Written by: Sue Bergin for eMoney Advisor
With 12,000 to 16,000 financial advisors retiring each year for the next decade, there is a race to recruit the next generation of stewards of our nation’s wealth. In order to keep up with America’s demand for financial advice, the financial service industry must add over 200,000 new advisors in order to make up for the retiring generation. Just like in any other field, the race to acquire young, up-and-coming talent is on.
Getting them in the door
This demand for young talent has prompted many firms to rethink the way they attract, hire, and retain young professionals. Some firms have dusted off their old college recruiting strategies, while others are taking new approaches, like using social networking sites like LinkedIn or even checking other sites like the 21st century want-ad site, Craigslist.
While sourcing candidates will get bodies to the door, an extra effort must be made to get them in the door. But that’s not all—you must keep these new advisors engaged enough to learn the business and develop the skills they need. This won’t only ensure the success of their careers, but the success of your business as well.
Creating a culture
In order to successfully attract and retain young recruits, you must create a culture that embraces the positive attributes they have to offer—even if some of them seem a bit out of the ordinary. You must allow for autonomy and flexibility, and foster their ability to collaborate. You may have to view things like gaming and trolling social media sites not as a waste of time, but a creative necessity.
There is no doubt that the next wave of advisors will befuddle their predecessors. That’s a small price to pay for the potential they possess to solve some of the age-old problems that have plagued the industry. They are wired to innovate, to find a better way, question the first answer given, and demand transparency. They are social beings that collaborate in virtually every aspect of their lives, whether it is for input on what to make for dinner or creating a comprehensive financial plan. It’s this backgrounds that lead many to have large professional networks at the beginnings of their careers that would be the envy of even the most seasoned of veterans. And, they know how to work those networks in ways that we can’t fathom.
For those trying to cultivate the next generation advisors, know that you will be successful if you can fan their passion for helping others while being open to new ways of doing so.