Hiring Practices for Trust and Estate Professionals: A Strategic Approach to Building a Strong Team

Evidence suggests that there is an increased demand for trust and estate professionals in the market. According to WealthManagement.com, baby boomers are retiring, and with that comes the largest transfer of wealth ever. The surging demand is uplifting news for the industry, however, the lack of great candidates who are up to the task is a big concern for many organizations.

So, if you are determined to attract the best, most talented, and productive trust advisors, you have to ensure that the job candidates have what it takes to contribute to your team, enhance your practice, and help you take your company to the next level. It’s challenging, for sure, but not impossible.

We are hoping that a CEO, hiring manager, or business owner looking to hire top-tier estate planning professionals will benefit significantly from our insights below and successfully streamline the recruiting process.

What should you do to attract the right people?

Hiring trust and estate planning professionals is no easy feat. They play a vital role in helping clients protect their most valuable possessions, take care of their loved ones, and make sure their estates are organized in the most tax-efficient way. As suggested by Wealth Management Magazine, bringing the right person on board takes more than just technical skills and extensive expertise. It’s also about relationship-building, empathy, and effective organizational and communication skills. In addition, to excel in this role, candidates must possess a strong understanding of both financial and legal matters.

Clearly articulate the role

When it comes to bringing a highly qualified trust and estate planning professional on board, it is worth revisiting the basics and asking yourself a simple question: What does an estate planner actually do? For most companies, trust and estate planning experts are responsible for helping clients navigate complex legal and financial decisions pertaining to wills, trusts, asset transfers, and estate taxes.

Before you start poring over a huge pile of resumes and cover letters, make sure you are crystal clear on the role you are hiring for. As you know, estate planning professionals can wear different hats and perform a wide variety of duties, depending on your firm’s specific needs, goals, and aspirations. Knowing exactly what you want to achieve, articulating your expectations and clearly defining success, can help you select candidates who are well-suited to your unique needs.

Look for the right mix of legal and financial expertise

Knowing that estate planning requires a balance of legal knowledge, financial expertise, and strong client management skills, you should try to attract candidates with extensive experience drafting wills, creating trusts, and navigating complex tax laws. According to the American Bankers Association (ABA), some companies require certifications such as the Certified Trust and Fiduciary Advisor (CTFA) or Certified Estate Planner (CEP) which can be a good indication of formal expertise. After all, education is important and knowledge is power, as well as the ability to stay current on the latest industry trends and technological advances. In addition, estate planners are usually expected to be tax-savvy, have experience with tax codes, and always look for better ways to reduce taxes for clients, as highlighted in Forbes Magazine.

Use scenario-based questions during interview

While we can’t stress enough the importance of strong technical skills, it’s essential to take into account a trust advisor’s ability to handle challenging real-world scenarios. Yes, there are resumes, cover letters, and references that can influence the hiring decision. But what about scenario-based interview questions to determine how candidates would deal with common estate planning situations and perform under pressure?

Here are a few examples below you could incorporate into the upcoming interview:

• “Please tell me about a time when you had to explain and describe a very complicated trust structure to a client who was stressed and confused about technical nuances. How did you make sure he or she understood your explanation? What did you tell them to mitigate their concerns?”

• “How do you stay up-to-date on all the latest changes in estate laws and regulations? What do you read, how do you study, and what steps do you take to ensure full understanding of the new rules?”

• “Describe a time when you had to collaborate with a team of financial planners, attorneys, and other professionals to create a comprehensive plan for a client? How did you reconcile your differences, handle disagreements, and ensure you were all on the same page?”

These are just some of the probing questions that can help you gauge your candidates’ problem-solving and communication skills, as well as the ability to collaborate with others.

Final thoughts

Hiring the right trust and estate professional is so much more than filling a vacancy. It’s about bringing in a person who is well-equipped to safeguard your clients’ best interests, protect their legacy, and contribute to your firm’s reputation and competitive advantage. By clearly defining a role, evaluating technical, interpersonal, and communication skills, and streamlining the interview process, you can build a strong team that drives success, deepens relationships, and ensures long-term growth.

Frequently Asked Questions:

As a hiring manager, how do I ensure a trust advisor has the right balance of legal and financial expertise?

We suggest you look for candidates with a solid track record drafting wills, managing trusts, and navigating tax laws. Certifications such as the Certified Trust and Fiduciary Advisor or Certified Financial Planner can be a good indicator of formal expertise. During interviews, ask a few specific questions based on real-world scenarios to determine how they think, address challenges, and handle pressure.

What is one of the best ways to assess a candidate’s ability to build strong, long-lasting relationships with clients?

While technical and analytical skills are a must for every estate planner, emotional intelligence is equally important. We suggest you ask each candidate to share specific examples of how they worked with clients who were stressed, frustrated, or confused about complex estate matters. These types of situations are inevitable in estate planning. Therefore, it’s important to give preference to job candidates who can demonstrate genuine compassion, effective communication skills, and the ability to simplify complex topics, all while maintaining patience and composure throughout the process.

How can I ensure a smooth collaboration between my trust and estate planning team and other professionals?

When it comes to estate planning, collaboration is key. So, it’s important to ask candidates about their experience working with attorneys, financial planners, and other professionals. While competence is important, strong interpersonal skills should also be a key factor in the hiring process. If trust advisors can describe a time when they successfully worked as part of a team while addressing issues and disagreements, you may want to consider bringing them onboard.