Are You Providing a Career Path For The Next Generation of Advisors?Submitted by Signator on June 11th, 2018
Think back to why you wanted to become a Financial Advisor. Were you looking for a career that had unlimited opportunity to work in an evolving industry? Did you want to have the power to help people achieve their most important personal, business, and family goals?
If this was your “why”, it might be hard to understand how independent financial advisory firms like yours are having a hard time attracting young talent into the industry.
The primary barriers for young talented candidates entering the financial advisory space may stem from a lack of understanding of the profession itself, complicated or complex compensation structure, an undefined career path, and old or inefficient technology.
Unless firms can clearly demonstrate all the positive aspects of this business, talented young professionals will continue to choose careers in other industries with a more defined career path. Sharing your unique story will help prospective advisors visualize how they can succeed at your firm and in the industry. Being able to back that up with the infrastructure and effective onboarding process is critical to making this profession attractive to young talent.
So how do you spark the interest of the next generation of advisors? Firms like yours should focus on building a career path that starts with a support advisor role that allows young professionals to contribute to meaningful, advice-focused work without as much emphasis on selling product.
Also, it’s important for you to clearly communicate that success in the industry is based on helping clients achieve their financial goals, and demonstrate your commitment to them by offering a path to equity ownership as they progress in their careers. This type of career development will require forward thinking firm owners who are willing to invest in those young talented individuals at the beginning of their careers and offer growth opportunities as they advance professionally.
Through a support advisor to equity owner career path, you have the power to ensure your firm will last for multiple generations. By investing in the next generation, you will be developing your successors, ensuring your clients continued service, and maximizing the return on your firm’s equity for years to come.
What’s the alternative? Advisors continue to grow their firms until they are ready to retire, find a buyer, haggle over a price, and sell for a one-time price, giving up all control of the firm, clients, and legacy. That wasn’t your dream when you started out though, was it? By investing in the next generation and creating a defined career path, advisors will create a revenue stream that can far exceed the one-time value of their business.
To learn more and for a sample career path visit Signatorinvestors.com and download the Intern to Equity Partner Career Path.
For further information, please contact:
Director Recruiting and Business Development