Seasoned financial advisors are harder to come by these days. Proof to this is a recent research conducted by Cerulli Associates which revealed that the number of employable highly skilled financial executives will drop by 18,600 over the next five years. The competition among banks, brokerage firms and wirehouses to fill finance jobs with the cream of the crop is getting tighter. This is where the expertise of financial advisor recruiters becomes crucial. Typically, the human resource departments of financial firms would have the sufficient capabilities to fill up these executive positions, but this is an extraordinary time that requires extraordinary measures.
It's a consensus across the human resource departments of financial institutions that one of the most important aspect of effectively recruiting top tier executives, seasoned brokers and highly experienced financial experts is networking. However, between running the company and thinking of ways to grow the business, a financial firm can't just send its senior executives to a conference to mingle with possible recruits. With the help of well-networked financial services recruiting firm, this meet-and-greets are easier to arranged and done in the convenience of both parties. Additionally, there are independent professionals in the finance industry that are not really known within the mainstream circles but are extremely qualified to take on senior executive finance jobs. In-house recruiters may be unaware of this pool of talent but a financial services recruiting firm can tap into this well of manpower with efficiency.
Another benefit of partnering with financial services recruiters in this cutthroat hiring environment is their ability to expedite the transfer of an executive from one company to another. As you know, there are certain protocols in hiring finance executives or brokers to ensure the integrity of the profession and the industry. With a financial services recruiting firm acting as a mediator between the two firms, this process can be expedited. Why is this important? High level finance jobs directly impact the bottom-line of the company and the faster the hiring process is, the sooner these executives can help their new firms grow their revenue.
Many Financial Advisors Are Retiring Early
Aside from expediting the transfer of a financial advisor from one company to another, a reputable financial services recruiting firm can also bring manpower sustainability to a financial institution. According to a national firm of independent broker dealers, one of the things that exacerbate the hiring in the finance industry is the early retirement age among finance executives. On average, professionals in the field retire at the age of 50. This is seconded by a study commissioned by global investment firm BNY Mellon through its research arm Pershing LLC. The study encourages financial advisory companies to create a different recruitment approach that Generation Y members will find compelling. The same is true when it comes to hiring productive mid-level executives who can produce instant earnings for their respective companies. Financial advisor recruiters are up to date with these hiring trends and best practices, ensuring that their clients have a steady inflow of talented staff.