Win Over Private Client Advisor Candidates through Career Development Opportunities

Win Over Private Client Advisor Candidates through Career Development Opportunities

If you want your firm to win, you must provide private client advisor candidates with a career path. Today’s candidates will help you achieve your goals if you’re willing to help them achieve theirs.

As Wealth Management states, “By having a visible, defined career path, your most promising future leaders will be motivated to stay and grow with your firm; otherwise, they will have many opportunities to join other RIA firms if you don’t.”

Attracting and retaining candidates requires strategic planning on your part. Without providing career development opportunities for your employees, you and your clients could be left behind when building a team of financial planners.

Hire Young (But Great) Private Client Advisor Candidates

Wealth transfers often skip a generation. Many young adults inherit their grandparents’ estates. These younger clients prefer to work with younger advisors who can relate to them. Even clients in their 50s and 60s may choose to work with younger advisors who can help create continuity plans.

Additionally, many older advisors are nearing retirement; they’ll soon be leaving the workforce. Because CFPs in their 60s outnumber CFPs in their 20s by three to one, career development opportunities are a priority for any private client advisor firm hiring younger candidates.

Career Development Opportunities Your Private Client Advisor Firm Can Offer

There’s no one-size-fits-all plan for developing career opportunities for wealth advisors. Your development plans can be as unique as the clientele you work with. Candidates appreciate customized career paths that fit their career goals and your corporate culture.

These seven strategies can get you started:

  1. Offer internships. Creating a pipeline of candidates can build a talent pool.
  2. Create associate advisor positions. By establishing a junior-level position, you begin onboarding candidates who may want to seek higher positions.
  3. Identify career paths with specific milestones. Candidates may begin at an entry-level position, but they could work their way up to a directorship. Each new role requires that they accept more responsibility. Your job is to prepare them for it.
  4. Provide meaningful benefits. Different things motivate people. Some employees appreciate working from home a few days a week, and others may need flex time or tuition reimbursement. Offer candidates individualized rewards that they will appreciate.
  5. Assign a mentor. Pair new hires with senior-level wealth management advisors. Onboarding becomes easier, and mentors help to share institutional knowledge.
  6. Keep the door open. If your wealth management firm acquires another firm, consider hiring some of their advisors. Additionally, continue to network among selling partners.
  7. Hire beyond the norm. Search far and wide to attract top wealth management candidates for your firm. If you’re not sure how to hire for diversity, your recruiter can help.

By developing career path opportunities for your new hires, you’ll create a winning private client advisor team.

Wealth Management