The start of a new year means different things to everyone: a new start, new resolutions, a new budget, a clean slate, etc.
To most independent advisory firms, it’s a time for implementing new plans and strategies. And most of those plans involve growth in one form or another, which inevitably means hiring more people.
With an industrywide talent shortage, the New Year’s hiring binge will make it even more difficult to find solid workers.
For many firms, hiring experienced Generation X advisors and support personnel will be prohibitive, and that means they’ll have to rely on millennials to help them achieve their goals.
Millennials tend to be very different from Gen Xers and baby boomers.
But to make growth plans work, owner advisors from those older generations are going to have to embrace those differences; to create jobs and environments that will attract millennials and encourage them to stay.
Here are some key strategies to consider:
1. Understand millennials’ worldview.
While baby boomers were looking to change the world politically, and Gen Xers were/are focused on making money, millennials are looking for purpose in what they do, which translates into meaning, responsibility and lifestyle.
For them, money isn’t everything; it’s just a means to an end. And they see taking care of themselves as the first step in solving other problems.
The good news here is that the services provided by financial advisors to their clients fits nicely into millennials’ sense of purpose.
Be sure to focus on that in your recruiting efforts. But also remember that lifestyle and physical and mental health are more important to them than money.
This means perks such as flextime, working from home and vacation time will be much more attractive to them than larger salaries.
And if you’re clever and flexible, these can work to the advantage of your firm too by keeping overhead low while increasing productivity.
However, if you’re too stubborn to accommodate them, you’ll fail to attract the help you need, while the turnover rate for the few millennials you do attract will be astronomical.
2. Take a ‘Karate Kid’ Approach.