BISA Magazine - Quarter 3, 2016 - 10

Why not go to the source? Recruiting firms already are tapping the fresh talent being produced through financial planning programs at colleges and universities around the country. Advisors Ahead, for example, is a recruiting and talent development company that works with universities nationwide to screen and train millennials for associate advisor positions. "We really went out into the marketplace with a new way to identify, train and develop talent, with the sole focus of bringing in the next generation and helping to retain them in the industry," said Clay Skurdal, chief operating officer of Advisors Ahead. He likens the program to an intern or residency program for medical students. What Do Millennials Want? Clay Skurdal, chief operating officer of Advisors Ahead, offered four observations on what millennials look for in a workplace: 1. Millennial advisors really want to make a difference. They need to feel like they're helping people and making a difference in their community. That should be a talking point for a firm that wants to hire millennials. 2. They want a formalized career path, and it needs to be in writing. "The millennial wants to understand where they're starting and where they can go, but they also want to understand what they need to master in order to get to that next level." 3. Millennials want to be part of a team. The classes millennials took in high school and college put an emphasis on group projects, which means students are accustomed to working on teams. "So if you think you're going to hire a millennial and put them to work in a cubby and say, 'Figure it out for yourself,' it's not going to work well." 4. Hold quarterly coaching sessions with an annual follow-up. Discussing where they are in their career path, what they're doing well and what they need to work on to get to the next level is a primary way to engage them. 10 www.bisanet.org The impending advisor shortage continues to be a top concern for the industry. Studies point to the graying financial advisor population and the void that will be left when they start retiring. In addition, Skurdal said the shuttering of wirehouse training programs during the financial crisis created a gap in the training and development of talent, causing a drop in recruits. Even the university-based financial planning programs can't keep up with demand. "They're graduating somewhere in the neighborhood of 1,000 students a year - all of them," Skurdal said. Compare that to statistics that show that 12,000 to 16,000 advisors are retiring each year, and the severity of the shortage becomes clear. That's why Skurdal is scouring other highereducation departments such as finance, business and economics to identify future financial advisors. Skurdal said he often gets approached by people who say, "We'd really like to find someone who's been out there for three or four years and has a small book of business to come join us." His response is that he understands, but that the talent gap makes that goal difficult to achieve. http://www.bisanet.org

Table of Contents for the Digital Edition of BISA Magazine - Quarter 3, 2016

Table of Contents
BISA Magazine - Quarter 3, 2016 - Cover1
BISA Magazine - Quarter 3, 2016 - Cover2
BISA Magazine - Quarter 3, 2016 - Table of Contents
BISA Magazine - Quarter 3, 2016 - 2
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BISA Magazine - Quarter 3, 2016 - Cover3
BISA Magazine - Quarter 3, 2016 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
https://www.nxtbookmedia.com