Now is the time to recruit younger financial professionals

There's no doubt that financial professionals skew older than average: just 5 percent are in their 20s, and the average age is 50. As someone who wants the best for your firm, you may have started to think about how to bring in younger employees. This will be especially important as millennials, who currently make up the largest share of the workforce, continue to build their careers and start saving for and planning their own retirements.

Younger financial professionals may also help your firm bring in younger clients, according to Investor’s Business Daily. Not only that but young professionals may help you maintain your existing business, as the intergenerational wealth transfer from baby boomers to their younger generations continues. Some firms are making an effort to introduce younger employees to adult children of current clients.

Make your firm attractive

In LIMRA’s “Experienced Advisor Study,” 80 percent of financial services businesses reported growth over the last few years. This should help create interest for any prospective young employee. The average growth for each firm was 22 percent for the last two years, with corresponding jumps in assets under management. If your firm is growing, show that during your search for employees.

Here are a few strategies for you to consider. These approaches will also affect your current employees. Use them as a way to reevaluate and reenergize your overall approach to your business.

• Highlight a career path. Millennial professionals are looking for career paths, according to ThinkAdvisor and InvestmentNews. Make sure you have clear milestones that show a path for career advancement.
• Build in flexibility. According to Forbes, 77 percent of millennials feel more productive when there is a less rigid structure. So consider a more fluid workday, with possibilities of working remotely and less stringent dress codes.
• See your firm from their POV. A positive work-life balance and health — both physical and mental — are as important to millennials as money, so show that you’re open to accommodating their sense of purpose. 

Target prospective employees

Besides your normal avenues to find younger financial professionals, consider looking at colleges. For managers who are committed to building a robust training program, targeting students may help you find motivated self-starters. Attending college job fairs or speaking to business classes may help you find people who are young and have potential. Consider building relationships with professors, who could help point students your way. As an incentive, you can even offer to help with student loan payments.

Generation Z, who have started to enter the workforce, are competitive and looking for jobs that offer mentorships where they can rapidly advance, according to Forbes. They also want ongoing check-ins about their performance, not just big annual reviews.

There’s also value in looking for employees on social channels. There’s no doubt that younger professionals of all stripes use social media, including LinkedIn. Use the platform’s recruiting tools to find the type of candidate you want.

Vet the right candidates

Investor’s Business Daily recommends targeting younger candidates who have specialties that can enhance your team. That might include an employment or educational background in law or taxes — something that will help them add their expertise to client conversations as they learn the intricacies of financial planning and your firm’s specific approach. Of course, the same standards you would look for in any employee apply: work ethic and communications skills, for example.

And one additional nugget that may help you in your conversations: Many millennials don’t like being called millennials, as the name comes with the baggage of stereotypes.

Two things you can do today

1. Do an online search for college job fairs at business schools in your area.
2. Consider how you might adjust the work-life balance and perks of your firm to attract younger employees.