Are you aware that the typical financial advisor in the US is older than 50? Or that just 5% of advisors are under the age of 30? A shrinking workforce has been a problem for businesses and will only worsen.
This potential talent shortage might have far-reaching effects if not addressed immediately. Their practices and the welfare of their clients will be in peril if there aren’t enough people to take over for departing advisers and their leadership roles.
Recruiting members of the Millennial generation to work as financial advisors will be complex given that 33% of them prefer to ask their parents for financial guidance, and 23% don’t trust anyone with their money.
In this post, we help you understand independent advisor recruiting.
Independent Advisor Recruiting At Work
Avoiding relying solely on one technique is essential to enhancing the hiring process. Instead, follow different procedures and solutions throughout the hiring process to increase recruitment efforts and fill open positions with the best candidates.
While video interviews and talent evaluations are now a primary focus of new recruitment strategies, phone interviews and printed resumes are still essential hiring tools. To assure a company’s quality hiring solutions, recruiters might consider implementing many of the following recruitment solutions.
- Start by creating a superb careers page.
Candidates visit your company’s careers page when they are considering a position. This page gives them their first idea of what it’s like to work for your company.
Your company’s culture can be emphasized on your career website, along with the company’s distinctive qualities and employer brand. The importance of creating a well-designed careers page can thus not be overstated.
- Review your job descriptions once more.
One of the keys to recruiting the right people is having a thorough and balanced job description. Determining the intricacies of a role’s responsibilities is therefore essential. On the other hand, including outcome-based elements aids candidates in understanding the objective of the work, the value they will contribute, and a road to progression. All of this is essential for attracting new talent.
- Streamline the application and interview processes
A streamlined application process makes hiring more accessible and helps draw in and retain top candidates. For each role, first, create a standard template. The hiring team will then be contacted to discuss the job details. As a result, everyone will gain from an interview process that is more fruitful and effective.
- Tap More Candidate Sources
No matter how excellent your careers website is, you need to look at more options and sources for your talent pipeline. Your audience will be larger, and it will be simpler to draw people to you if you use a multi-channel strategy that incorporates social media, job boards, a staffing agency, and other tools.
To Wrap It Up
The financial industry is undergoing a significant change. The shortage of young talent will only worsen as more advisors retire. The only way to protect your company is to implement new hiring and training practices.