitive in nature. The firms together with its employees create a competitive advantage. The main goal of the recruitment process is finding the best sources on the job market. The human resource recruiters have to fully utilize the managers and the recruitment sources so as to make the right decision that is fast and effective.

The purpose of this paper to find the right candidate for an organization that requires a skilled financial advisor to fill their position. In order to find the right candidate, the recruitment process has to follow a certain sequence of steps. First, the candidate has to be sourced using various methods so as to find the candidate with the perfect skills for the job. Secondly, the recruitment team has to critically analyze the applications and review the resumes. Lastly, an interview has to conduct to see if the candidate has met the required skills and qualify for the job (Mayhew, 2011).

The Toronto Dominion bank operates as a North America bank. The bank is a financial service that operates online having more than 5 million mobile and online customers. The banks have segments in which it conducts its business. The segments comprise of the wholesale banking, retail banking, and corporate banking. The wholesale banking offers a variety of capital markets corporate banking services, including the underwriting and distribution of the new debt and equity providing advice on the strategic acquisitions and the divestitures and meeting the client’s needs (Editorial, 2011).

Financial Advisor

The wholesale banking a variety of capital markets, corporate banking products and services, government and institutional clients in the various global financial center. This segment of the bank provides market access to its retail operation and wealth and offers the banking solution to its customers and its partners. The capital markets and the investment banking product line comprises of trading, underwriting advisory, and services execution. The corporate banking product group comprises trade finance, cash management services, and the corporate lending.

A financial advisor is an employee who offers customers financial advice. They do take in account various information comprising of the economic trends, clients comfortable with the risky decision and the regulatory changes in determining the customer investment portfolio. They have the task of ensuring the client feel comfortable.

Financial advisor to help the customer through assessing their financial needs and helping them with investments and decision on insurance. They help the customer plan for their short-term and long-term goals such as retirement and education expenses. After assessing the client needs the financial advisor with recommending an investment that will match the objectives of the customer. They perform a task of investing the client money based on the decisions of the client.

Despite the fact that financial advisor does offer advice on various topics, some of them specialize in certain areas such as risk management or retirement. They evaluate the willingness of the investor to take chances and modify their investment accordingly. They will invest the consumer investment after which they will be obtaining the customer regular report s on the status of the investment as well as the customer. The task of the financial advisor includes monitoring the customer’s investments and modifying the financial plan depending on the customer circumstance changing or a change in the investment option (“Financial Advisor”, 2016).

Financial advisor position at the Toronto Dominion Bank is to offer the customer a clear guideline on their investment without having any malicious motive. They are guided by strict code of conduct that does not provide any room for errors .The bank has employees who have licensed to purchase and sell bonds directly. Based on the employment agreement with the clients, the financial advisor might have the permission from the customer on making selling and buying decision of the bonds (Doyle, 2011).

Having a good track record of being an effective businessman is important to being financial advisor   .It is of great importance to find a financial advisor who is very independent and well respected in the industry (Wong, 2009).The financial advisor should have an understanding of the various dimensions of running a successful business. Factors considered when recruiting financial advisor and how it will influence selection strategy.

Recruitment and Selection Process

Financial advisor post requires various educational requirements.one has to pass various courses on different topics including insurance investment, estate planning, financial planning and a comprehensive exam. A certified financial planner who provided various financial planning services pledges to work with the client interest above his own interest at all times (Greenwald, 2013).

Majority of the financial advisor do only offer investment advice. There is very few financial advisor who offers comprehensive financial services. This comprises of all the management assets that are directly managed by the planner or indirectly management by the planer. The comprehensive financial services would comprise of the insurance, life estate, and cash flow planning (Greenwald, 2013).

There is no better way to pay for the financial advice. Planners can be paid based on various factors. The significant thing is to understand the way the prospective planner charges and the budget the employee has (Wong, 2009) .This will help in getting a clear picture of whether the employee will get the best services

The recruiter should liaise with the financial industry regulatory authority and other board to check the applicant disciplinary history (Greenwald, 2013).

The recruitment planning cannot be achieved without a strategic planning. Before any recruitment process, the organization must implement a staffing plan that is proper and do a forecasting to determine the number of people the organization requires.

A thorough examination of the financial advisor position in relation to Toronto Dominion Bank. The organization should summarize the need that the person will fill in helping the organization attain its long-term and short-term goals. The recruiter will request the organization how well does the financial advisor position fit the organization future needs and other responsibility that can be added to the job. The recruiter will follow the evaluation with a job description that is very detailed based the clear understanding of the organization business needs that are growing (McKay, 2013).

Recruitment criteria will help the recruiter to avoid instances of finding an employee who can be comfortable with the organization culture instead of finding the applicants who have the right skills sets that are required (Johnston, 2013).The recruitment plan should be explicit on finding the candidate who is successful. A clear list of the job skills should be well laid out to avoid confusion during a time when there are two employees with competing qualification. Selection criteria should be used as a guideline to help on focus on the needs of the job.

Vacant Position and Job Requirements

The vacant position can be announced to the employees of the organization before being announced to the public. The job description and the job requirements should be published on the employee intranet. Having the job open to the internal and external applicant will help in finding the best plan for the position.

The recruiter should conduct competencies test for the candidates that the employer is serious about. The organization requires employees who can get up to speed quickly. The recruiter should ensure that the test is checked from time to time to ensure that it aligns us with the skills required for the job vacancy.

The recruiter will set aside the list of all applicants who have met the requirements. The personnel responsible for conducting the interview should be notified. Interviewer should agree on a certain candidate if they qualify as compared to the rest.

Financial advisor job title-Toronto Dominion Bank

Toronto Dominion bank presents an opportunity to be part of the world fastest growing fiscal institution .The organization is searching for an independent, well respected financial advisor to help the customer in managing their investment strategies. Everyone who is looking for a challenging position is encouraged to apply.

• Provide financial planning support to customers.
• Guide and respond to the customer regarding their financial planning queries.
• Help in the company plans development.
• Support investment professional to cultivate the client relationships.
• Prepare financial plans and check for their accuracy.

• Certified financial plan designation will be an added advantage(“Financial Advisor Job Description Examples | Indeed.com”, 2014).
• Postgraduate diploma in finance or insurance.
• 3 years’ experience working with financial planning software.
• Poses strong communication skills.
• 5 years’ experience working as a financial advisor before.

Advertising has gradually evolved into an enormous communication medium. There are various mediums for job advertisement. For this job, the recruitment department selected the local newspaper and the online job board.

The job position requires an applicant who is local since the organization does not allow telecommuting for this position. This was the best medium since the local paper charges less fee for advertisement of the jobs for the local people. Its was a cost-saving scheme for the organization.

There is numerous online job board. The advantage of using the online job board is that it made it easier to find the right candidate since the jobs are classified based on the industry. This platform was the cheapest and it could reach a larger audience.

Part 3

Financial advisor role requires strong communication skills, critical analysis of the problem and sharp mind. After shortlisting the candidates who have qualified for the interview, all successful candidates will be given a case to analyze and come up with a solution. The solution will be presented during the interview day to the panel before the interview process. The aim of the presentation is to test the confidence level of the candidate, his communication skill and ability to critically analyze the situation.

Job Title and Advertising

The following are the best tools that will help in selecting the right candidate for the job.

Athena assessment. This test evaluates the applicant judgment based on the notion that people who are effective in their jobs have good judgment.

Then Berke assessment. It is a customized personality test measuring the intelligence of a candidate. The recruiter can list all the behavioral traits that are desirable and compare the result of each candidate against the other candidate (Bika, 2016).

After completion of various test and assessments, the panel will have recorded each candidate score at each stage. The results will be compiled and remarks made by each person is present in the panel. The candidate with the highest score will be awarded the job.

Resume screening matrix provides the objective method of comparing the candidates against the standards and the candidates. This evaluation simplifies the process of selecting the candidate to consider for further .The screening matrix provides a convenient means of spotting the trends among the applicants.

Job interviews provide an platform for the candidate to sell themselves to the potential employers (McIntosh, 2013).Candidates should invest a lot of their time in preparing for the interview and having a clear understanding of the interview process. It is essential for the job applicant to understand the importance of each phase of the interview and the requirement in making the best impression.

• Once the recruiter has received the candidates CVS and made their selection, they are required to give the candidate some days’ notice in order to prepare for the interview.
• The recruiter should notify the candidates if they will be required to take the test and bring in their work samples so that the candidate will appear during the interview day fully prepared.
• Inform the candidate about how long the process of the interview is going to take and the stages involved in the interview.

• The interview is stressing to a lot of people, the recruiter should try and relax their candidate .the organization should ensure that all the employees are escorted to the interview room and given warm welcome.
• People do tend to judge the first impression .the recruiter should avoid judging the first impression since some candidates fail at giving the best first impression but end up performing well in the organization.
• Give a brief overview of the job before starting to interview the employee. The summary of the position should incorporate the key responsibility, the key challenges the performance criteria and the reporting structure.
• The recruiter should listen to the candidate in order to get a lot of information to differentiate between the candidates and determine the skills of the candidate
• The recruiter should give the candidate time to ask for questions in case their candidate has questions about the organization.

• The recruiter should inform the candidate on the state of his application. If the candidate is the best fit for the position, they should be informed of the next step forward. Suppose the candidate does not qualify let them know as soon as possible.
• Compare recommendation from other interviewer and reach consensus .The post interview is the duration for the interviewer to do notes comparison and reach a consensus. Each interviewer should give their recommendation.

Recruitment and selection process plays a vital role in the organization success. Employees do leave organization looking for greener pastures while others resign or retire. The most significant thing is that the organization finds another manpower who are qualified and very skilled to fill the position. There is time when the organization decided to create a new product that will help the organization venture into a new, market. This will require manpower that is very skilled to ensure the new product doesn’t fail but is well accepted in the market by the consumer. Understanding recruitment simply, it means to understand the process of searching for the right skills to fill a position from job applicants .Recruitment process is initiated when the organization has a vacancy and therefore advertise for the position to be filled. The process is terminated at that time when the right manpower has been selected from the many job applicants .Many organizations do have an internal human resource department that deals with hiring and recruiting of the new staff. However, Toronto Dominion bank lacks that department and that why they contracted a professional human resource to help them fill the position in their organization.

Conclusion

The recruitment process has a lot of importance on the organization. First, the process helps in determining the future and the present organization job requirement in conjunction with the manpower planning and the activities of job analysis. Secondly, the process is significant in the increment of the organization success rate of the process of selection because it reduces the number of applicants who are not qualified for the job. Thirdly, recruitment helps the organization in reducing the employee turnover rate after a short period of time. Lastly, it helps in identifying the most competent job applicant who will the right candidate for the task at hand.

On the other hand, the recruitment process is hindered by a lot of factors. They are categorized into internal and external factors. First the labor market condition, the demand of certain skill in the market greatly affect the recruitment process, if the demand is too high, the supply of similar skill can be very low this will make the recruitment process difficult. Secondly, the unemployment situation, this has a positive impact on the recruitment process (Singh, 2014). When the need for certain skill is available in the market due to unemployment, the recruitment process is simpler. The number of the job applicant is very high making it very easy to find the right skill and the best-qualified individual for the job. Lastly, the organization reputation. Organization reputation has a great impact on the recruitment process (Root, 2014). An organization that has a good reputation attract potential and most skilled applicants. That is the reason why an organization with high rated reputation do attract a large number of applicants.

Toronto Dominion Bank is an organization that is well known for its good reputation of handling its employees well. The organization is among the top rated firms that protect the interest of the employee first before through ensuring the employee demands are addressed and solved. Therefore the recruitment process will be very easier as more individuals look forward to working with the bank.

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