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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.
Examine your culture
Take a close look at the culture of your workplace. Does everyone understand your company’s value proposition? I’ve found it to be important that everyone knows, and feel guided by, the team’s shared values.
Introduce this conversation at a weekly huddle meeting, where everyone comes together to get on the same page and feel like they’re part of a team. You’ll be able to tell who’s enthusiastically on board and who might feel it’s a bit hokey – which presents an opportunity to have a one-on-one conversation with those teammates, to determine what’s making them uncomfortable.
Creating a culture of frequent, clear, and inclusive communication retains top talent. Team members will share their wins and challenges while feeling supported by leadership and like they’re true stakeholders in the business.
Offer dedicated career guidance
It’s incredibly important to create a structured path to success and achievement. Your employees want to know where they’re headed, and how you’ll help them get there. At Harrison Wallace, we set certain milestones so that junior advisors know which licenses, for example, will lead to a pay increase or more client responsibility. Part of retaining talent is ensuring your team members always know where they stand in terms of achieving the next level.
The onus is on us as senior leaders to share the value of this career with our junior staff. Financial advising is extremely rewarding; we get to see clients achieve their lifetime goals, whether that’s sending kids off to college or retiring in the lifestyle they’ve always wanted. When you first start out in the advising professoin, these things aren’t immediately apparent. It can be tough to convey those milestones and gratifying moments to a person just starting out and that this career path is going to be very rewarding in a couple decades – but it is incredible. And it serves us to remind teams of why they’re investing their lives in this work.
Financial advising is an ever-changing business that never gets stale. You have to evolve with it – as the economy changes, as investment products change, as tax laws change. It’s a career that requires you to be flexible, but it never gets old.
Ultimately, advising is an ideal career for a person who wants to provide guidance. Recently, it’s been easy to make money in the market. But when the world is in the throes of a March 2020, 2008, or 2001 after 9/11 market – that’s when clients look to us for support and sound advice. It’s one of the most fulfilling experiences. We need to share that significance with incoming employees and make them feel valued and supported at work to attract and retain the best talent for our teams.
Faron Daugs, CFP, is the founder & CEO of Harrison Wallace Financial Group, an Illinois-based wealth advisory firm.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
