6 Ways for RIAs to Win Next-Gen Advisors

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RIAs often call Caleb Brown when their client load is overwhelming and seek to hire someone “in two weeks,” he said.   

Given the small pool of qualified talent relative to the hiring needs of the industry, that’s often a tall order, said Brown, the CEO and co-founder of New Planner Recruiting, a financial planner recruiting firm. Practices should hire proactively, he said, but too often, they simply react — whether to a staff departure, someone taking parental leave or having too many clients. 

Brown shared his recent research and tips on winning and keeping next-generation talent in a presentation to RIA leaders last month at the NAPFA Large Firm Forum. Kate Healy, CEO and founder of consulting firm AdvoKate IQ, also shared tips in a complementing talk on another day in the conference in Scottsdale, Arizona.

“How you’re developing and hiring your talent today is what’s going to take your firm to the next level,”  Healy said. 

“It’s not just the expertise in financial planning” that’s needed now to run successful practices, Kathryn Dattomo, the CEO of NAPFA, said in an interview. “You need to be a marketer, you need to have HR experience, you need management skills.” 

See the accompanying slideshow for six insights on how to attract and keep next-gen talent.

(Image of Caleb Brown, left, courtesy of Eldwood & Goetz; Kate Healy is shown on the right.)

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