How to Recruit and Retain the Modern Wealth Advisor


Mike Vietri is Chief Distribution Officer for AmeriLifea national leader in the distribution and marketing of insurance and financial solutions.

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

New research only last year showed that within the next 10 years, nearly 40% of the financial advisors who control about $10.4 trillion in the industry’s total assets are expected to retire. This will leave a huge gap in experts trained to provide valuable financial advice to future retirees.

As leaders, we must give agents and advisors the confidence and resources they need to maximize their end-to-end independent distribution channels. Give them a reason to trust you as their partner to meet the needs of their customers at every stage of life.

If you want to stay ahead of this trend and recruit the new generation of wealth advisers, it’s important to tap into their desire for a strong company culture and provide a platform that allows them to grow.

Now you can start shaping your organization to recruit the best and brightest in the field. Here are three of the factors that contribute most to an effective hiring strategy for this new era of wealth advisors.


1. Clearly state your value proposition.

To attract the modern wealth advisor, it is crucial that you establish a clear value proposition. This means you need to be able to prove why you are better than the competition and then be able to deliver on those things. You don’t have to be good at everything, but you do need to excel in the areas you compete in.

Product and fee are table stakes, and you need to be good at them to stay in the game. But making sure you’re competitive and exceeding the needs of the market can take you to the next level.

The first step is being able to articulate what makes you different and why it matters. It’s not enough to simply say you’re the best; you must 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 prominent 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 can start by identifying the gaps in the market, work with partners to develop a unique offering to fill those gaps, and then provide proprietary offerings to the ones you serve to deliver every step of the way in fulfilling that value proposition to the marketplace.

If you claim to offer unique programs to support growth, such as networking and opportunities to share best practices across a broad network of partners, your leaders must constantly explore new ideas and stay ahead of the curve.

2. Create a culture that people want to be a 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 purposeful culture focused on relationship building and key core values ​​such as honesty, respect, integrity and accountability.

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

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

While they all compete technically, like peers in any professional industry, today’s modern wealth advisor values ​​their network and is eager to tap 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 they belong. With an all-in-one mentality, you can encourage your team to harness the “power of one” and contribute to everyone’s overall success.

3. Provide a platform that the advisor will not outgrow.

In addition to a good company culture, it is also important to have a clear career path for your advisors. They want to see themselves grow within your company and are always looking for opportunities to develop their skills. Provide value for advisors at every level, from training and resources for the new hire to get started, to networking and a sense of connection to something bigger for the big producer.

Consultants must be enabled and supported to gain additional licensure, converting someone who specializes in a particular area into someone who can provide a myriad of additional services and products. A Medicare agent can pursue licensure, such as their Series 6 or 7, to become trusted advisors selling multiple products, such as annuities, whole or universal life insurance, asset management, and other supplemental health and retirement planning products.

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

If you have a modern wealth distribution platform that can address both employee and client needs – holistically – and track them throughout their lifecycle, offering multiple products and services, you are more likely to have the advisors who work tirelessly to are the work, recruits and retains to improve lives across America. Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?