The Insane Wealth-Tech Recruitment Model
I know you know this but even then, I thought of writing this line: Within the FinTech space, our industry comes under the category of Wealth-Tech.
In this Nano, I am sharing an interesting (but insane) recruitment model that most VC backed Wealth-Techs are adopting.
- Hire very low-cost sales force in different places across the country.
- Call them Wealth Managers.
- Get them to sign up their friends, family and network of people.
- Then when their leads dry up, Fire (dump) them in droves.
- Repeat the Cycle.
Do you think this is your competition?
We had a gentleman interview with us in late 2019. This person was a senior executive with an asset manager and had joined this Wealth-Tech a year or so back believing its cock and bull story. Within a year, he was looking to run away from this caustic environment (which gets glorified in the media for raising so much money) because his blood pressure was constantly going up. He had to fire 100+ people in 1 day and this was pre-COVID. The focus there was simply on numbers and more numbers at all costs.
Thankfully, you don’t need to run this race and more importantly you can build an amazing firm by exactly not following the above.
Like I wrote in Tuesday’s post “Emma”, you indeed have a great future. The only 5 words that I would add are – “provided you prepare for it”.
Future Proof your business today!