Building a high-performing team is about more than just recruitment. Whether you’re launching a new practice, scaling an established team, or navigating a succession plan, you must be intentional about attracting, developing, and retaining top talent.

In a recent panel discussion, we asked industry experts to share actionable insights and their real-world experience on how to develop the next generation of financial professionals. Keep reading to check out a few highlights from the discussion, or watch the full webinar.

The Next Generation of Financial Professionals

If you are looking to attract top talent, it’s important to first get an understanding of who is entering the industry. You may find that you need to think differently about who you are recruiting and how you are positioning the opportunities at your firm.

Christina Lynn, Director and Wealth Strategist at Mariner, shared that her firm’s team is finding that new college graduates are coming on board prepared. Many have taken the SIE^® Exam or even the Series 65 Exam and are already studying for the CFP^® exam. They are seeking a flexible work environment where they have the opportunity to be mentored face-to-face, but have the option to work remotely for convenience reasons.

We also gained insight into aspiring career changers from Cody Garrett, Founder of Measure Twice Financial. He shared that the most motivated career changers often come from technical backgrounds, helping professions, or the military. They are typically analytical people who want to be in a creative field where they can serve people beyond the numbers. They are learning new technical skills, but have already developed incredibly valuable soft skills in their previous professions.

Like new graduates, they are looking for flexibility in the workplace. However, they are also looking for work with meaning. They often have a clear vision of who they want to serve and how they want to serve them. This may make them more selective about roles as they seek the right fit.

Guiding New Employees Through the Early Years

Once you’ve attracted the right candidate, the real work begins—training, developing, and supporting your new hire through the critical early years. The first few years are the most vulnerable for financial professionals, with many individuals leaving the profession before they ever hit their stride. A training and development plan will be critical in guiding your new hire through these years.

To design a training and development program that engages and upskills your new employees, keep in mind the level of knowledge they already have. Landon Warmund, Certified Financial Planner and Certified Student Loan Professional at Reliant Financial Services, noted that it’s important for firms to remember that the students coming out of financial planning programs today aren’t the students who were coming out of universities 10-15 years ago. Aspiring financial planners have more access to education and mentorship opportunities than ever before, and many are entering the profession with a tremendous amount of knowledge.

While training opportunities to build technical skills are a given, soft skills are another critical area to include in your firm’s training and development program. Lynn noted that while this field does draw people who are interested in the relational component of financial planning, it can be tempting for planners to focus on the technical side of planning when preparing for a meeting. However, that often translates into a client meeting where the planner dominates the conversation instead of turning it back onto the needs of the client. If firms can focus on building up their planners’ communication skills, that will ultimately lead to a better client experience.

Clear Career Paths as a Retention Strategy

A new advisor’s first few years on the job are also the time when they are most marketable to other firms. They have their core education, but are still at a level that other firms can afford. If you want your new hire to stay with your firm, it’s critical to provide them with a clear career trajectory.

Warmund, who is Chair of the FPA NexGen Leadership Committee, shared that one of the common challenges he hears from young financial professionals is that they’re ready to do more, but aren’t getting the opportunity to do more. With this, he underscored the importance of being prepared to have open conversations about the new advisor’s goals and their career trajectory from the start of their journey with you. To ensure that both you and your employee are aligned on what career growth looks like at your firm, put together a structured career path that defines what the next roles are and what they need to do to get elevated to them.

Garett also emphasized how critical it is to foster open dialogue with your employees about their desired career outcomes. He shared that for employees to stay engaged and motivated, there needs to be collaboration and transparency between them and their employer. If you work with your employee to co-create a career path that aligns with their values and goals, you could create a new path for them to stay for the long term.

Build a High-Performing Team

In today’s increasingly competitive market, building a high-performing team requires firms to think differently about who they are recruiting, foster continuous growth in their employees, and provide a clear path for career progression. To learn more about how to support the next generation of top financial professionals, watch the full webinar, Building the Team of Tomorrow: Attracting, Training, and Retaining.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

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