As the client demographic shifts, recruiting, retaining and motivating your workforce is essential to business success. A talent shortage, flexible working demands and a shifting client demographic make this challenging. What is the future of work and how should Financial Advisors innovate?
- Client demographics are changing, lack of understanding as to how to deal with younger clients and the way they operate.
- There is an aging population of advisers. 50+ is the largest segment.
- There is a lack of succession planning and hand over to new advisers.
- Lack of talent pool of experienced advisers and lack of awareness as to where to find applicants.
- Getting the right culture is paramount.
- How do you free up talking across the organisation.
- The future of work is changing and innovation has to be part of your business to survive and attract new talent.
- Entrepreneurial business structures allow larger businesses to compete with smaller entrepreneurial businesses.
- Understanding the cultures and values of the Millennials and Gen Z is key.
Key issues and challenges:
- Lack of understanding of what firms are looking for in advisers.
- Unable to articulate their offering to candidates.
- They have no adviser proposition or an understanding as to why they should have one so no ability to ‘sell’ their business to candidates.
- No formal training program or real understanding of why one might be beneficial.
- Lack of awareness of where formal adviser training exists e.g. financial advice school.
- Mentoring is a cost-effective way of developing advisers.
- Lack of understanding of apprenticeships.
- Redressing the gender gap: how do you overcome the distinct lack of female talent?
- The meeting was dominated by discussions regarding recruitment there was no real conversation regarding the business practice, technology and robo advice which was a shame with the title of the Future of Work.
- Make your staff shareholders in your business.
- Creating collaboration and a sense of community in the business.
- Resolving the conflict of flexible working structure vs delivery of service.
- Shift in 9-5 models to outcome based models – how?
- Talent shortage – be prepared to be interviewed by job applicants rather than the other way around.
- Old existing beliefs being challenged – possibly hard to take on board in certain circumstances.
- Is the work ethic of the Millennials and Gen Z there?
Conclusions and solutions:
- Increased awareness needed as to what talent is needed to move the business forward and to deal with younger clients.
- There is a need to educate the firms as to where to go to get trained advisers such as the financial advice school.
- In the absence of financial services graduates, legal graduates seem to be a popular choice.
- There is no longer the opportunity to recruit from the life offices and banks at this time.
- Don’t have a mission have an ambition in your business and your staff.
- Understand the values and beliefs of the Millennials and Gen Z is key they are your future staff and clients.
- Look at ways people in your business could drive change/innovation and review how you can support them.
- Think about the working lives of your people and what could you do to enhance it and increase employee engagement.
Expert: Neil Baines-Thomas - Owen James Group, Gareth Bullen - Intrapreneur International, Cris Beswick - Cris Beswick Consulting
Facilitator: Brod Whiting - Joynd Up, Neil Baines-Thomas - Owen James Group, Martyn Laverick - Soprano Consulting