I was actually hoping I would not have to write about this trend. I’ve been hoping that it was just an isolated situation, but regrettably, it’s not. Across all channels within our industry in public finance, from bankers to bond counsels, a delay is a common occurrence. I am talking about delay after an offer has been accepted.
How Much Of A Delay Are We Talking…?
Why is this happening? I wish I knew! But it is happening, and it’s happening at an enlarging amount. I am now seeing over a month delay from background checks to onboarding, which used to take maybe a week or two. Background checks that used to happen in less than a week are now taking up to three to four weeks to come back and be cleared by HR and Compliance departments. Slight infractions disclosed on FINRA are taking committees to decide if the firm wants to hire someone. On the financial advisory side, diving into someone’s book is taking longer. Firms that are non-protocol are being looked at closer before the transaction is complete, even though offers are signed.
Is This Happening To Everyone In Our Industry?
As for the bond counsels, conflict checks are definitely taking longer, including where on the surface appears there is no conflict. Law firms are looking at the possibility of a future conflict and vetting that out. Though hiring managers and department heads want to move quickly and stay in touch with my clients with signed offers, they are being stymied as HR and Compliance look into every nook and cranny before completing the onboarding process. The delay is happening across the board.
What Can You Do About The Delay? Should You Do Anything?
Is there anything that can be done about this? The simple answer is no. Firms and banks have to go through their process. They must complete the background checks and conflict checks for lateral transfers. What you as a candidate must do is just be aware that these things today (versus maybe the last time you made a move) are taking much longer. You have to be more patient than you had to be before. You should be communicating with or hearing from your intended employee daily and kept apprised about the delay. You must factor in the delay when you are making your best guesstimate as to the start date. Err on the cautious side, and hopefully be surprised. Don’t take it personally, and don’t take it that the new firm is not excited for you to start. Know that it’s just another layer in the process. Be aware that once you are at your new firm or bank, you’ll never be delayed again while you pursue your new clients and get used to your new platform. One thing the long onboarding process has nothing to do with is the efficiency of your new team.
Conclusion
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About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.