Are you currently on a recruitment drive but finding it hard to unearth the ‘next generation of advisers’ that will be right for your business? If the answer is yes, don’t despair – you’re not alone.
Many companies struggle to recruit best-of-breed Gen Y advisers to join their team, but thankfully there are a few tricks and tips you can implement to help you find your perfect match.
Look in the right place
Headhunters, agencies and traditional recruitment ads might have helped you in the past, but it’s unlikely they will help you fill your Gen Y pipeline. Instead, think about forums, blogs and events where your target advisers are, and make sure you have a strong, credible presence there. Also, build your own network, and let them know you are looking.
Gen Y is among the most socially connected of us all, so it’s likely that a recommendation or referral will prompt an adviser to call you.
Find the right fit
During the recruitment process, don’t become distracted by education, skills and experience – these should be seen as merely a gate opener. Instead, ask questions that will allow you to see whether the Gen Y adviser understands the value of advice and can explain it clearly in a language that all customers will comprehend. Provide them with a scenario that helps you see exactly how they will position fees – upfront and ongoing – and more importantly, whether they focus on a short term ‘sale’ or a long term relationship.
The right adviser will not look at the value of a customer today, but rather see value in them over the longer term and, as such, will only offer them advice that’s right for them in their current situation.
Get them on board, and keep them there
In talking with younger advisers, their pain points will be evident from the beginning. They don’t want to be ‘stuck’ in the same role for a long period of time, they want the freedom and authority to make decisions. Similarly, they don’t want to be limited or ‘boxed in’ and they steer clear of companies that they see as unethical or not acting in the best interests of the customer and the community.
By knowing exactly what young advisers don’t want, it will become easier to discuss with them the benefits of joining your team.
Here are some general tips on what not to do when recruiting Gen Y advisers:
- Don’t turn them into product pushers. They are not there to sell product, they want to help change lives. Gen Y advisers are driven by a strong sense of equality and social welfare, so their focus will be on how they can help their customers live the life they want.
If you are measuring their performance on upfront revenue or on the basis of vertical integration, they will quickly become dissatisfied and uncomfortable. Instead, create an environment that puts the customer first and focuses on building relationships. Providing them with a broad approved product list that is not tied to one institution or provider will help them feel like they have the tools they need to provide their customer with advice that’s in their best interests.
- Don’t box them in, or make them toe the corporate line. In a 2010 survey*, 87 per cent of Gen Y females defined success as “being able to shape their future.” Generally, Gen Y sees their job as a building block for the future, not their final destination. As such, organisations that provide opportunities for them to take on an equity role in future, such as a franchise network, will be a good fit for this kind of recruit. For example, Mortgage Choice Financial Planning provides its advisers with the opportunity to join a new franchise as a salaried adviser before building up enough funds to buy into the franchise.
- Don’t make it hard for them to build relationships. As one of the most connected generations, Gen Y advisers are highly skilled in building and maintaining relationships. Embrace that and celebrate it, that’s what will keep your customers returning and recommending their friends. Don’t be prescriptive about how and when the Gen Y advisers want to communicate with their customers. Instead, support them with tools and templates that will not only provide them with structure, but help them save time on their communications.
*Source: Levi’s® Shaping a New Future study, StrategyOne, August 2010
Tania Milnes is the general manager of Mortgage Choice Financial Planning and dedicated to growing a new network of full service advice professionals with the backing and experience of the Mortgage Choice brand.
