43% of private client advisors are 55 or older, and 52% are at the age of 60. In the next decade, most older advisors will retire, leaving a huge gap to fill.
Private wealth divisions within banks must proactively hire and retain talent for the coming years to ensure growth and success.
Train and educate fresh talent
Graduates of the finance and wealth management fields are eager to start their professional journey after graduating. Firms are seeking bachelor’s or master’s graduates, including those who have just passed their CPA test. If you can’t find advisors, tap into this fresh talent and train them to the advisor level. Investing in the training program may be an added expense, but it will be beneficial for you in the long run.
Additionally, map out a training and educational plan for your current professionals. Providing educational opportunities to your employees and investing in them is also a great way to improve retention.
Provide an inclusive work culture
Millennials and Gen Z value transparent work culture. They want their voices heard. Firms can incorporate transparent company-wide practices to increase trust and create a culture where people can be open and honest.
According to a study by The Org, 74% of the responders said they want their companies to be more transparent.
This means open communication between wealth managers, advisors and consultants, and transparent hiring practices throughout the company.
Hire for the right positions
Your firm’s ecosystem is dependent on an amalgam of people performing different roles. Look beyond advisors and hire for positions such as investment specialists, property brokers, and CPAs.
The Anderson Search Group can help you find talent for your commercial banking division at your bank. We tap into top talent for positions, such as Senior Executives in Commercial Banking, Commercial Credit, Middle Market Banking, Community Lending, Corporate Banking, and other critical positions.
Embrace advanced technology
With the nearing baby boomer exodus, many wealth management divisions are still dealing with outdated technology and manual work processes. Today, wealth management divisions are using high-tech to automate and speed up their processes.
For example, embrace cloud-based platforms that can provide data insights and analytics to understand client sentiment analysis.
Offer bonuses and incentives
Companies are implementing ways to attract talent. Merrill Lynch is offering bonuses to third-party recruiters to fill support staff roles in the company. Bank of America is offering a referral fee of $2,500 for employees who can find fully licensed client associate candidates.
Offering such incentives can make your firm more attractive to job seekers.
Are you starting off in the wealth management space or are you planning to switch roles? The Anderson Search Group can help you find the right match.