How To Recruit And Retain The Modern Wealth Advisor

Mike Vietri is Chief Distribution Officer for AmeriLife, a national leader in distributing and marketing insurance and financial solutions.

The modern wealth advisor is a young, enterprising individual who is looking for a forward-thinking, innovative company. They want to be a part of a collaborative, supportive company culture.

New research just last year showed that within the next 10 years, nearly 40% of financial advisors controlling approximately $10.4 trillion in total industry assets are expected to retire. This is going to leave a major gap in experts trained to provide valuable financial advice to future retirees.

As leaders, we must equip agents and advisors with the confidence and resources they need to maximize their independent distribution channels—from start to finish. Give them a reason to trust you as their go-to partner to meet the needs of their clients at every stage of life.

If you’re looking to stay ahead of this curve and recruit the new generation of wealth advisors, it’s important to appeal to their desire for a strong company culture and provide a platform they can grow with.

Starting now, you can begin to shape your organization to recruit the best and brightest in the field. Here are three of the biggest contributing factors toward an effective recruitment strategy for this new age of wealth advisors.

1. Clearly state your value proposition.

In order to attract the modern wealth advisor, it’s crucial that you establish a clear value proposition. This means being able to prove why you’re better than the competition and then delivering on those things. You don’t have to be good at everything under the sun, but you need to excel in the areas where you compete.

Product and compensation are table stakes, and you need to be great at those to stay in the game. But ensuring you’re competitive and exceeding market needs can take you to the next level.

The first step is being able to articulate what it is that makes you different and why that matters. It’s not enough to simply say that you’re the best; you need to be able to back it up with evidence. This could be in the form of awards, employee testimonials or even data from independent research firms. Make sure your value proposition is easily accessible and prominently featured on your website and marketing materials.

Now you have to live up to those claims. If you say you’re known for your holistic suite of services, you may begin by identifying the gaps in the marketplace, working with partners to develop unique offerings to fill those gaps and then providing proprietary offerings to those you serve to deliver at every step in fulfilling that value proposition to the marketplace.

If you claim to provide unique programs to support growth—like networking and opportunities to share best practices within a wide network of partners—your leaders should constantly be exploring new ideas and staying ahead of the curve.

2. Create a culture people want to be part of.

It’s important that the leaders in your organization find ways to connect with those you want to do business with and invest in those relationships. Work to develop a purpose-driven culture focused on building relationships and important core values, like honesty, respect, integrity and accountability.

As you strive to create a culture that appeals to the modern wealth advisor, it’s important to consider what matters to them and align your focus with what they personally value. If they value professional development, then you should offer opportunities for them to learn new skills and progress within the company. Provide opportunities for engagement and best practice-sharing with other advisors.

It’s also crucial these days to foster a sense of service and community. The modern wealth advisor wants to feel like they’re part of something larger than themselves, so it’s important to create an environment where people feel like they are working toward a common goal. This can be done by organizing regular social events, setting up mentorship programs or simply creating an open and inclusive culture where everyone feels welcome.

While they’re all technically in competition with one another, like peers in any professional industry, today’s modern wealth advisor values their network and is keen to plug into shared experiences and knowledge.

This next generation is looking for more than just a job. They want a place where they can grow and develop professionally—where they feel like they belong. With an all-in-this-together mentality, you can encourage your team to harness the “power of one” and contribute to the overall success of everyone.

3. Provide a platform the advisor won’t outgrow.

In addition to good company culture, it is also important to have a clear career path for your advisors. They want to be able to see themselves progressing within your company, and they’re always looking for opportunities to develop their skills. Provide value for every level of advisor, from training and resources for the new hire to get started to networking and a sense of belonging to something bigger for the large producer.

Advisors should be empowered and supported to achieve additional licensure, transitioning someone specializing in one area into one who can provide countless additional services and products. A Medicare agent can pursue licensure, like their Series 6 or 7, to become trusted advisors selling multiple products—like annuities, whole or universal life insurance, asset management and other ancillary health and retirement planning products.

If you have the tools for success, motivated wealth advisors can continue to grow. By providing them with everything they need to succeed, you’re developing loyalty and longevity.

If you have a modern wealth distribution platform that can address employees’ and clients’ needs alike—holistically—and follow them through their lifecycle, offering multiple products and services, you’ll be more likely to recruit and retain the advisors who are working tirelessly to improve lives across America.

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