Cheaper Ways to Lure Young Advisors
February 24, 2014 4:03 PM
While the perceived talent shortage is causing rising levels of compensation across the board, we're seeing more emphasis on compensating young associate advisors and fostering career development,says Dan Inveen, principal and director of research for FAInsight, an industry consulting firm.
want to know what their career path will be,says Linda Leitz, chairwoman of NAPFA's national board and principal of Colorado Springs, Colo., RIA It's Not Just Money.
Young people out of college want a rewarding job, structured development and honest feedback,adds Craig Pfeiffer, founder and CEO of Advisors Ahead, a company that places college graduates with advisory firms.
Time balance is an important incentive for young people,Pfeiffer notes.
They're willing to work on Saturday night, but if something comes up on a Wednesday afternoon that's important to them, they want to be able to go.
If you want to get good associates, give them contact with clients from the outset,Herbers recommends.
This is a generation that wants to be involved.Firms should also consider offering young associates paid time off to do volunteer or charity work, suggests George Tamer, head of strategic relationships for TD Ameritrade Institutional. This is a generation that wants to give back, and employers need to recognize that.
They need to change their lens and incent young people for all that they contribute, whether it's social media, client retention or bringing goodwill to the firm by community volunteer work.
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