The study’s results show that the primary driver of the financial advice industry talent shortage is a general lack of awareness among the millennial generation and not a lack of interest as it was previously presumed. Only about 20% of the respondent students and recent graduates were knowledgeable regarding the financial advisory profession; however, upon learning more about it almost half of the formerly mentioned group would be interested in such a career. The Rewriting Recruitment study dismisses commonly accepted opinions regarding the professional recruitment environment and offers three solutions to assist in attracting and maintaining fresh talent in the financial advisory industry:
1. Concentrating on different sectors: Companies should consider focusing on candidates from a wider scope of professional sectors and talent pools.
2. Re-envision the profession’s image: While the millennials might be interested in a financial advisory career they are displeased with the manner in which companies present such opportunities, often times describing them as being sales-oriented.
3. Adopt a fresh approach to engaging talent: As the recruitment environment evolves so should a company’s approach reflect a new and better way of engaging, hiring and maintaining valuable talent.
“The fact of the matter is that we presently find ourselves in a period where talent shortage within the financial advisory industry is a reality and the commonly used approaches are no longer showing the expected results” said Carl Zayn, Senior Development and Strategy Manager of Voth Nixon Group. “We need to find a way to rewrite and improve our recruiting endeavors in order to make noticeable progress which will benefit our line of work in the long run while also offering young professionals the opportunity to begin a rewarding career”.
About Voth Nixon Group
VOTH NIXON GROUP is a global asset administration group, managing capital for both institutional and retail investors across the world. Our aim is to provide solid fund performance across various asset types in which we know we have a viable competitive edge. At VOTH NIXON GROUP your goals are important to us.
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