To make growth plans work, advisors need to create jobs and work environments that attract younger generations.
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.