For years the financial planning industry has been talking about the need in attracting fresh new talent. This need has recently received more attention with the average age of financial advisers rising and many considering retirement.
Despite this, many practice owners are still playing a game of musical chairs, typically hiring advisers with years’ experience into their practice, for the sake of ensuring the new member of the team will be a ‘producer’ from the start. This seems logical and hence the premium these placements attract.
However, the success rate of this strategy is traditionally low due to an increased risk of cultural misalignment or a reluctance to operate in current and well established practice processes or procedures. This tension can often grate on internal relationships as well as disrupt staff and clients. Not to mention the considerable investment in time and money required in brining on someone who simply didn’t fit.
Recruiting new blood is a longer term and more successful approach for you, your business and the wider industry.
Whether they are a recent university graduate, someone who fancies a career change or a mum/dad returning after a long lay-off, you have a considerable opportunity to mentor them into your business and the wider profession. This approach allows you to teach them the ropes of the trade, but more importantly, show them how your business likes to operate.
Naturally this approach takes a little more time but the success rate and loyalty benefits far outweigh the costs. Moreover, you have the added benefit of fostering a learning culture in the office, while introducing a new and fresh perspective.
Quite often if you find someone with the right ‘will’ and granted you have the patience and energy to teach them the ‘skill’, then the long term benefits far exceed the time invested.
Being a mentor to someone new to the industry can both provide staffing opportunities and improve the overall profile of our industry as more entrants find employment opportunities and discover the power of financial advice.
There are many great students currently graduating with the RG146 requirements to enter your business. All of which are eager to grow with you and support the future of your success – you just have to find them!
Alisdair Barr is the Managing Director of Grad Mentor and has 13 years’ experience in the Financial Planning and Wealth Management industry.
If you are looking to recruit new, fresh talent into your business, Grad Mentor will be hosting an intimate evening showcasing some of NSW’s finest graduates in Sydney, October 23. Available exclusively to all No More Practice subscribers, enter ‘NMP’ to recieve extend early bird ticket prices. For more information click here.
