Struggling to find and hire great talent for your firm? You aren’t alone. And it’s likely to become even more challenging. Over the next 10 years, 37% of financial advisors — who collectively control 40% of total industry assets — are projected to retire. That means that even if your firm isn’t currently hiring, it likely will be soon.
Who you hire matters. But when the number of job openings exceeds the number of applicants, finding and hiring the best talent can be difficult.
Here’s how to find great advisors for your firm:
Consider the Needs of Your Firm
Before you jump into hiring, consider what your firm needs and where you hope to go in the future. The financial industry is changing as technology advances, younger investors become clients, and advisors retire. This is a great time to re-evaluate your goals for growth and look for opportunities to innovate. As you consider the firm’s needs, don’t just plug people into empty roles — think strategically about your talent gaps and the types of people you’ll need to help your firm grow and thrive.
As you evaluate your workload and growth plan, create a succession plan for transitioning employees into leadership and other roles. One in four advisors nearing retirement lacks a succession plan. Don’t wait until the last minute. Consider the roles you’ll need for a smooth transition.
Be Specific About Responsibilities and Requirements
Once you’ve narrowed down your firm’s needs, create a detailed job description. Taking time from the beginning to be specific about the responsibilities and requirements you are looking for can save you time you might otherwise spend sifting through candidates who aren’t qualified or a good fit for the job.
The more specific you can be about the work the person will be doing and the firm they are joining, the more you’ll stand out from the sea of generic job postings. Share what makes your firm unique, reasons job candidates would want to work with you, and what it’s like to work there. Be specific about the work they’ll be doing and any particular requirements, especially licenses or certifications.
Be Open to New Skill Sets
A detailed job listing can help you find qualified candidates, but leave room for candidates with new skill sets. New employees don’t necessarily need the same skills as their predecessors. Determine which skills are essential at hiring and which skills you’re willing to help develop. Forward-focused employees with new skills may be well-equipped to handle an evolving industry.
This is especially true when hiring advisors who bring fresh perspectives. If they possess additional skills, such as technical expertise, they can help your firm adopt new technologies and better align with the evolving preferences of the next generation of investors. Your firm’s flexibility around required skills can help it adapt to a changing industry.
Think About What Matters to Job Candidates
The job market is different than it’s ever been. Firms can no longer simply provide a paycheck and expect to bring in hordes of job applicants. Today’s job seekers — not just in finance — want a sense of purpose and meaning in their work. In fact, nine out of 10 employees are willing to take a pay cut to do meaningful work. As you recruit new employees and showcase your firm, highlight the purpose and impact of your work. Are you improving communities? Helping small business owners? Assisting families to reach their financial goals? Find the meaning of the work and make that central to your recruitment efforts.
That’s not to say that pay and benefits don’t matter to employees. However, many job candidates are also looking for flexibility in their schedule, the ability to work from home, and a strong benefits package. They want to be treated like a person and contribute to a positive firm culture. Showcasing your culture and values can help bring in great talent.
Refer and Recruit
Instead of posting a job and waiting for great candidates to apply, proactively encourage employees to refer their qualified friends and colleagues. Candidates who are referrals often already know about the firm and are already vetted by an employee. 88% of employers say referrals are the largest source for above-average applicants. Referred candidates go further in the application process and, if hired, become strong employees.
As a new wave of employees and advisors enters the workforce, many firms are turning to recruiting college students and partnering with universities and programs to find the brightest new talent. Establishing an internship or mentoring program requires time and resources but could provide a strong pipeline of qualified applicants in the long run.
At the end of the day, different people are motivated by different things. Some are driven by compensation. Others are energized by technology that actually makes their lives easier. With Docupace, everything from new account opening to compensation tracking, surveillance, and compliance can be managed in one streamlined platform. That means less time spent in disconnected systems, fewer parties to coordinate with, and way less heads-down busywork. Want to see how it can help you attract and retain top talent? Schedule a discovery call today.
