The average US financial advisor is older than 50 and only 5% of them are under the age of 30. Since 2010 the number of financial advisors has dropped and firms are facing a decreasing workforce as those over 50 head towards retirement. That is why a lot of companies need help with recruiting financial advisors and choose to use an experienced financial advisor recruiter in San Francisco.
If this is not addressed though, there will be fewer people qualified to head into senior positions and leadership roles and that puts the company at risk as well as the clients at risk too. It does not help that a third of younger adults take financial advice from their parents rather than heading to the experts and just under a quarter of them do not trust anyone with such matters.
Tips for dealing with the situation
There are several opportunities to source recruits as well as using San Francisco financial advisor recruiters.
Look at universities and colleges
Many are adopting co-op programs and internships to give students a chance to work full time in areas linked to their majors so they get a break from studies, make connections, get experience. These learning initiatives are very popular with everyone, the students, and the businesses looking for new talent.
It is good for the school too as it gives companies to partner with and that allows their students to have some unique opportunities. You can take part in their recruitment events and career fairs which cost little to participate in and often are highly effective in finding a new generation of financial advisors. If you have not already tried this, contact the local schools and see what comes of it. You could connect with relevant professors and you could consider guest lecturing.
Start quality programs that draw recruits
The days of unpaid internships are fading. Look at what they want and draw them to your business. Create mentorships that forge stronger bonds between younger talent and your company. Graduates will be more likely to see you out when they pass their exams.
Connect with an expert financial advisor recruiter in San Francisco. They have their own connections and can draw in talent on your behalf.
Have a plan on how to retain the younger recruits once they are pulled in thru your recruiting financial advisors program. They are more likely to stay with you if they have support and there is a clear goal. Almost 80% of employees will stay with their employer if they know there is a clear career path there for them. But despite that over half of employees say that their company does not offer them that. Mentor the new hires so you can have more influence over their professional lives and to create a feeling of loyalty. With a connection, they are less likely to move on.
Look at your compensation and benefits structure. When they start and are working on commission they have very little income and that can be discouraging. Create something more flexible for new workers and make sure they get the training and support they need. Over half of employees stay with a company when the benefits are good, so make yours good. Ensure they have a good balance of work and home life. Let your New York financial advisor recruiters know what you have in place that makes you stand out from other companies.