{"id":4944,"date":"2020-11-12T11:15:17","date_gmt":"2020-11-12T11:15:17","guid":{"rendered":"https:\/\/emoneyadvisor.com\/?post_type=thought_leadership&p=4944"},"modified":"2021-07-30T14:47:39","modified_gmt":"2021-07-30T14:47:39","slug":"the-key-to-attracting-and-retaining-financial-professionals","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/the-key-to-attracting-and-retaining-financial-professionals\/","title":{"rendered":"The Key to Attracting and Retaining Financial Professionals"},"content":{"rendered":"

Senior leaders. Seasoned professionals. The rainmakers. There are likely a few superstar producers within your ranks responsible for a large portion of your assets under management and your potential future revenue. However you refer to them, the veteran financial professionals within your enterprise are the lifeblood of the organization.<\/p>\n

There has been a lot of talk about the greatest wealth transfer in history, but enterprises should be equally focused on the changing of the guard about to take place within their own organizations. The alarming reality is that these top-tier financial pros generating all of that business and revenue aren’t getting any younger.<\/p>\n

In fact, according to\u00a0Financial Advisor Magazine<\/em>, the average financial advisor in the United States is 52-years old, and up to one-third of them plan to retire in the next decade.1<\/sup> Or, to frame that another way, this potential disruption in the workforce will impact around 39 percent of the industry’s assets.<\/p>\n

The Challenge Ahead<\/h2>\n

Future-focused enterprises have a challenging job ahead of them. They need to retain these financial professionals at the high points in their careers while simultaneously attracting younger talent that will keep the enterprise moving forward in the years to come.<\/p>\n

The predicament is that what attracts new talent is not always the same thing that entices veterans to stick around. If you’ve worked in a career for decades, you likely know what works well for you. Older financial professionals have become accustomed to managing investments in a particular way, and may be resistant to new tools with a learning curve and technology that caters to the needs of the next generation of clients.<\/p>\n

On the flip side, young and hungry new financial professionals are graduating with planning degrees and lifelong experience with technology. They\u00a0expect<\/i>\u00a0the firms they work with to have a robust technology offering; it’s table stakes for accepting a job offer. What they lack is the life experience and connections to build a book of business, along with the “soft skills” needed to foster long-term planning relationships focused on investor values.<\/p>\n

Balancing the Talent Equation: Retaining and Attracting Financial Professionals<\/h2>\n

Catering to the preferences and expectations of new and existing talent is more than possible for enterprises that plan well. Managing this complexity includes:<\/p>\n