How We Attracted Talent During this Financial Advisor Shortage
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If I had to describe the state of the advisory profession in one word, it would be transitioning. COVID has thrown our profession, like so many others, quite the curveball. We’re moving from a face-to-face business to a virtual industry, meeting with clients over video chat instead of at the office or over dinner. Many advisors took the pandemic as an opportunity to retire early. And others relocated geographically or switched jobs entirely.
We’re seeing a lot of movement in and outside of our profession. It’s a fluid time, and as everyone finds their footing in this new landscape, it is harder to attract and retain talent for your firm.
Here are a few tips for finding – and keeping – great advisors during a talent shortage.
Be generous with benefits
This one is obvious, but when it’s tough to make a hire, perks matter more than ever. Flex time is incredibly important, especially to the younger generations – sometimes even more important than compensation. At my firm, Harrison Wallace Financial Group, we offer flexibility with scheduling and unlimited paid time off. We’ve found that our team members appreciate knowing that they can take time if they need it. We trust them and aren’t keeping tabs.
We communicate early and often about the resources available to our employees. Keeping up with the latest, greatest technology makes everyone’s jobs easier, so we can spend more time with clients. This appeals to new candidates; they understand the team they’re joining is state-of-the-art and not bogged down by old ways of working.
Are there any unique benefits your company is willing or able to offer – things other firms in your area aren’t providing? Maybe your team is invested in mental and physical wellbeing, and you could offer gym memberships. For example, we offer the opportunity to our employees to go to Phoenix for the annual Spartan race for an engaging, team-bonding experience. Getting away from the office to do fun activities together on a regular basis goes a long way toward making your team feel valued and satisfied at work.