Are you looking to add great talent to your team? Well, if you will need someone in the next six months, the time to start your search is NOW!
Finding great talent is becoming more and more difficult because there are fewer great candidates available. The average age of advisors is over 50 and 41% of advisers are 55 or older according to Cerulli research. The average time for a firm to hire an advisor has nearly doubled from 2009 to 2017 according to a study by DHI Hiring. There are also fewer and fewer college graduates that pursue financial planning degrees, as well as fewer opportunities in college – notably the closure of the CFP program at LSU here in Baton Rouge.
In addition to a shortage of talent, many advisors are finding it more difficult to attract younger talent because of the expectations that millennials have of their employers. Millennials are often attracted by businesses that show a clear and direct career path to the position they would like to be in 10 years from hire. This group will also give firm culture more weight in their decision making process than previous generations. A great firm culture will often attract more young talent than a higher pay rate. This means that some firms have to take fundamental look at how their firm works to attract freshly minted advisors.
It’s not just great advisors that are difficult to hire right now. Customer Service Associates and other advisory firm staff are also at a shortage. Firms are wising up on the compensation and pricing their great staff out of the market place. They want to make it very difficult for them to leave. I know this first hand because we go through a benchmarking salary exercise twice a year with our clients to make sure they are at the high end of the third quartile!
The days of financial services employees feeling “lucky” to have a job are gone and the days of firms feeling lucky to have great employees are here. The “selling” process for great talent has reversed itself and the employees are in the driver’s seat. Do you know how to position yourself to attract the best talent? More than ever, it is important to have an intentional and comprehensive process to find your next hire. The TSI hiring process has been refined over many years to find the person you are looking for, and the person who is right for your firm. If you know you are going to need a new addition to your firm in the next six months, we urge you to contact us immediately to discuss who, what, and when you can expect to find that person.