How To Recruit Gen Y Advisors
|Rachel F. Elson|
Are advisors getting it wrong on recruiting and hiring? A new report out from Pershing finds a gap between what advisors say they ought to be doing and what they're actually getting right.
The firm's Study of Advisory Success quizzed a variety of advisors (from RIAs, wirehouses, independent broker-dealers and more) about how their practice was doing, and asked what factors were contributing to their success (or lack of it). "The biggest gaps we saw were around human capital," said
When asked what strategies would make them more successful, more than three-quarters of the advisors surveyed said "having the right team of people" was critical. But reality fell short: Only 59% of advisors who said their firm's own performance was improving said they currently had the right team in place -- and only 39% of those who were struggling said they had the right team.
FOCUS ON YOUNGER ADVISORS
To that end, the Pershing report also looked at generational differences and offered hiring and recruiting tips for advisors seeking to build out their teams.
In addition to technological savvy, younger advisors also think of themselves as more organized and more team-oriented than their older peers. They also look for structured training and development paths, said
Pershing offered a few key points of advice for advisors looking to enhance their own recruiting:
|Copyright:||(c) 2013 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|