Finding the right firm

(June 2006) Are you truly happy in your job? Does your current position offer you everything you thought it would, or is there something missing? For those who don’t want to be corporate lifers in a single company, it’s important to find a fit with a firm that suits both their ambitions and skill set. Enter the executive search firm.

As a person who recently switched companies, I believe it is important to understand the role this kind of firm can play in facilitating a career transition. Although there are a number of search firms out there, some focus exclusively on the financial services industry. Aside from that single-mindedness, these firms have a number of differences, too. If you’re going to use one, it helps to get a handle on how each firm operates.

Altura Executive Search is sought after by firms who want to find quality people who are looking for an environment that involves more than being a cog in a big machine. It represents independent, privately held equity-based firms that are more focused on being better than being bigger. Theycontrast with other search firms that are sometimes de facto recruiting arms for a single institution, where more than 80% of the company’s business comes from one client. Altura works on a strict retainer basis and looks to find homes for people who are relatively focused. As such, many of its placements are entrepreneurial and progressive.

Managing director Mark Toren has built the company to be the firm of choice for a number of established “old-money” wealth management firms. This specialization of sorts has strengthened Altura’s reputation as a firm that is well connected in a fairly closeknit community. Operating in Eastern Canada’s three major centres (Ottawa, Montreal and Toronto), Toren says “the firms of the highest calibre tend to know one another fairly well. Amazingly, many of the principals, while competitors, are also friends.”

Nolan Associates is a five-person boutique firm operating out of Toronto. Founder and principal Don Nolan, a 20-year veteran of recruiting, formed the company 10 years ago. Its strategy is to partner with one major organization in each sector (insurance, brokerage, banking, etc.), which allows it to recruit with impunity from all of its clients’ competitors. This approach has been rewarded through consistent repeat business and the formation of a true partnership that goes beyond outsourcing. According to Nolan, “the best talent tends to be passive — they’re not looking, but there are plenty of opportunities out there these days to get their attention. Accordingly, the most effective recruiters ensure they are in touch with this talent. You can only do this if you’re focused or have a specialty.”

Meanwhile, from the 26th floor at Toronto’s BCE Place, Chisholm Partners International Inc.’s managing director Tim Chisholm runs the show as the master strategist in the “war for talent.” Chisholm believes that knowledge is power and that strategic relationships require guidance from the smartest individuals who can execute the most effectively. Accordingly, all of Chisholm’s work comes through referrals. “All of our relationships are nourished from doing a great job for another client first,” he says. Focusing on client needs, he feels the best people are like eagles, “they don’t flock — you have to find them one at a time.”

The interesting thing about the companies profiled here is that each is successful in its own way. Doing things well while doing things differently certainly makes for healthy competition, but it helps people in financial services find a home, too. Many a career has been altered for the better through the intrepid work of these enterprising intermediaries. Obviously, there’s no single right or wrong way to run an executive search firm, just as there’s no definitive way to chart your own career path. Like investing, there are a number of do-it-yourselfers out there. However, if you think a little professional advice regarding your career might be in order, consider using a search firm.

AER

John J. De Goey is a senior financial advisor with Burgeonvest Securities Ltd. and author of The Professional Financial Advisor. The views expressed are not necessarily shared by Burgeonvest. He can be reached at john.degoey@burgeonvest.com

(06/07/06)

John De Goey

Planning and Advice