To succeed in attracting talent, we must create multiple pathways to success. The path to becoming an advisor has historically been somewhat rigid and harrowing (perhaps consisting of a few years of cold calling and ramen noodle soup). Today we compete for talent against the likes of Warby Parker and Netflix, companies that have innovated the work environment like no others before them.
Resisting a one-size-fits-all mentality will help draw talent to our industry. Get creative about the paths new employees can take to developing their careers within your practice. Apprentice-style arrangements, teams, or more autonomous approaches are all options to consider. In addition, creating study groups among advisors can also lead to improving practices, tips, coaching and accountability.
Get Engaged…Even If You’re Not Ready To Commit
Millennials have shown that they want careers that incorporate a mission. And according to our 2018 Planning & Progress Study, millennials are more than twice as likely as baby boomers to say that financial planning makes them feel “excited and inspired.” What better profession than financial advice?!
Even if you aren’t hiring at the moment, engage with the future leaders of our industry and show them the incredible rewards that come with helping people plan for their financial futures. Meet with college students studying financial planning, be a mentor, take on interns. Internships have been the cornerstone of Northwestern Mutual’s recruiting process over the last 50 years and as a result, we have an average advisor age that is a decade younger than the industry. It is an investment, but an internship program will create a strong pipeline of talent to your firm and the entire industry for years to come.
The talent gap is an issue we must unite around as an industry. Attracting bright young professionals requires real investment and new ways of thinking to change negative perceptions about financial services. Investing in talent will provide the opportunity to secure the legacy you have built for your clients and your employees. Resist hitting the proverbial snooze button and resolve to take action on your talent strategy before 2019 slips away.
Christian Mitchell is president of Northwestern Mutual Wealth Management Company. He leads Northwestern Mutual’s investment, advisory and trust solutions, fee-based financial planning in addition to the company’s overall customer and planning experience.