Part 1 of a four-part series on hiring staff.

Darrell Starrie couldn’t have been happier with his new employee. The receptionist candidate had come across as experienced, capable and intelligent. But, on her first morning, Starrie noticed an insurmountable issue: try as she might, she could not seem to pronounce the name of his firm.

“I just didn’t pick that up in the interview,” says Starrie, a certified financial planner, president of Strategic Financial Concepts Inc. and director of the private client group for Dundee Securities Corp. in Edmonton.

This was almost 20 years ago and, since then, Starrie says, he’s learned a lot about hiring support staff. His current “dream team” of eight, two of which are now licensed financial planners, were all initially hired as assistants, he says. Together, they manage a book of 650 families.

Hiring a capable assistant can be one of the most crucial tasks financial advisors undertake. Yet, there are so many potential problems you can face that almost all experienced advisors have an assistant-hiring tale that still haunts them.

Jeanette Brox, a CFP with Inves-tors Group Inc. in Toronto, still considers her worst hire the assistant who seemed ideal in her interview, but turned out to be a social butterfly who preferred to mingle and chat up the other associates rather than work. “Because I am very seldom in the office,” Brox says, “this was a dangerous combination.”

Such hiring mishaps are a waste of time and money. “It’s costly training assistants,” says Stephen Whipp, a CFP with Manulife Securities Inc. in Victoria. Whipp is currently going through the training process with his new assistant, hired recently from a pool of about 65 applicants. He estimates it will take at least six months for the new assistant to get up to speed.

Although hiring an assistant is a lot like buying a house, in that you’re probably not going to get everything on your wish list, here are some ways to ensure that you’re not stuck with the staffing equivalent of a “money pit”:

> Start Early. If you are beginning to think about how useful an assistant might be to your business, chances are you already need one, Starrie says: “Hire earlier than you think you need to.”

By hiring before you reach the breaking point in terms of your workload, you’re giving yourself time to train the assistant properly. Advisors estimate that training can take anywhere from six to 18 months and most recommend keeping a close eye on your new employee during this period.

“The industry is very complex,” says Whipp, “and new employees have to know where the lines are, what they’re allowed to do and not allowed to do.”

> Put The Word Out. A common refrain from experienced advisors is that some of the best hires stem from referrals from friends and colleagues. In fact, other advisors and assistants can make for the strongest candidates, says Shannon Waller, director of new program development and team program coach with Strategic Coach in Toronto.

Starrie’s website always lists a few opportunities to join the team, even if there is no immediate need. The reason: he doesn’t want to let any solid talent slip through his fingers. Three members of his current team were what he calls “walk-ins” — people who walked in off the street to ask about employment opportunities. “They were flukes,” he says.

In fact, one of his most productive employees applied originally for reception, but was clearly overqualified and today runs workshops for the firm. “Clients love her,” he says.

> Be Precise. When compiling your ideal assistant wish list, be as detailed as possible, recommends Joanne Ferguson, a coach and partner with Advisor Pathways Inc. in Toronto. Create a job profile that lists key responsibilities, daily duties and necessary skills. That helps you clarify what to look for, she says, and prevents you from making choices based on personality alone.

“The general ‘I need more help’ is not enough,” says Starrie. His whittling-down process includes testing that is tied to the specific duties that might be required of an assistant. So, if he wants a person that is proficient with numbers, he’ll ask them to create a spreadsheet.

It’s a good idea to have a written description on hand to provide to the candidate as well, says Waller. Include details such as expected work hours, compensation and expectations to cut down on the “surprise” factor and prevent future misunderstandings or disgruntlement.

@page_break@Don’t Rush.

Take it slow, says Brox. By ensuring due diligence, you can be confident you’re choosing the right assistant.

Whipp’s recent new employee was the result of a fairly detailed process. Of the 65 applications, 14 met the criteria for experience and skills. A test was sent to each applicant by email, featuring a fictional high net-worth client; applicants were asked to prepare a spreadsheet of assets and a pie chart outlining the industry sector and geographical breakdown of the portfolio.

“They had one hour to do it,” says Whipp, adding that only eight were done to his satisfaction.

Then, Whipp scheduled interviews, asking a client of his who specializes in workplace psychology to sit in. He also told the candidates they would be responsible for another assignment. Unknown to them, however, he had set up another test: while they were supposed to be working on their assignments, the subjects were asked by another team member to take care of the phones. Clients (this was all prearranged) would call up and try to find out as much as they could about the candidates, with the intent of keeping them on the phone, says Whipp. Meanwhile, the time limit for the assignment was 30 minutes. “Some people just melted,” he says. “They were almost in tears.”

While it may seem over the top to conduct such an elaborate scheme to find an assistant, Whipp knew what he wanted: someone who could handle the pressure. Extricating oneself delicately from a client phone call to finish work under deadline was one of the main duties