With the average age of financial advisors around 51 and 38 percent of advisors expected to retire in the next 10 years, according to Cerulli Associates, it’s important that a next generation of advisors will be ready to serve the increasing need for advice by American investors.
Bates recognizes that statistics such as those are impactful to her program’s current and future success. She shares with Michelle Page, LPL senior vice president, Institution Services, her best practices for recruiting new financial advisors to the industry.
- Leverage your brand in the digital space: “Delta Community Credit Union has a very established LinkedIn presence where we're trying to network with other professionals. What I've found is that you really have to be able to tell a strong story and demonstrate who you are as a leader to build a brand that's going to attract that top talent.”
- Offer professional development opportunities: Professional development should be part of any new advisor’s compensation package, she noted. “Financial advisors should understand that getting a license is only the entry point. From there, you need to develop your skills through gaining professional designations and individual development opportunities.”
- Look for talent in unusual places: “There's talent everywhere around us, we just have to be open to looking for it. I really think that individuals that can add tremendous value to your team don't necessarily have a traditional background in financial services. “
The views and opinions expressed by the LPL Financial Program Manager(s) are as of the date of the recording. These views may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor are responsible for any direct or incidental loss incurred by applying any of the information offered.
Delta Community Credit Union and LPL Financial are separate entities.