Five Strategies for Next-Gen Financial Advisor Recruiting

Recruiting top advisors is always a challenge but especially when it’s an employee’s market. There’s a huge talent shortage happening right now across all industries, particularly in the financial industry, but luckily, there are steps you can take to land your next financial advisor.


Check out these top 5 strategies for hiring next-gen advisors:


  1. Focus on recruiting, retaining and developing advisors. Consider what makes your financial firm different and make that clear to candidates during the hiring process. Every firm offers access to basic technology, marketing and sales support. But do you offer updated digital technology? How will you help your advisors build their practice? Think transition and onboarding teams, access to training, mentorship opportunities and career advancement. Make sure that whatever you’re presenting during the hiring process encourages candidates to choose your firm.
  2. Hire for financial planning across generations. It’s also important to make clear how advisors of different generations might be able to help clients. For example, Baby Boomer advisors might be well suited to help clients with retirement income planning. It also helps to pair younger advisors with more senior advisors, as younger advisors may be less experienced overall but tend to have a better grasp on digital technology.
  3. Educate Millennial and Gen Z advisors on what they can bring to the table. Millennials and older Gen Z candidates are typically socially aware, digitally connected and service-oriented. These advisors will typically want a job that can give them a good deal of personal satisfaction, beyond just a paycheck. Make it clear that financial advisors at your firm are there to serve others and society. If you have a corporate giving or volunteering program, make sure to highlight that to your Millennial and Gen Z candidates, as they like to know that they are helping make a difference in the world.
  4. Invest in updated digital technology. As a financial firm, you likely have access to basic technology, but are your systems more than a few years old? If so, you might want to consider investing in updated technology. Millennial advisors tend to expect firms to have the most up-to-date technology, as well as a strong tech support team. Advisors tend to be people-oriented, and they want updated digital technology so that they can spend less time on the actual financial planning and technical side of the job and more time interacting with their clients.

Provide opportunities for training and growth. In selling this job to your candidates, you want to make it clear that you will offer plenty of opportunities for on-the-job training. You also want to let them know that there is a clear path for growth at your firm. Make the training plan and path for growth as transparent as possible. Consider offering a chance for new advisors to apprentice with senior advisors.

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