The ever-growing talent shortage and the advent of a massive wealth transfer from Baby Boomers to Millennials (30-70 trillion and counting), means that big disruption is on the horizon. And considering that the average age of wealth management advisors is 55 (with only 11 percent of the population at 40 years or younger), firms can also expect a mass exodus of seasoned professionals over the next decade as Boomers retire (J.D. Power survey 2019).
While the shortage of qualified professionals is not a new challenge, the impending retirement of the aging Boomer workforce over the next decade has exacerbated the need to attract and hire new talent now. As such, within the last few years, many wealth management firms have focused their recruiting efforts on the Millennial generation who are becoming more skilled and experienced.
What many firms haven’t considered is that with a younger crowd comes a different set of needs. The business model of the past, one consisting of manual, paper-based tasks and less-than-flexible work schedules, tends to repel Millennials. This group wants to work for agile, tech-savvy companies. They desire mobile capabilities and digitally driven processes. And because they speak the language of your future client base (also Millennials), onboarding the right staff today will pay off big in capturing next-generation clients down the road.
There are several key markers along the path to assembling a staff for the next-generation, including a change in mindset, evaluating and refining your technology infrastructure, opening the door to new value-added services and adopting an omnichannel recruiting approach. The following tips were developed to help you recruit and retain Millennial workers more effectively.
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